Richard J Grant

Published in The Tennessean , Sunday, October 28, 2012 and in FORBES with archives . by Richard J. Grant Many viewers of the final presidential debate between Pres. Barack Obama and Gov. Mitt Romney were expecting, if not hoping for, a climactic fight to the finish. What we witnessed appeared more as a one-sided demonstration of self-restraint and unexpected mercy in the face of vigorous though ultimately ineffective attacks. The Obama campaign had telegraphed its intention to define Romney as a warmonger, but when Obama tried to stamp the label on him, the president found himself punching air. Romney saw him coming. At times it appeared as if the president was shooting at his own reflection in the mirror. Romney fans might have been disappointed that their man did not go for the kill. If so, they missed the point. He was choosing his terrain and his battles. By showing agreement with the president when warranted, or when inexpensive, Romney neutralized issues that would yiel...

Published in The Tennessean , Sunday, October 14, 2012 and in FORBES with archives . by Richard J. Grant If we wish to have our federal government continue to spend 23 percent of the gross domestic product (closer to 40 percent if we count state and local spending), then we and our descendants must eventually be willing to pay roughly 23 percent of our incomes in taxes. There is a limit to our borrowing capacity, and if we continue to cover 40 percent of the federal budget with borrowed money, we will soon experience that limit. The only way out is to ensure our economy grows significantly faster than government spending. We cannot expect to achieve this by raising tax rates, unless those who bear the burden of these higher taxes do so cheerfully. Starting from relatively low rates of taxation, this is conceivable. But as tax rates rise, and more income is transferred from its private creators to those who will administer its disbursement, our productive potential will declin...