Romney for recovery: His is the only way forward
For many Americans, those plans were derailed by the recession, which was caused not by the tax cuts of four and six years earlier, as President Obama absurdly claims, but by a housing market crash that reverberated through a financial industry overly invested in mortgage-backed securities. It was, as Vernon Smith, the 2002 Nobel Laureate in economics, wrote, a collapse fueled by the rapid and reckless expansion of consumer debt.
President Obama has spent the last four years trying to borrow and spend the nation's way out of a crisis that was caused by excessive borrowing and spending. He claims that the only way out is to spend more. He says he will pay for it by raising taxes on the rich. But the tax hikes he proposes raise only a tiny fraction of the spending he already has budgeted. Obama's 2013 budget would produce a stunning and reckless $25 trillion in federal debt by 2022 - according to the White House's own projections!
Only Mitt Romney offers a way out of this destructive cycle. Unlike both George W. Bush and Barack Obama, Romney would combine real pro-growth tax reform with real and responsible spending cuts. President Obama himself has acknowledged the need to lower tax rates and close loopholes - exactly what Romney proposes.
Unlike Obama, Romney understands that the American economy thrives on freedom. The United States did not become the most affluent nation in the history of the world because we built roads and bridges. Every developed nation has those. It was because we were the most free. Only in America did the government leave the people alone to do as they please as long as they did not infringe upon the rights of others. That freedom unleashed the ingenuity that created America's astounding prosperity.
Obama has failed because he believes that American prosperity is created at the direction of a powerful central government. He has spent four years restricting freedom and enlarging the power of the state. Romney would restore our prosperity by reversing the debt-fueled state growth ruinously pursued by the previous two Presidents.
Economic data show that Americans have spent the last four years increasing their savings and reducing their debt. Their President has done the opposite. Mitt Romney proposes recovering from the recession in the same way American households have - by budgeting responsibly and planning for a future in which we are again prosperous and free of the burden of crushing debt.
Only Mitt Romney offers us this course. For the sake of our country and our children, we must take it.