American Elephants

A Man Who is Eager to Be President v. A Man Who is Tired of Being President. by The Elephant's Child

Obama got Mitt-slapped! We were treated to the president’s shallow understanding of economics, arrogant belief that he can say anything and the rubes will buy it, and Obama’s strange, yet oft repeated, business plan for the economy — which seems to be more education and hiring more teachers. Curious.

He returns to this again and again. Does he suppose that the lack of jobs is simply because people don’t have enough education? More than half of recent college graduates cannot find any job, and many are taking entry-level jobs in fast food. Yet his proposals for more education, improving education, more student loans, and more job training programs are not addressing the problem of unemployment.

It’s fairly clear that Obama has no idea how to help the economy to create jobs. Over the past four years, he again claimed, he has created 5 million new jobs. But it isn’t so. You have to subtract the numbers of people who have dropped out of the labor force. He is contemptuous of any suggestions that regulation is a problem, yet every organization of businesses counts overregulation as a major reason why they aren’t hiring. That, and plain old uncertainty. Businesses don’t know what is coming down from this administration tomorrow or the next day.

Mitt was in command.  He was forceful, friendly and factual. He knows this stuff. Obama kept trying to claim that Governor Romney was not being specific, was keeping details “secret”, but made himself absurd. Explain the substitute for ObamaCare in 10 words or less? Mitt was ready to outline each of his proposals clearly and factually. It was an outstanding performance. He compared Obama’s continual repetition of false facts to his own five boys who thought if they just explained what they did over and over enough, Dad would eventually believe them.  He politely compared Obama’s claims to those of an adolescent boy.

Mitt explained quite specifically how he was going to get the economy growing again, by restoring confidence, removing overregulation, opening up energy, reducing the job-killing effects of ObamaCare, Dodd-Frank and other misguided direction for the economy.

Obama made it clear that he doesn’t even understand the health care bill that bears his name. The $716 billion he has taken out of Medicare to cut the official cost of ObamaCare has a huge effect on senior citizens who, because that is a cut in what medical providers are paid, means that many seniors may be unable to find a doctor who will see them. That is a very big deal. Mitt brought up the Independent Pay Advisory Board, and Obama clearly has no understanding of what that is or what it does. It is an unelected and unaccountable rationing board that will decide what you cannot have because it costs too much. So you are 78? Sorry, it’s not cost effective for people that old.

Bill Maher said “Maybe Obama does need a teleprompter.” That kind of sums it up.

So What’s This “Business Experience” Mitt Romney’s So Proud Of? by The Elephant's Child

The Obama team has tried hard to denigrate Mitt Romney’s business experience, suggesting that Bain Capital — the business Mitt built —was only interested in profits and was really busy in sending American jobs overseas. This kind of attack hints at the lack of understanding that the administration has.  In most administrations in the modern age, around half of Republican administration people had experience in the private sector, a little less , between 40 and 50 percent for the Democrats on average. Only 8 percent of people in the Obama administration have held jobs in the private sector. I assume that this is a summary of cabinet and agency heads, or perhaps it’s just the cabinet, I don’t know.

The Obama campaign has claimed that “Romney didn’t create jobs at Bain Capital, he just created profits.” That’s what is sometimes called a “tell”— one of those inadvertent comments that reveals what you really think. The Obama campaign does not understand that without “profits” business does not exist — and neither does government, because government has no money of its own and depends on collecting taxes; but if there are no profits, there’s no income, and nothing to tax.

More Americans than forecast filed applications for unemployment benefits last week. The economy is slowing and progress in the labor market is faltering. Unemployment has been above 8 percent since February 2009, the longest stretch since world War II.

The Obama view of Bain Capital is, I guess, of greedy speculators buying and selling companies, much like flipping houses. The expertise involved is unrecognized. But Mitt Romney knows about the fears that keep a business from expanding. He knows how big their line of credit needs to be. He knows that paper clips that are $1 cheaper makes a big difference over 2.000 stores. He knows how to make the decision whether it’s better to invest in a new machine now or better to wait, and how to figure the depreciation. He knows how to treat employees so they like their jobs and help their companies to prosper.

When Mitt Romney says he knows how to create jobs, he means he knows what is holding business back. We have the world’s highest corporate tax at 39.26%, Japan has lowered theirs to 36.8% but the OECD average is only 25.47%. More U.S. Corporations are reincorporating abroad to benefit from better tax policy. At lest ten U.S. public companies have moved their incorporation address abroad or announced plans to do so. Eaton, a 101-year old Cleveland-based maker of components and electrical equipment announced that it would acquire Cooper Industries while moving their place of incorporation, for now, to the office of an Irish law firm in downtown Dublin. Ireland has a 12.5% corporate tax , but the UK ‘s rate is 24%.

That’s kind of funny in a sad way. Obama accuses Romney of moving companies abroad, which he never did in his tenure at Bain, but under Obama ten big U.S. public companies have moved or announced that they will, specifically because of Obama’s policies. Companies compete in a global marketplace, and 10% off your taxes makes a big difference. States have taxes too.

But it’s not just taxes. ObamaCare’s 3,000 pages create 159 new boards, agencies, and commissions, and each of the 159 are writing or will be issuing new rules, regulations, fines and fees.  Then there is the EPA which descends on companies out of the blue, with new orders to enforce. It was some other agency that went after Gibson Guitar for a phony claim that they were abusing Indian and Madagascar laws—  the countries in question denied they were— but they wore Gibson down with penalties and mounting legal costs, so they had to give in. Look at the legal battle Boeing had, to build a plant in South Carolina. Companies hunker down, try not to get noticed, and move abroad.

Mitt Romney’s expertise recognizes those roadblocks. He understands what is standing in the way of pipelines and federal land leases, and what a difference that makes. He understands the value of free trade agreements. He knows the road to profits and the value of profits, and how to help American companies return to profitability. And profitable companies grow and prosper and hire lots of workers. That’s the way it works, so let’s make it happen. We can do this.

The Important Campaign Issues: Illustrated. by The Elephant's Child

((click to enlarge)
The Marvelous Michael Ramirez strikes again. Always right on.  See all of Mr. Ramirez’ work at Investors.

Romney’s Triumphal Tour by The Elephant's Child

Mitt Romney has just returned from a triumphal tour from England to Israel, to Poland and home. The leftist media has tried to portray it as gaffe-filled, but the press has not often so exposed their bias. In England, NBC’s Brian Williams asked Mitt Romney—as someone who really understood the problems involved in putting an Olympics together — how he thought the British Olympics were stacking up. Mitt said that the reports that they had not been able to find enough security personnel was ‘disconcerting.’

This was what the British press had been reporting, but it was regarded as an insult and a terrible gaffe. The Economist hauled out a quote from Romney’s book in which he described England as a small island, with small houses and small roads… OMG. Another gaffe. Turns out Mitt was talking about the England of the late 16th and early 17th centuries and went on to  describe how with the most powerful Navy in the world they came to dominate the earth and build the far-flung British Empire. So Britain was just one great error on the part of Romney.

Mr. Romney was warmly welcomed in Israel. He and Bibi Netanyahu are old friends, but his speech was warm, thoughtful,  and well received.  He spoke passionately about the special relationship between the U.S and Israel. He supported Israel’s right to defend itself against the threat of a nuclear attack from Iran, and said that Iran must be kept from the capability of deploying a nuclear weapon. He noted that Israelis are more prosperous than Palestinians which he attributed to a culture of freedom. The Palestinians were furious that someone should mention the obvious, and called it racism. Israelis’ seven Nobel Prizes in science weren’t mentioned, nor their high-tech industries.

In Poland, Governor Romney delivered a barnburner of a speech, the full text is available here. He said:

“Free men and women everywhere, whether they have been here or not, already know this about Poland: In some desperate hours of the last century, your people were the witnesses to hope, led onward by strength of heart and faith in God. Not only by force of arms, but by the power of truth, in villages and parishes across this land, you shamed the oppressor and gave light to the darkness….

“And here, in 1979, a son of Poland, Pope John Paul the Second, spoke words that would bring down an empire and bring freedom to millions who lived in bondage. ‘Be not afraid’—those words changed the world.”

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