Excerpts from his recent post: "The Coming Obama-Romney Economic Debate-Economic Program Similarities and Differences": (Hopefully Dr. Rasmus has no objections to my citing portions of his blog) You can read the entire article in detail here.
While there are several dramatic differences between the Obama and Romney economic programs, there are also several almost identical programs shared by both. Both favor major reductions in corporate taxes. Both advocate hundreds of billions in social spending cuts, including entitlement programs. Both are almost identical in their positions on Free Trade...
... both propose to extend much of the Bush tax cuts—Obama suspending the cuts for the top 3% and Romney eliminating tax credits for the working poor and lower middle class...
...Both appear quite willing to gut Medicaid spending, with Romney cutting other discretionary spending by additional trillions over the decade...
...These comparisons mean that, regardless who is elected president, an historic reduction in social program spending is on the agenda for the weeks immediately following the November 2012 elections....
...that has prompted this writer repeatedly to predict the likelihood of a double dip recession in 2013...
... if Obama is re-elected, the fiscal austerity coming in early 2013 may be delayed a year and effectively ‘back loaded’ to start taking its greatest effect a year later in 2014. But if Romney is elected and Republicans control either, or both, houses of Congress the more draconian austerity programs will take effect earlier in 2013. That alone will ensure a double dip recession...
Dr. Jack Rasmus is the author of the new book, “Obama’s Economy: Recovery for the Few”, April 2012, and host of the radio show, ALTERNATIVE VISIONS, on the Progressive Radio Network, PRN.FM, in New York, on Wednesdays at 2pm.
