LisaA: I point you to a response I already made to a different poster:
Talking about “economic growth” that may or may not happen as a means of raising revenue is all well and dandy… But there is NO WAY it will generate enough revenue to cut the deficit in half before their first term is up without significant cuts. And yet they continue to rail about how “immoral” the deficit is without offering a single solution for how to get rid of it!!
Their specifics are vague because it doesn’t add up to what they’re promising. In a magical world we could have a balanced budget, a gigantic military, and no budget cuts all at once, but we live in the real world where we’re a trillion dollars per year in debt, and all I’ve seen from Romney on the subject is a lot of hot air: criticizing the president while offering nothing practical himself.
After four years of failing to have a balanced budget, no budget cuts, impossible spending and no effort at all to reduce the debt, it seems to me the burden ought to be on Obama to show just why he didn’t, after promising that he would, and why anyone should believe he would do so in the future when he presents no plan to do so.
There are reasons to believe that economic growth really is the key to a balanced or at least less catastrophic budget. It may be noted that the deficit definitely climbed after the two wars and the tax cuts that preceded them. But it must also be noticed that the deficit reduced significantly for years, reaching its low point in 2007, when it was about 1/10 what it has been during Obama’s administration.
Why the difference?
Well, as liberals used to be fond of pointing out, the economy makes a lot of difference in budget deficits. If people aren’t employed, they’re not paying taxes. If economic activity is slack, taxes generated on activity is diminished. Liberals don’t talk much about it now because the economy is not growing and, depending on what one looks like, is either shrinking or is on the cusp of doing so.
And who is more likely the improve the economy? The man who imposes limitations on business and therefore job creation, or the man who encourages it?
Further, the spending has increased massively during the Obama administration. It did try to fudge the numbers by attributing Obama’s “stimulus bill” to Bush, but that didn’t last very long.
I have no doubt the federal budget is a good deal more complicated that those of Massachussetts, Bain Capital or the SLC Olympics. But they, and particularly Romney’s governorship, are at least instructive. Obama managed no budget, ever, other than his own personal budget. His mismanagement of the federal budget is plain to see. So one has to ask himself which candidate is more likely to propose and initiate a sensible budget; the one who has done it before or the one who has never done it.