Business

Why The GOP’s Gains Are Built On A Sham

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First, the facts from Bloomberg…

The Obama administration cut taxes for middle-class Americans, expects to make a profit on the hundreds of billions of dollars spent to rescue Wall Street banks and has overseen an economy that has grown for the past five quarters.

Now the perception…

A Bloomberg National Poll conducted Oct. 24-26 finds that by a two-to-one margin, likely voters in the Nov. 2 midterm elections think taxes have gone up, the economy has shrunk, and the billions lent to banks as part of the Troubled Asset Relief Program won’t be recovered.

Why?

Because the GOP is lying. And Americans are buying it. That’s all there is to it.

Many will blame the administration for not being able to communicate this message, but how can you combat opposition that will say ANYTHING to make it seem like you are lying and a media that is complacent and won’t hold those who are lying accountable?

Truth is, the Democrats have been saying the above over and over again, but voters apparently just want to believe their own set of facts. And I’m looking square at you Independents and Moderate Dems. Republicans I can understand, but Independents and Moderates aren’t supposed to be snowed by this stuff. And yet you all are getting completely taken. So much so that I’m losing faith in the block of voters who call themselves independent or moderate. Because what that stands for in this election cycle is, apparently, a lack of interest in finding out what’s really going on.

And to that point…

Even a plurality of Democrats, 43 percent, holds this misperception. Overall, 63 percent of those who earn $25,000 to $49,999 say taxes have gone up, compared with 45 percent of those who earn $100,000 or more.

And yet the reality is…

The Obama administration has cut taxes — largely for the middle class — by $240 billion since taking office on Jan. 20, 2009. A program aimed at families earning less than $150,000 that was contained in the stimulus package lowered the burden for 95 percent of working Americans by $116 billion, or about $400 per year for individuals and $800 for married couples. Other measures include breaks for college education, moderate- income families and the unemployed and incentives to promote renewable energy.

More reality…

Today, the Commerce Department reported the economy grew at a 2 percent annual rate in the third quarter as consumer spending climbed the most in almost four years, a sign the expansion is developing staying power. In the past year, the economy has grown 3.1 percent. The third-quarter growth matched the median forecast of economists surveyed by Bloomberg News and followed a 1.7 percent gain the prior three months.

Oh wait…more…

A year and a half after U.S. stocks hit their post- financial-crisis low on March 9, 2009, the benchmark Standard & Poor’s 500 Index has risen 75 percent, and it’s up 15 percent for this year.

More still…

Household purchases, about 70 percent of the economy, rose at a 2.6 percent pace, the best quarter of the recovery that began in June 2009.

Listen, everybody’s entitled to their own opinion, but they’re not entitled to their own set of facts. The GOP and the Tea Party have constructed a seductive, familiar story line, full of danger, intrigue and loathsome, Constitution hating enemies. But none of it squares with reality.

In fact, the only thing that everybody (Dems, Repubs and Indys alike) can agree upon is that we’re spending too much money and that needs to stop. But when the GOP is proposing massive tax cuts for the wealthiest Americans without finding any way to pay for them, you know what’s really going on.

Just remember all of this when you step into the voting booth next Tuesday. You may not agree with some of Obama’s policies, but are you really ready to hand over control to the GOP before Dems have had a chance to pull the economy out of the ditch?