The November 2012 elections are set to be the most important since November 1980 when American voters turned the tide against progressive socialism for the first time in the post-WWII era. November 2012 in fact will be Armageddon or the End of Days – the Great Battle for the economic future of this nation.
In a fundamental sense, the battle is already framed in terms of the federal debt ceiling debate that is now sputtering into public prominence. For, make no mistake about it, the federal debt crisis will be resolved. The world’s bond markets will see to that. And they do not operate under Congressional or White House rules. The growth in the nation’s debt as a per cent of gross domestic product will be reined in either by massive spending cuts, by massive tax hikes, or by some combination of the two.
Tax hikes or spending cuts – that is the question! The electorate surely will decide, even if by rational ignorance default- voting.
If Obama and the Democrats are returned to office, spending will stabilize at around 25 per cent of gross domestic product, with taxes rising to the same percentage. And the United States will stagnate like Old Europe, its youth massively under-employed, with riots on the Mall contained by water hoses and tear gas, just like in Athens at this time or in Richard Nixon’s America.
If a reformist GOP candidate is voted into the White House, with a Tea Party-constrained GOP majority in Congress, federal taxes and federal spending will meet sometime in 2016 at 20 per cent of gross domestic product. And the constitutional republic will be saved as a free-enterprise capitalist island in an ocean of social market progressivism, much as was the case after 1980.
A democracy secures the government that it truly deserves. So go to it Americans and make your choice. And take the full responsibility for your actions. In so doing, share a passing thought for those of your children and your grandchildren who cannot vote at this time, but whose future you are surely determining.