Why We Can't Afford A Romney-Ryan Administration

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[Black Star News Editorial]

In early 2009 the nation was shedding about 800,000 jobs a month, there was fear of a run on the banks, collapse of the stock exchange as we know it, and possible instability across the country sparked by panic.

The Great Recession destroyed the U.S. economy and sent seismic shock through the global economy.

The economic collapse wasn't accidental.

It was a result of the policies pursued by the Republican administration of George W. Bush. The national revenue stream could not keep pace with the nation's spending, including two wars that were unpaid for, and the financial industry was wrecked with high stakes financial chicanery and the sales of trillions of dollars in phantom assets.

The nation's revenue base collapsed because Bush gave billions of dollars in tax breaks for the very wealthy, his base of support. There was no trickle down.

The choice in this presidential election is very clear. Do we give four more years to President Obama and his administration to continue the recovery or bring back the Bush policies with a Mitt Romney and Paul Ryan administration?

The Obama administration has: halted the economic collapse and turned a 800,000 jobs-losses per month trend in the opposite direction, creating more than 4.6 million private sector jobs over the past two years; and, even in the face of Republican resistance, and an Op-Ed by Romney arguing that Detroit should be allowed to go bankrupt and bailed by private capital which had gone into hiding, President Obama rescued the auto industry, created more than 250,000 jobs and millions more by keeping suppliers and other ancillary economic activities alive.

Again, overcoming Republican opposition and Tea-Party demonization, President Obama was able to push through a healthcare bill and sign it into law. The law, basically a modified version of RomneyCare with Romney had introduced while governor, survived legal challenge all the way to the U.S. Supreme Court.

Is the nation better off today than it was four years ago? Of course. Will the nation be better off at the end of a second Obama administration? Undoubtedly.

A Mitt Romney and Paul Ryan administration on the other hand would bring back the same Republican policies --anchored on billions of dollars in tax breaks for the very wealthy and Wall Street deregulation -- that created the Great Recession.

No one can argue that the Bush years didn't inflict untold damage on the nation's economy. Romney famously wrote off 47 percent of the American electorate as people who see themselves as "victims" who cannot be convinced to take responsibility for their own care.

Romney and Ryan would inflict grave damage on the economy.

For many months Romney had been able to sail in the polls by exuding the false persona of an entrepreneurial job-creator. During the course of the campaign a more realistic narrative emerged of a man whose primary mission was creating profit for himself and his partners at BAIN capital. How would this translate into job creation for the nation when BAIN made money by laying off workers --"cost cutting"-- and even outsourcing work overseas?

Both Romney and Ryan, multi-millionaires, will continue to do well for themselves and their families even if they lose the election. Winning The White House is simply something they would like to add to their resume. Americans, especially the 47 percent, can ill afford such exercise in vanity.

The economic recovery must be allowed to continue.

"Speaking Truth To Empower."

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