To the editor:
"It's (still) the economy, stupid," 16 years after Clinton coined the slogan and, more significantly, after Obama's spending $5-plus trillion of borrowed money and the Federal Reserve's injecting another $3 trillion of printed money via the banking system.
Were deficit spending the way to full employment and prosperity, the U.S. economy should be booming now, and Europe should be enjoying a virtual economic miracle instead of facing a financial catastrophe and unemployment rate that rose to 11.6 percent last month. Will another projected $5 trillion in deficits during a second Obama term achieve what similar profligacy did not in Greece, Italy and Spain where as many as 25 percent of workers are now unemployed and rioting in the streets? Or will we, as did the prosperous and still solvent Scandinavian countries, reform our unsustainable entitlement programs while reducing spending, taxes and regulations that stifle the private sector innovation, growth and employment and, ultimately. feed the federal treasury?
Our nation's economic plight may not yet be apparent on Iowa farms but it is in the steady decline under Obama of new business startups from 11-plus million per year over the previous 40 years to only 7.2 million last year. Such new businesses create the vast bulk of new jobs and consumption, not the mature businesses Obama has favored with complex tax, health and regulatory systems that only concentrate wealth further, as they did in banking where our five largest banks now control nearly 60 percent of total assets vs. 17 percent before. How many new jobs - and how much additional wealth, consumption and tax revenue - would the 7 to 9 million new private-sector businesses not created under Obama have generated?
These, among others, are reasons the United States cannot afford four more years of Obama, a do-nothing Senate under Harry Reid, or a Democrat House led again by Nancy Pelosi. To really move the U.S. forward, vote for Romney/Ryan and King, not for four more years of Obama's pump-priming "New Deal" that, as FDR's Treasury Secretary Henry Morganthau admitted in 1939, "didn't work" then, either.