Romney tax plan vs. Bush tax cuts: Why the details matter

At the second presidential debate, Mitt Romney was asked how his economic plan differed from the last Republican president, George W. Bush. The woman who asked the question was worried that Romney would repeat the Bush policies that lead to the meltdown of US banking system, and the worst recession since the Great Depression hit in 1929.

It is a legitimate question, since the focal point of the 2012 presidential campaign has been the economy and who will create the most jobs and, more importantly, how they will create them.

How Romney plans to carry out his plan must go beyond campaign trail rhetoric, because the success or failure of any plan is in the details. That's why the truth about the details matter. Words don't create jobs.

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Missing details in Romney tax plan hidden in Ryan budget disaster

Mitt Romney and Paul Ryan have been widely criticized for not revealing the details of their economic plan. But if you pick up the trail of clues they have left all over the campaign trail, it leads to the Ryan budget, which has failed to be signed into law despite several attempts.

When pressed by reporters for details on their economic plan, both Romney and Ryan have said that the specifics would be worked out by congress in the future.

However, the details may have been worked out long ago in Paul Ryan's budget plan, which was called "terrifying" by Rep. Earl Blumenauer (D-Oregon).

"Ryan says his budget cuts more than $5 trillion in the next decade," according to Ezra Klein's Washington Post Wonkblog.

Perhaps not by coincidence, Romney's tax cut plan, before offsets, costs about $5 trillion.

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Romney-Ryan tax plan leads to the next Great Recession

Just about everyone who has ever paid a bill knows that the size of the bill doesn't matter, as long as you have enough income to cover it. So is America's debit really a crisis, or is the problem actually lack of income?

The US economy is consumer driven. When people don't spend enough money to keep cash flowing into businesses, we have a recession.

However, consumer spending does not discriminate over the sources of income. Private sector jobs put money into the hands of consumers the same way government jobs do.

Since President Reagan began the tax burden shift from the rich to everyone else, America has seen 4 major recessions in less than 30 years. That's more than all US economic downturns for the past 100 years.

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