7. Finally, this first debate is all about our economy. Taxes are what should nail any Republican who wants to cut them, but I continue to be mystified about this, for people believe we are paying too much already. The reality is that our tax burden (federal, state and local) is now the lowest since 1958. As Warren Buffett has said, rich people should pay more. I say we all should. Secondly, about our national debt. My HuffPo of last year said:
is to increase it. We confuse our Federal Government with our personal finances. Companies borrow when interest rates are low, which is exactly what has been happening for many years now. When inflation goes up, we become a lending nation. China just cannot take out their money. These funds are generally obligated for 5 to 10 years.
A final point about our economy. It would have been a lot better if Congress had provided $1.8 trillion, not $787 billion, to bailout the country. See the box to the right, but I'll repeat it here:
one HuffPo scenario. The classic example is Ronald Reagan versus Jimmy Carter in 1980. Going into the final week, Carter had a 3-8% (depending on poll) lead. Yet, Reagan won by 10 points? How? Simple. October 29 was the one and only presidential campaign debate. The movie actor dominated. So is this debate tonight important? Absolutely! Obama just needs to avoid fumbling the ball. Any major gaffe can dramatically change the landscape. While Romney keeps pulling his feet out of his mouth, he kind of looks presidential. Let's face it, people discriminate when they vote. Seventy two percent of our citizens are white, less than 13% black. This is part of why my HuffPo on 9October2008 (I will replay this posting next week), was entitled: