I spent a while thinking about Obama's proposal to avoid the financial cliff. Although I agree that government revenue increases are needed, those government revenue increases must be matched by government spending cuts.
In other words, Obama could have offered one trillion dollars in government revenue increases and one trillion dollars in government spending cuts.
Our current financial problems are partially due to the failure of our government to protect businesses and individuals from cheap labor in other countries. When businesses move to other countries, the government loses revenues due to loss of jobs. When US wages are forced down by via competition from cheap labor in other countries, government revenues decrease. Furthermore, more people reach the poverty level and become Welfare and Food Stamp recipients. When US firms hire illegal immigrants instead of US citizens, government revenues decrease. In any recession government revenues decrease. I think our lack of protection from cheap labor in other countries will continue to hamper our economy. I submit that if our businesses and workers were protected from cheap labor in other countries, there would be no need for any government revenue increases.
The problems caused by cheap labor overseas are exasperated by our trade imbalance and by the economies around the world.
The paragraphs above explain why I had no confidence in Romney's plans to revive the economy and no confidence in Obama's plans to revive the economy.
Government Minimum Wage Rates Around The World