I guess whenever you are looking for a quick fix, there is always the 'snake oil' salesman and conmen who grace our landscape. There is an air of desperation with Americans who are looking for a quick fix for the economic collapse brought on by the Bush Adminisitration in 2008. The dispair is quite evident with gas prices cresting at new highs and jobless reports pointing to more of the same. Realists know that there is no quick fix to the economic debacle that resulted in the largest loss of personal wealth in the nation's history. The difference now is that the greed of the banks coupled with their Wall Street Counterparts and congressional representatives have kept our economy from growing. You cannot have bipartisanship when the Minority Leader of the Senate vows to do everything he can to defeat the President.
There is a Yiddish word for someone who complains too much and it appears that Mitt Romney is the Kvetch in these debates. Romney seems to think that hammering the President with the lack of jobs and the lack of an economic recovery is the path to his presidency, however, the more he looks like a Kvetch, the more he looks like the Snake Oil Salesman of yesteryear, the purveyor of a panoply of remedies for the economy. Tuesday came up with a new bit of political Mitt-Jargon called the Deduction Bucket. The concept here is that your personal deductions would be put into a deduction bucket with a lid of $25,000.00. The problem with this concept is that many in the middle class with gross earnings of $70,000 to $200,000.00 have personal deductions which easily exceed $25,000.00. Many have mortgage payments which exceed $2,000 a month in interest. Many have annual property taxes in excess of $4,000.00 and then we have license fees and payments of municipal fees such as that one-third add on to our water and power bills. The Deduction Bucket clearly is a rouse by a candidate who is willing to offer up anything to coax voters into replacing the current resident of the White House. The problem is that "The Bucket" is not big enough to accommodate the most basic of personal deductions. If "The Bucket" were deployed in 2013, many of us would pay more taxes as our adjustable income would increase. "The Bucket" is just not going to ease the tax burden on the middle class.
We are a few weeks away from the election and the economic malase will not subside soon. We are on the road to recovery, but the banks and lack of Congressional action raise far too many obstacles on our way to recovery. Interestingly enough, the US is still doing better than most of Asia and Europe and we have the stock market which is up from January 3, 2012.
The real issues are whether we can rely on the promises of a party that got us into this mess in 2007-2008 and whether we are buying into a fast fix that may not fix us so quickly.