Mitt’s “Poverty Plan” Hope Through Change?

Dick McDonald May 1, 2012

Dick McDonald
President
The Prosperity Report

Mitt Romney in his ”Believe in America” nomination victory letter yesterday telegraphed an utter disregard for the role government plays in alleviating poverty.

In the America I see, character and choices matter. And education, hard work, and living within our means are valued and rewarded. And poverty will be defeated, not with a government check, but with respect and achievement that is taught by parents, learned in school, and practiced in the workplace.

To all of the thousands of good and decent Americans I’ve met who want nothing more than a better chance, a fighting chance, to all of you, I have a simple message: Hold on a little longer.  A better America begins today.

I don’t know about you but this “no government check” is not going to play well with the more than 40% of the population that already receive one or the 100% of the population that eventually hopes to get one.

I know this was a letter to his base but come on now nothing in Romney’s political history justifies his belief in the pure “individualism” he professes here.  Quite the contrary his Romneycare is his ode to “collectivism” and big government checks. His justification for Romneycare on a states right basis is so transparent I’m sure it will convince many Democrats he is one of them.

America needs two things.  Romney gives us one and Obama gives us none.  America needs (1) an efficiency expert to get rid of government waste and digitize the bureaucracy and (2) a plan to fix the economy. As a hedge fund manager Mitt fulfills the requires of (1) but his plan to fix the economy has yet to be revealed except in broad unspecified rhetorical flurries like the Ryan plan to reduce the budget by $4 trillion in ten years with absolutely no specificity as to what he benefits he plans to cut.

It appears that neither party is going to seriously address the entitlement and welfare problems in the fall election.  It is where the problems lie but the parties have telegraphed a “not on my watch” approach to addressing them.  It is what Greece did. The rest of Europe is also careening wildly toward that cliff. Unfortunately America is blindly going in the same direction.

The key to a plan to fix the economy is a solution to poverty.  The Democrats have alleviated it but have failed to lift any appreciable number of Americans out of it.  Top down solutions like Obama’s crony capitalism and green product fiascoes or Mitt’s lesser taxes and regulations will do nothing for the 99% of Americans who really have the cash to invest in America and make the economy sing.

Unfortunately that money is now being used to pay retirees their Social Security pensions and Medicare expenses. Now if that money was invested in the economy to create jobs we would have a start to fix we need. The fix we desperately need is to create “hope” through “change.”

The American people can’t get their politicians to work for them so the people should form a commission to fund only those politicians who pledge to enact legislation that would deliver the American Dream of financial independence. Let’s face it, the $300,000 in payroll taxes the average household pays into Social Security and Medicare invested monthly in the stock market for 40 years will generate a nest egg of $4 million at the average rate of return that the market has demonstrated in 40-year increments since 1871.

That $4 million will spit out $33,000 a month in income. More than enough to fund an affluent retirement and the best medical care on the planet,

We need a national investment/savings plan to save ourselves from the unsustainable nightmare that our present entitlement plans are.

See here for a more comprehensive explanation of how such a plan would work.

Mitt Romney has been chosen by our Party’s Elite based on his financial acumen. It would be depressing if, after the election, he does not propose a similar reform.

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