I’ve watched the debates, and the candidates seem to disagree on taxes. Mitt Romney says everyone should get a 20 percent tax cut. Barack Obama says it’ll cost $5 trillion. Romney says deductions will cover it. Obama asks which deductions. Romney says Congress will decide which deductions.
Now I don’t have an economics degree, and I haven’t done a study to determine if $5 trillion is accurate. But I’ve heard plenty about job creators and the 47 percent. It seems to me that businesses don’t generally hire people just to be nice, while they don’t have much choice but to hire more workers when customers demand more products.
Now I’m sure Romney and Obama both have a bigger house than me, more expensive cars, more expensive jeans. But a person can only wear one pair of jeans and drive one car at a time. And I’m willing to bet that I use just as much toilet paper, toothpaste and deodorant as those guys. I eat just as much food, probably more. Less lobster and caviar I‘m guessing.
People like me go to dinner and the movies, buy TVs, shoes and cars, go to concerts or on vacation. But we can only spend money we have. If people like me can’t afford to buy stuff, who will?
Businesses won’t hire more people if they don’t have regular folks like me demanding their products. Whatever Romney’s plan is, if it really means trickle-down tax cuts for the top, we’ll be back where we were four years ago.