Mitt Romney won the debate. That, and a buck fifty, will get a cup of coffee at the Waffle House of his choice anywhere in the US. That’s about how much it means to his campaign and his chances to win in November. While the President wasn’t quite as engaged as we would have liked, he did what he needed to do… let Romney be Romney and not raise the specter of the Angry Black Man that the Teabagger whites in America are so sure is actually the guy occupying the White House.
On policy, it was a draw with Romney deftly deflecting the President’s attacks with outright lies. Of course, while that may win the battle, it’s exactly how you lose a war. There are two points that stood out to me, just from the prospective of brazen lies:
1) Romney’s tax plan … He DID say he’d cut taxes by 20% which leads to a $5 trillion tab over ten years. Lying about that was really stupid. The President lit into him on this regarding Romney’s claim that he wouldn’t eliminate deductions for the middle class. Now, the President is absolutely right… the math doesn’t work at all when you use a normal growth rate for the overall economy. Of course, the dirty little secret is that Romney’s plan only works IF the economy grows at a pace FAR faster than any in living memory. The economy would have to grow at 12% per year, every year for the next 6 to get to Willards magic deficit neutral number.
Folks, that’s an out and out fraud. Put that kind of bullshit in a business plan and there isn’t a banker or investor in the US dumb enough to take the deal. Willard, the brilliant businessman, apparently isn’t as astute as we were led to believe. Of course, that’s not surprising given that Willard made his money from flipping companies, not building a business, and when the house of cards collapsed he walked away leaving taxpayers and his investors holding the bag.
Why anyone would consider him or his plan credible is beyond me.
2) The DOE loans for Green Energy… this is a particularly brazen lie. As Bloomberg found, the actual number is $16 billion, not $90 billion. As for the success rate (Willards statement that the DOE only picks losers), only 3 of the companies of the 28 that received loans, have failed. That works out to an 89.3% success rate, far exceeding the success rate of the investments made by Willards own Bain Capitol and the vast majority of venture capital funds in the US. JUST SO WE’RE CLEAR, the sloppy, lazy, bureaucratic government is doing a better job in venture investing than the private sector.
From my perspective, put aside Willards lies and the Presidents aloofness. This feels like a peak… the best possible outcome at the best possible time. This will be a high water mark for Willard and the Republicans. From here, it’s all uphill.