Mitt Romney is doing fine this campaign season. Sure he has issues but he has stayed on message. Romney understands that this election is going be a referendum on Obama election. Regardless of how the media and Obama try to spin this election as being a choice election, this is not about anything more than an election based on the economy and the economy is not doing well.
The June jobs report is not good. True the DNC chair believes we are improving but nothing is further from the truth. The 4.4 million jobs created in the last 28 months averages out to be 157,000 jobs a month. It takes at least 125,000 jobs a month to keep up with population growth. The last three months job creation has been anemic with under 100,000 jobs created per month. The last quarter we haven't even kept ahead of population growth. The unemployment report from last week showed the unemployment rate holding steady at 8.2%. We have been even worse but many eligible workers have given up on finding work. Other have sought out other means of government assistance. More people went on the disability roles than found jobs.
Why is the economy looming so large? Let's look at history and explain why Obama was elected in the first place. If memory serves, John McCain led Obama after the conventions and heading into mid September. Then the stock market crashed and the economy was on the verge of collapse. After the collapse of the economy and the financial industry, Obama jumped into the lead and never looked back. Facing reality, Obama is President because of his hope and change message in a time of economic despair. People wanted to believe Obama was our savior. America wanted to be a winner again and rallied behind the candidate that promised to change the direction of the country. Obama largely failed in his one and only mission when he took office. Obama threw away a trillion dollars on the economy (mainly to his liberal allies) and thought this was just another recession that would fix itself.
Obama blew his political capital on a health care bill that is unpopular with the public. Rather than focus on the economy and the structural problems that exist, Obama missed the problem all together. See this recession (or depression) is not cyclical in nature. This recession was not caused by the normal business ups and downs. No this recession was structural in nature. It was always going to be a deep and long recession. Consumers will not be able to get us out of this recession. The problem with the economy is that people are tapped out. There is no assets left to leverage. People no longer are able to buy the goods we manufacture. Homes were used as ATM's as people borrowed against paper gains rather than realized gains. Sure some people really made out during the easy money practices of the FED that caused the housing bubble. Now that homes have fallen to more realistic numbers, people are no longer able to borrow against the paper equity. There is no equity. The borrow more spend more philosophy should be what is scrutinized. Keynesian economics have failed on both the governmental level and the individual level. The fake demand is what caused us to be where we are at in the first place. More fake demand is not going to fix the problem. The fake demand leveraged every asset in both the public and private hands.
There are two ways out of the economic mess we are in. We can inflate our way out and you can bet your bottom dollar that is what Obama and the democrats will do if they are reelected. That is all they know, borrow today and inflate tomorrow so the amount borrowed appears miniscule. If Obama is reelected, the FED will almost certainly attempt a Qualitative Easing part III. The FED will inflate us to the point of no return in an attempt to make the economy grow. Obama will take the extra printed dollars and spend on more liberal boondoggles. For all intents and purposes America will be bankrupt, except we can't go bankrupt because we can just print more worthless paper. The other way is to grow our way out of the problem. Mitt will do that. Mitt will implement policies that will shrink the size of government not just slow the growth of government. Mitt will cut government to balance the budget or at least make the deficits palatable. Reducing taxes and cutting government will place more real dollars in the hands of people. The economy will grow and government will shrink. We won't inflate ourselves out of bankruptcy and we won't need a wheelbarrow to purchase a loaf of bread. There is a choice out there people: We can vote for the American people and cast a vote for Mitt or we can cast a vote for the Government of the US and cast a vote for Obama. Who would you place your bet: On the American people or the government?