Mitt Romney and Paul Ryan are convinced that cutting taxes for the wealthy will free money for investment that will revitalize American business (“Ryan’s budget plan depends on many assumptions,” Page A1, Aug. 14). There’s nothing wrong with that idea except that it won’t work.
Romney and Ryan hold ideas that were formulated in the 18th and 19th centuries. Even then, they were questionable. But we live in the era of global investment. Why would anyone invest in a struggling American company when he can invest in a profitable Taiwanese semiconductor maker? When money can go anywhere, it will go where it can make the most profit with the least risk.
The Romney-Ryan plan is a recipe for disinvestment and capital flight. Combine that with increased defense spending and decreased tax revenues and you can see why Bill Clinton has said that the election of Romney will be a disaster for America.