Everyone loves the movie Back to the Future. Marty McFly (Michael J. Fox) mistakenly launches Doc Brown’s DeLorean time machine car back to November 1955 and finds himself a peer of his high school parents. Thanks to Marty’s interactions with them, he sets in motion an alternate future for his entire family. When he returns to 1985, he discovers they are no longer a struggling, lower middle-income family, but an affluent, BMW sporting, upper middle-class one. Could we have a similar opportunity to bring about an alternate future for America?
The key to unlocking the McFlys' new future (really past) was Marty convincing his reluctant father, George, in 1955 to stand up for himself and try new things like asking out Marty’s future mom Loraine. His father takes his advice to heart and when the high school bully Biff Tannen tries to get fresh with Loraine, fearful George McFly rises up and knocks him out. Loraine swoons, and the rest is future history. George ends up a successful businessman in the alternate 1985, with Biff in his employ.
Unfortunately, we do not have a DeLorean that can take us back in time and create a new present reality, but what we do have is an opportunity to knock the current Administration out and create a new future. However, Americans must be convinced there is a better path FORWARD.
First they need to know if Barack Obama and the Democrats in the Senate stay in power, the trillion dollar plus deficits will continue because the President has no realistic plan to address the problem. The interest alone on the national debt is soaring. It was $227 billion last year making it the fastest growing item in federal spending . And since nearly forty cents of every dollar spent by the federal government is currently borrowed money, we are literally borrowing money to pay interest on borrowed money. That is far too Greek.
Next people need to know that President Obama wants to raise taxes on job creators when the Bush tax cuts expire. This will, according to a recently released study by Ernst and Young cost over 700,000 jobs and significantly slow economic growth. The combination of the end of the Bush tax cuts and Obamacare’s tax provisions taking effect in 2013 will cause the capital gains rate to increase to 24.7 percent and the dividend income rate to 44.7 percent.
You may recall that Obama admitted during the 2008 primary campaign that he did not care that overall revenues to the Treasury actually decreased every time the capital gains rate was raised and increased when it was lowered in the past: what was most important to him was his view of fairness.
People need to also be reminded in addition to the tax increases brought about by Obamacare, the law will also cause employers to drop coverage for their employees (numbering in the millions nationwide), because of the increased costs associated with the law’s requirements. Further, the law actually incentivizes companies to not add jobs in order to stay under the 50-employee threshold at which point they are subject to the law’s provisions. And for all those working Americans who do not have coverage, they will be forced to pay a “tax”/penalty of 1% of their income starting next year, which rises the following years. Ironically, the Patient Protection and Affordable Care Act is already increasing healthcare premiums, creating a further drag on the economy.
If the President stays in power, so will Dodd-Frank, which is already putting the squeeze on local community banks due to increased compliance costs. The credit these banks offer is the lifeblood for small businesses. Having ready access to credit allows them to manage their payrolls, expand their businesses, and hire new workers. Without it many businesses may be forced to close.
Add to these burdens the ever-burgeoning regulations created by the EPA, including its implementing of Cap and Trade by regulatory fiat (an all too common practice with this President) and the NLRB’s rulings and hundreds of other job-crushing regulations coming out of the Obama Administration, and you have a toxic mix of anti-business, pro-Big Government policies that will continue to cause cloudy, gray skies over the economy.
There is an alternate future. To borrow a little Doc Brown-ese, a paradox can be created in the space-time continuum, which disrupts our current reality. The Romney/Ryan Plan puts the nation back on the path to fiscal sanity and growing economically through much needed tax reform. The team also calls for the repeal of Obamacare, and Dodd-Frank, and reigning in the EPA and NLRB. These actions taken together will get this economy moving again and creating jobs. Every time our government has implemented these kinds of pro-growth policies, it’s led to greater wealth and opportunity for the American people.
We, like the McFlys, can experience an alternate future, but it requires knocking out Big Government Biff this November. Fire up the DeLorean!