FOUR MORE YEARS OF OBAMA WOULD RUIN THE ECONOMY

You may recall the Worker Adjustment and Retraining Notification Act of 1988 (WARN). That’s the Act that requires employers with 100 or more employees to provide 60 days notification in advance of plant closings or mass layoffs.

Each state has its own website where it posts the names of companies that have complied with the WARN Act indicating that they intend on closing a plant or laying off large numbers of employees (I supply the link to the Ohio WARN website at the end of this article).

In reviewing the companies who submitted WARN notifications to the government, it’s interesting to note that there was no significant difference between union and non-union companies—they both were affected by massive layoffs and plant closings.

Also, the site shows that the M&M Restaurant Supply business in Toledo will be permanently closing on December 9, 2012. This will affect 105 employees—many of whom are Teamsters (what does Kaptur have to say about that).

As depressing as it is to peruse, the WARN website shows that no type of company has been spared from the wrath of the Obama economy. The list includes hotels, retail stores and distribution centers, manufacturing firms, media outlets, and such well-known names as Rubbermaid and Morton Salt.

The link to the Ohio WARN website is:

http://jfs.ohio.gov/warn/current.stm

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Sorry, Galt. The economy was ruined no matter what. The government then decided to go on a huge borrowing and spending spree to cover it up to make the major parties look good. It was a bi-partisan effort.

The US economy crashed and burned due to excesses in lending, by 2008. In that year, three major US industries totally failed: Banking, Home-building, and Automotive. Notice how connected all those are.

Starting that year, the federal government started to borrow about about 40% of its budget every year. To give a sense of perspective, the median household income for Toledo city is about $32K. If that median household lived like the federal government lives today, it would end up spending about $45K yearly, hence would need to borrow $13K yearly just to keep up appearances. So after 4 years, that median household would have to be $52K deeper in debt.

Electing Romney won't change that, since he isn't a fiscal conservative and he therefore won't fix the problem. Look at his budget claims. Increased military spending, decreased taxes on the rich (who pay the most taxes), and a few stabs at discretionary budget cuts (which affect a tiny portion of the budget). He might cut $200 billion a year from our current rate of $1200 billion to $1500 billion yearly borrowing. Might. But then the national debt would still climb by at least $1 trillion a year. Federal borrowing would be on the order of 25-30%.

At the end of Romney's first term in 2016, the national debt would be $20 trillion. Remember, we have to pay interest on that debt. The interest slice of the budget must rise faster than revenue or the incomes of the people taxed to pay it. That's what happens when you borrow such huge fractions of your budget without letup.

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