Tag Archives: Mitt Romney

News

The long-term impacts of the Romney and Obama economic plans

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From the Tax Foundation. (H/T Tom)

Excerpt:

Over the past several weeks, Tax Foundation economists have published a series of studies that analyze the long-term economic and distributional effects of the tax plans outlined by President Barack Obama and Governor Mitt Romney. These comprehensive assessments were done using the Tax Foundation’s Tax Simulation and Macroeconomic Model, which measures how changes in tax policies affect the economic levers that determine economic growth, workers’ incomes and the distribution of the tax burden, says the Tax Foundation.

The candidates’ tax plans would have a starkly different impact on the economy.

  • The Romney plan, which would reduce tax rates on individuals and corporations, would increase gross domestic product (GDP) 7.4 percent over the long run.
  • The Obama plan, which would raise tax rates on individuals, would reduce GDP 2.9 percent over the long run.

These very different futures are the direct consequence of the candidates’ very different approaches to taxing the inputs of production, i.e., capital and labor.

  • Obama would raise taxes on investors, which would reduce the capital stock by 7.5 percent.
  • Romney would reduce taxes on investors, which would increase the capital stock by 18.6 percent.
  • Obama would raise taxes on labor, which would reduce the wage rate by 2.3 percent and hours worked by 0.7 percent.
  • Romney would reduce taxes on labor, which would increase the wage rate by 4.7 percent and hours worked by 2.9 percent.

[…]Tax Foundation’s analysis indicates that for every dollar of tax revenue raised under the Obama plan, the economy loses $10. Under Romney’s plan, for every dollar of tax revenue lost, the economy gains $8.

And more from the Tax Foundation. (H/T Tom)

As a follow-up to the Tax Foundation’s recent assessment of the macroeconomic effects of Governor Mitt Romney’s tax plan, Tax Foundation Senior Fellow Stephen Entin now turns his attention to measuring the macroeconomic effects of President Barack Obama’s tax proposals.

[…]The model results:

  • President Obama’s tax plan would gradually reduce the level of gross domestic product (GDP) by nearly 3 percent, relative to the baseline projection, over five to 10 years.
  • Labor income would be lower by a similar amount, driven down by fewer hours worked and lower wages per hour.
  • The reduction in hours worked, about 0.75 percent, would be the equivalent of about a million jobs lost in today’s economy, with those still employed earning roughly 2.28 percent lower wages.
  • Alternatively, one could view the result as losing four million jobs at unchanged pay levels.
  • The plan would also trim the capital stock by about 7.5 percent (or over $2 trillion in lost investment in plant, equipment and buildings, things that drive productivity, wages and hiring).

The study also measured the economic and distributional effects of President Obama’s corporate tax plan and the tax changes contained in the Affordable Care Act beginning in 2013. The results found that these proposals would lower economic growth while substantially lowering workers’ wages and incomes. Ultimately, President Obama’s tax plans would be very harmful for the nation’s long-term economic outlook.

Do you like prosperity? Would you like to have a job? Would you like to be able to buy things for your friends and family? Would like to be able to give to charities? Then vote for Mitt Romney!

Commentary

Doug Groothuis’ message for all Christians who are able to vote on Tuesday

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Dr. Doug Groothuis, well-known Christian apologist, wrote this on his Facebook wall and asked everyone to share it:

To my Christian readers.

You are a child of heaven but also a citizen of earth. You are to seek the welfare of the city to which you have been exiled (Jer. 29:7) and be “salt and light” in this broken world (Matthew 5:1-18) We are to render to state what is the state’s (which is not everything) and to God what is God’s (Matthew 22:15-23). We are to see the welfare of “the least of these” (Matthew 25:31-46).

1. Being apolitical is being apathetic about how God’s world is governed in the civil sphere. Not everything is politics, but politics is crucial to our life together on God’s earth. Some political views are closer to a biblical ethic than others. Therefore:

2. Seek the good of the city, the least the last the lost, by voting for candidates that deny statism (see Ezek 28:1-10). This idolatry and bad news for any society.

3. The state does not create wealth; people and other institutions do that. Let the people and voluntary assembles thrive (under the rule of Law, not the rule of men).

4. Putting more and more souls on welfare and food stamps does not dignify them or help solves their problems. Happiness is earned, it is not derived from state handouts. That fosters a parasite mentality.

5. Allowing over one million unborn human beings made in God’s image to be killed each year through abortion is morally wrong. Fifty-four million (54,000,000) have been so killed since Roe v. Wade in 1973. We have blood on our hands and are tracking it into our churches, homes, and schools. We need to be watchman, prophets who call out sin for those who cannot: the unborn. You cannot make your cheap peace with a President that would expand “reproductive rights” (abortion on demand) and insure that abortions are paid for with tax money, that would make religious organizations insure for abortion.

6. The Bible teaches that debt is unhealthy. It should be limited not protracted. We must get our debt under control, or it will control us, and crush the life out of our economy and our spirits.

7. The state has “the power of the sword” (Romans 13:-17) and has the right to protect its people by force. This is a hostile and dangerous world. Cutty back on the military and not protecting our citizens abroad (Libya) is a dereliction of duty and a disgrace.

8. Be not deceived, but judge properly (see John 7:24). The political language of compassion, it not the same thing as real policies that give the poor a chance. Moreover, since the state is an impersonal agency based on coercion, it cannot be compassionate, but it can be just. Individuals, churches, private groups can be compassionate, and should be. When they are taxes up to their eyeballs, they have less to give.

In light of (1)-(8), please vote knowledgeably, wisely, and prayerfully.

And maybe this is a good time to point to this essay that Doug wrote about why he is voting for Mitt Romney on Tuesday. (I featured it about 3 weeks ago)

Excerpt:

Many conservatives (Christian or otherwise), me included, are disappointed that Mitt Romney will be the Republican candidate for President. They lament that a more principled conservative (such as Michele Bachmann, or, to a lesser degree, Rick Santorum) was not selected. Perhaps they stand for the libertarian principles of Ron Paul. Whatever the case, many will be tempted to not vote at all or to cast a protest vote. This is a deep mistake, based on faulty ideas about politics and the meaning of a political vote. In this short essay, I will labor to convince fellow conservatives, whether Christians or not, to support and vote for Mitt Romney for President. I have waited to endorse Romney until all the other competitors have been eliminated. I do not expect to convert political liberals to this cause, which would require much more argumentation.

Please send this to any Christians who are not planning to vote for Romney!

News

Pew Research poll oversamples Democrats by 6%, CNN poll oversamples Democrats by 11%

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DaTechGuy explains:

The folks at PEW have released their last poll of the year and their headline seems to be good news for President Obama and bad news for me who has predicted his defeat:

Barack Obama has edged ahead of Mitt Romney in the final days of the presidential campaign. In the Pew Research Center’s election weekend survey, Obama holds a 48% to 45% lead over Romney among likely voters.

He goes through the poll sampling and finds 4 problems. Here are the first 3:

#1 We are going to have a D+6 electorate even though all signs indicate the Democrats are not all that thrilled with president Obama but in 2010 the republicans managed historic wins in the states, and the house and big senate wins too.

#2 Even though independents favor Mitt Romney by 3 points in this poll and Republicans are voting 91-7 for Mitt according to their own number the electorate in 2012 is SO democratic that Obama is still up by 3 points.

#3 The female electorate on election day is going to outnumber the male electorate by a full 13 points thus negating any advantage that Mitt Romney might have with men.

Meanwhile, a CNN poll from today showing a tie oversamples Dems by 11%, and shows Romney winning independents 59% to 37%.

Excerpt:

CNN’s last national poll before Judgment Day shows the race tied at 49, with a D+11 partisan sample.  This assumes Democrats will improve upon their extraordinary 2008 turnout by four percentage points.  There’s a word for this.  It’s “ludicrous.”  CNN’s previous national poll gave Obama a three-point lead, so it suggests the GOP nominee is gaining steam.  In light of the mind-blowing sample, how is the race even close, let alone tied?

(1) Independent voters are siding with Romney by 22 points, 59/37.

(2) Romney leads by nine on the economy — which is the top issue for voters, followed closely by the deficit, another Romney strong suit.

(3) Romney matches Obama on favorability and leadership qualities.

So there’s that.  In case you’re curious, the poll was conducted Friday through Sunday, so any potential Sandy “bump” for Obama should be reflected in the numbers.

The most reputable poll in 2008 was Rasmussen Reports. Their latest national poll is showing Romney with a +1 lead.

Check my previous post about why I think this election will result in a strong Romney/Ryan victory.