American Elephants

Promises, Promises! by The Elephant's Child

Never had a doubt in the beginning.
Never a doubt.
Trusted you true in the beginning
I loved you right through.

You made me promises, promises
Knowing I’d believe
Promises, promises
You knew you’d never keep.

In his inaugural address, Barack Obama promised not only to create new jobs, but “to lay a new foundation for growth.”  He promised to “build the roads and bridges, the electric grid and digital lines that feed our commerce and bind us together.”

The Real Good Talker promised to “restore science to its rightful place and weld technology’s wonders to raise health care quality and lower its cost.”

He promised to transform our schools and colleges and universities to meet the demands of a new age.

Second time around, I’m still believing
The words that  you said.
You said you’d always be here
And love forever still repeats in my head.

You can’t finish what you start
If this is love it breaks my heart.

Obama promised he’d cut the deficit in half in his first term. The red ink will once again top $1 trillion.In his first budget message to the country, Obama promised to make the “tough choices necessary to restore fiscal discipline, cut the deficit in half by the end of my first term in office and put our nation on sound fiscal footing.”

His plan projected a deficit of $557 billion this year and $512 billion next year. The CBO has just reported that the deficit will top $1.1 trillion this year, and if Congress keeps most of the Bush tax cuts in place, the deficit will be close to or more than $1 trillion next year. Obama promised that the deficit would be just 3.4% of GDP by 2012, but it is 7.3%.  He said the deficit next year will be just 2.9 % of GDP but the CBO expects it to be more like 6%.

The Real Good Talker promised 3.2% growth in 2010. It was only 2.4%. He promised 4% growth in 2011—it was only 1.8%. He promised 4.6% growth in 2012, and it is estimated at only 2.3%. The economy has vastly underperformed its potential, thanks to regulations that suffocated growth, a misguided industrial policy, the looming threat of ObamaCare, and the constant push for higher taxes on the most productive parts of the economy.

Obama has taken America on an unprecedented spending spree, with outlays that exceeded 22.8% of GDP every year Obama has been in office. But if you reelect him he promises to finally fix those roads and bridges that have been crumbling in vain for the last 3 years.

You made me promises, promises
You knew you’d never keep
Promises, promises
Why do I believe?

The important contrast Obama is trying to draw is a choice between stability— if you just reelect him, then his promises will start to come true, and upheaval—whatever Mr. Romney does will be worse, at least that’s the picture Obama wants to portray.

The real contrast is between Romney’s future plans and Obama’s future plans. Obama’s future plans will clearly be about higher taxes and more spending. He has ambitious plans to “invest” in education, energy (complete waste), and infrastructure. This necessarily would mean broader and higher tax hikes and continued and growing deficits. The president has actually said that the most important policy he can address in his second term is climate change. Climate change? Not paying attention to the news again.

If the Republicans hold the House, Obama is unlikely to increase any attempt to cooperate with Congress; he will probably attempt to increase his lawless attempts to go around Congress through regulatory excess. After billions of dollars spent on green transportation, it is a complete bust. Ethanol inflates fuel prices and food prices and contributes to world food shortages. Solar and wind meet no sane cost/ benefit analysis, electric cars are a flop (Fiskars have just been recalled again). Total global crude oil reserves were estimated in 1944 at 51 billion barrels. Today that figure is 1.4 trillion, and there is enough natural gas to power the country for centuries.

Mitt Romney wants to open the energy spigot, creating millions of high-paying jobs, cut back on unnecessary spending, cut taxes, eliminate excessive regulation on business and let the economy prosper. Upheaval? Only if you call putting an economy back to work — upheaval.

You made me promises, promises
You knew you’d never keep
Promises, promises “Why do I believe
All of your promises
You knew you’d never keep
Promises, promises
Why do I believe?

Promises, Promises, Promises, Promises, Promises*

*Song Lyrics: Promises, Promises  by “Naked Eyes” in the album “Burning Bridges” 1983

Obama: Fargo, North Dakota, July 3, 2008.

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