Predicting what will happen with a Romney Victory is more difficult than predicting what will happen if Obama wins. This not because of the hypocritical Democratic talking point that Romney has not given enough specifics. Even if he did give more specifics, as he negotiates with Congress the actual product will be different. The reason it is difficult, is that unlike Obama, Romney’s plans depend on getting legislation through Congress. But the first and most obvious effect of a Romney victory is that there will be hope again that we can meet the major challenges we face.
Many conservatives have been insisting we need a complete repeal of Obamacare. This is obviously not going to happen. There is no way you get enough Democrats to put the country first. The key as to how much can be changed depends on how many Senate seats the GOP has after this election. Obviously if the GOP does not even take the Senate only minor changes will be made. But if we can get to 53 Senators there will be hope for significant changes. What that will be is hard to predict.
What we do know is Romney will get some version of his tax plan though Congress. For the first time in years we will have more than a short term plan on taxes that will give more stability and allow businesses to make plans. The lower rates will be good for small business and the economy. This is important for the Debt also because the best way to get more revenues is through growth. Not only does that provide higher revenue it also reduces the demand on government programs making cutting spending easier. This could be critical as many experts are predicting a Global recession in 2013 regardless who wins this election.
Romney will stop the attack on domestic energy. If we go after our own energy it will create massive amounts of jobs, reduce the trade deficit, and again create confidence for energy intensive industries. How well his plan will progress towards energy independence is unknown, but we know for sure we will be producing more domestic energy coal, oil, and natural gas than under the Obama plan. Our dependence on foreign oil is structural weakness in our economy, ending that would be transformative for our economy, making the other major issues easier to tackle.
We will see serious spending reform which is critical to avoiding a debt crisis. This will allow us to make progress on cutting the deficit. Combine this with added growth from the lower tax rates on all business large and small whether they use the corporate rates or the individual rates, and the smarter less destructive regulations we will make real progress on deficit reduction. Growth to reduce expenses and increase revenues, combined with spending cuts is the true balanced approach we need.
Even if you believe in the fallacy that we need to increase taxes and cut spending like a Europe has tried and failed, is the best choice for deficit reduction, the Romney plan would be best. Obama will not cut any non-defense spending, while Romney will not raise taxes, so you must chose which to do first if you want both. Cutting spending first makes sense, since we have never really seen congress show they can cut spending we should do it while there is heavy pressure to do something .On the other hand we know Congress can raise taxes, but doing so would be far more damaging to the economy.
Will the changes be made in time to avoid a Debt Crisis, and before we experience inflation from our massive printing of dollars? We can’t answer this, but we know electing Romney gives us hope and a chance that we will not have if Obama wins.
It is obvious that Romney will be better for the Economy, Medicare, Debt, Social Security, Taxes, energy, and Healthcare. Recent polls show that people agree with this. That is why I am optimistic about the future of the country and this election. Unless there is a major external event, such as a sham deal with Iran, since Iran obviously prefers Obama, Romney will win and the GOP will control the Senate. The choice is simple do you believe in “Trickle down government”, wealth redistribution on massive scale, collectivism, ignoring major challenges, and masterminds in Washington choosing for you how your life should be run then the Democrats are for you. But if you believe in capitalism, free markets, rights of individuals, dealing with challenges like an adult, and freedom then vote Republican.