Fw: [wais] US Elections 2012 -> Obama and Romney (Henry Levin, USA)

[Shirley Bliss]

Hello Everyone, just keeping in touch along with an interesting reading material, hope you dont mind otherwise you can alway delete.

Take care,

Shirley

----- Forwarded Message -----
From: "WAISF...@waisworld.org" <WAISF...@waisworld.org>
To: jei...@waisworld.org
Sent: Wednesday, September 5, 2012 2:50 AM
Subject: [wais] US Elections 2012 -> Obama and Romney (Henry Levin, USA)

Henry Levin writes:

I agree with some of what Francisco Wong-Díaz (4 September) says about the two candidates, but not with most of his points, which seem to be pure rabble-rousing on Obama's religion (Islamic?) and political ideology (Marxist?). I would venture that these are just ABO (anyone but Obama) smears, and Francisco does not provide any evidence for either one. I agree with Francisco on Obama's poor choice of key advisers and his ill-fated political strategy when getting into office.

Obama made the same foolish mistake that Clinton made in his first term. In Obama's case the economy was the primary issue, and it required all of his resources and leadership to resolve. Even though the health care system is an ungodly mess, it has many more interest groups with huge resources and opposing points of view than the economy had at the time that Obama entered office. To divert time and resources away from the economic life source of support for the nation and its families was absurd and a deja vu all over again, and the health care system will still be a mess that can now be shared with more people who formerly lacked the entree to the mess. Of course many of us feel that equal access to the mess is praiseworthy. But, we need to change the system of health care dramatically.

We cannot even get started on a sick economy. The economy must be healed first, and Obama blew it by diverting political resources from the main illness of the nation.

I have been an economist (PhD) for 46 years and cannot agree with the point that Romney's wealth shows that he is better qualified "to start up the US economy and make us wealthier." I have met many wealthy businessmen in my career. What made them wealthy is not normally what makes an economy vibrant. A high proportion began with wealth, including Romney. It is easier to multiply existing wealth than to start from scratch. Many are just lucky. Others yet have great "old-boy" connections. And others have political ties that enable them to benefit from connections to government decision-makers and tax benefits enacted on behalf of their firms or industries. In half a century of teaching and writing about economics, I have heard more ignorance of how the economy functions from prosperous businessmen than from freshman economics students at the two universities where I have taught.

In general you will get more wisdom on what creates longevity from a 110-year-old man or woman than intelligent insights and advice on how to create a vibrant economy from a wealthy spokesperson, whether Romney or Soros. Both have figured out how to exploit the existing system for personal gain, not how to rejuvenate the economic system.

What naive observers do not seem to understand when they talk about the economics proficiencies of the President is that no president is elected because he had economics expertise. The best were able to be clear about their objectives and hire competent economists who could help them formulate policies that would get there. I have not heard any specifics from Romney and Ryan other than reducing taxes to the rich and shrinking government and reducing regulation (Bush tried that), and then magic will happen. Herbert Hoover had similar views about curing the Depression, and we all know where that led. By the way, in other respects I hold Hoover in high esteem. (Full disclosure: He was a graduate of one of my two universities.)

JE comments: Hoover is still the only US President to graduate from Stanford (1895), and since he was once Prof. Hilton's neighbor, he is the closest POTUS to WAIS. RH's video interviews and some papers are also in the archives of the Hoover Institution.

Gov. Romney attended for one year, but did not graduate. I don't want to raise Anthony D'Amato's ire, but how about another WAIS Presidential quiz? Here it goes: What US President also attended Stanford, but did not obtain a degree? Huge hint: a war intervened.  Second hint:  this one is far easier than the Fillmore-Van Burn question from a fortnight ago.

As always, no Googling allowed, and the winner will receive public accolades and boasting rights.

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This message has been published on WAISWorld.org forums. To rate, comment or reply to this or any other message in the hierarchy, please follow the corresponding link below:

Forum: Politics
Topic: US Elections 2012 (John Eipper, USA)
Posts:
 Wisconsin: Scott Walker, Paul Ryan, and the Letter "R" (Mike Bonnie, USA)
   Romney, Ryan and the US Middle Class (Tor Guimaraes, USA)
     Romney, Ryan and the US Middle Class (Istvan Simon, USA)
       Romney, Ryan and the US Middle Class (Randy Black, USA)
         Ryan, Romney and the US Middle Class (Francisco Wong-Diaz, USA)
           Obama and Romney (Henry Levin, USA)

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John Eipper, Editor-in-Chief, Adrian College, MI 49221 USA

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