Despite the spin, it bore no relation whatsoever to the problems we actually face.
Much of the economic part of the discussion centered around the President Barack Obama's and Governor Mitt Romney's competing plans to cut taxes. That discussion itself was laughable.
The federal budget is in deficit to the tune of $1 trillion per annum; without a major program of spending cuts and -- yes - tax increases, we will be staring bankruptcy in the face by the end of the next presidential term.
The truth is any possible tax cuts will be trivial.
The important questions revolve around which taxes will be increased and, most important, how will we ensure that Congress actually makes the gigantic spending cuts that are necessary.
Romney Has Serious Math ProblemRomney was the worst offender in this respect. But neither candidate's plans were anywhere close to adding up. At least the president's emphasis on soaking the rich makes a gesture towards balancing the budget.
Romney's attempt to prove that he can cut tax rates, keep the proportion of taxes paid by the wealthy constant and give the middle class a tax cut all without widening the deficit doesn't work algebraically.
He's imposing four incompatible criteria on an equation with only three unknowns, and it won't work.