An Empty Food Pantry in New Jersey - not uncommon as food prices rise, and household income shrinks - image from northjersey.com (one of hundreds)
From the Hill Blog: ”Romney edges ahead in latest national poll, most blame Obama for economic downturn” – Romney Leads Obama by 1 point, 47/46 – or a statistical tie in the latest CBS/New York Times Poll. Additionally, the majority (64%) believes that Obama is responsible for the state of the economy. The natural inclination for those across the socio-economic spectrum when the economy affects those who have the lowest household incomes to those “middle class” families, is to look at steps taken by the current President and then vote accordingly in the next election. Although one might take umbrage at the comparison between Presidents Carter and Obama, the fact that the economic downturn in Carter’s last year in office, did not improve, rather worsened – it is happening again.
From CNBC Jobless Claims Spike again to Smart Money’s, “Rising Corn Prices and Your Grocery Bill” one does not see a reasonable time-line in which to turn the economy around – even if tomorrow the President decided to cut all corporate tax rates, and repeal all unnecessary spending, while increasing the tax cut, across the board, for all income levels (Federal taxes, not Social Security Taxes) – it would be too little too late. (Granted the act of cutting taxes eludes some, however, the theory goes: (This theory has worked under both Democrat (JFK) and Republican (Reagan, Bush) administrations) when one cuts corporate taxes, that leads to investments and jobs, jobs by the millions not thousands, which in turn increases the taxes paid to the Federal and by the same token, State Department of Revenues. More individuals working and paying taxes makes up for the slight but effective across the board tax cuts – and the Federal Government, without unnecessary spending, can see a vast improvement in income within a relatively short period of time (10 to 12 months).
However, with a draught and the emphasis on use of corn for ethanol (both parties guilty), corn products (including high fructose corn syrup found in everything from salad dressings to cereal to soft drinks) become more scarce, the price rises, and this hits consumers of these products directly. Those prices won’t come into play until the end of summer – early fall- however, there has been an increase in food products over the past three years – inflation caused by rising fuel, labor costs, and other factors including new Federal regulations that affect all businesses.
This scenario sets up a “Romney is looking better by the minute” point of view from every household who goes to the grocery store.
Meanwhile, the President’s campaign is attacking Romney is what can only be classified as “class warfare” – asking for tax returns, after they have been supplied, demanding answers regarding investments (while the President’s tax returns reveal that he also has Foreign Income), going so far as to insinuate that Romney’s leave of absence on several occasion from Bain Capital – a company he built, but then left on several occasions (To run for Senate against Ted Kennedy), 1999 to run the Olympics in Salt Lake City), that was when Romney decided to sever his relationship which in real terms might take years – was criminal in nature. Go figure.
As that tactic appears to be gaining little to no traction (given the polls) a new tactic was conceive - attack business – all business – Romney is, after all, a businessman. Class warfare was begun with the Presidents insistence that no one who built a business did it on their own – it was the Government who helped that person, the government built roads, supplied teachers, and so on. The fact that the person who built the business and hired employees and paid taxes to the government so it could function, and took the risk to begin with – in progressive think, does not matter. (See Elizabeth Warren, Candidate for Senate (D), running against Scott Brown (R-MA), and similar verbiage the President used, brought up by Warren several months ago.
Romney has, to date, not answered the call to supply more than two years of tax returns, (which – there is no rule that a candidate need to submit any tax returns at all), and waited it out – as the calls from the media and the Obama Campaign became more shrill.
However, once the President made the remarks about business as the benefactor of government (not the reality of the other way around), Romney chose that moment to fight back. The ad below is an exemplary political ad, hard-hitting, factual and above all – drawing a distinction between candidate Romney and the President on an ideological plane. Therefore one had a clear understanding between a Progressive Ideology versus the more traditional Democratic Republic – Free Market Ideology – brilliant and effective.
What is most amazing is that the Obama Campaign is pulling out all the stops now, months prior to the election – the only hope they might have is if, and only if, Romney makes an unacceptable choice of running mate – and unacceptable to the “mainstream” media, rather than rank and file Republicans and those Independents that are so pivotal in any election. However, as concerns the choice of V.P. – one would think Romney will consider a logical and statistical choice, based upon the political advantage the V.P. brings to the table, a candidate that will be completely vetted.
Notwithstanding it will, in all likelihood remain in the polls a tight election, however, that said, when individuals are voting with their pocketbook, strange occurrences take place, as happened in 1980 – those who went into the voting booth convinced they would vote for Carter as both the President and the individual were Democrats, came out having voted for Ronald Reagan or Jon Anderson (an Independent), propelling Reagan to a landslide not seen in electoral history.
Of course, the above is conjecture based on the premise that history repeats, and any number of events could take place that would change the course of events – if this were 2010, or even 2011.
