Facing this depression, several European countries have enacted the same austerity policies that Gov. Mitt Romney wants for us.
Their budget cuts are not doing well. Budget cuts in Greece have contributed to near bankruptcy.
The International Monetary Fund predicts that Germany’s economy will grow less than 1 percent this and next year, while Britain’s economy will shrink next year.
The U.S. Commerce Department on Oct. 26 reported that our economy grew by an annual rate of 2 percent in the third quarter of this year.
That compares to 1.3 percent in this year’s second quarter and 2 percent in the first quarter.
Our loss of jobs would be worse today were it not for governmental bailouts championed by President Barack Obama.
Our federal tax base is our Gross Domestic Product (income).
Customers with money are needed to grow the economy.
Only then can we pay off our debt.