Mitt Romney tells us to fear the federal debt, yet the low interest rate shows the government’s credit is strong. He predicts the federal financial deficit will shortchange our children, but says nothing about the real deficit he would inflict on them.
Here’s his deal. Spend much more on the military (lockstep with Israel if they attack Iran?). Spend more for Social Security and Medicare to maintain benefits (so he says) as the population ages. Oh, and keep taxes down for the wealthy (as did Bush who fought his wars with debt).
This is a recipe for increasing the deficit. But Romney promises us that, unlike Bush, he would reduce it. The numbers say he will fail in this. But he will try by slashing most everything else in a very big way. What does that mean? It surely means big cuts in education, and in science and medical research, undermining our critical human knowledge base.
It means further cuts in federal aid to state and local government infrastructure that could be creating jobs. This infrastructure includes roads, bridges, sewers, water supply, safety, telecommunications, air traffic control and airports, electric power transmission, and environmental protection. This is the physical capital, mainly government provided, upon which our economy depends. It is already badly underfunded, in a state of disrepair and short supply, unable to meet the needs of a growing population.
This is the very real deficit Romney would bequeath to our children, his deficit by political stealth.
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