The Answer We Don't Want to Know

This week's  Thoughts From the Frontline by John Mauldin touches on a topic we've discussed here before which is how much effect does the President really effect the economy?  [February 7, 2012 Who is President Matters Much Less Than We Think].  


There are a few gleaming points that I take way from this very interesting read no matter what your political affiliation is.  Full read here or select PDF

1. As a businessman, I would rather pay higher taxes on profits than to have no profits at all.  Just tell me the rules and I will figure out how to adjust. A Depression 2 would mean 20% unemployment (at least) and a real lost decade, with the Boomer generation trying to figure out how to deal with no money and no jobs and being old.
2. Both Obama and whoever the Republican nominee is owe the American people an answer today as to what they will do if given the chance. To blame Congress for doing nothing is not a solution. A generic answer of cutting spending will not do. Allowing the Bush tax cuts to expire gets us less than 20% of the way there. The “rich” do not make enough money, even if you take 60%. We would still be down a half a trillion or more, probably much more, as income vanishes as taxes rise. Funny thing about that: people respond to higher taxes by making less.
3. Who will the candidates be willing to upset? The country does not need vague policies and ideas, we need specifics. A real budget proposal, with details, just like a family or business in crisis would create. We don’t need someone to tell us what they think we want to hear, but what they will actually do to deal with the most pressing issue of our time.