A very basic primer on deciding between Romney and Obama in November

Flopping Aces ^ | 06-06-12 | Vince





In business there is something called “sunk costs” which refers to funds that have been spent and are unrecoverable. At any given point sunk costs are irrelevant to the decisions going forward. An example of this would be a company that has spent a billion dollars building a plant and now has to choose whether or not to spend another billion dollars hiring staff and actually operating the plant. At the point of the decision the only thing that should be relevant to the decision makers is what makes best sense for the firm going forward. Does the company make more money by staffing and operating the plant or by selling it? The decision should be based solely on what’s best going forward, with no sentimental attachment to the billion dollars already spent building the plant.

The key element of sunk costs is recognizing that you can’t change or undo anything that has already happened and therefore the focus of your attention should be what you can do today to impact tomorrow.

The last three years should be looked at as sunk costs… or simply unalterable history. The November election cannot turn back the clock. It can only look at a course for the future.
As such, voters should evaluate Barack Obama and Mitt Romney as a board of directors would if they were seeking to hire a president or CEO to run their organization.
The first thing you’d do is take a cursory look at their resumes. Obama earned an undergraduate degree from Columbia while Romney earned his from BYU. Both men earned graduate degrees at Harvard. On that score you’d have to say that the men were very similar. As for their success as students it is not currently possible to compare the two. Romney graduated in the top 5% of his class at Harvard while Obama has refused to release any of his school transcripts.
The next thing you might look at their relevant work experience.
Obama worked as a community organizer in Chicago, taught Constitutional law at Columbia, was elected to the Illinois Senate and then the US Senate. His most important work experience comes from his three years as President of the United States.
Romney worked as a business consultant, founded a private equity firm, managed the 2002 Winter Olympics in Salt Lake City and served as Governor of Massachusetts for four years.
Finally you might look at their family situations and personal life as you wouldn’t want your new leader embarrassing your organization. Obama is a nondenominational Christian and is by all measures a devoted husband and dedicated father of two little girls. Romney is Mormon, has been married to his wife for 43 years and the couple has raised five boys.
On first blush both men seem to have the basic qualifications necessary to be President. But one needs to look at the experience a bit deeper now.
Barack Obama’s career was fairly unremarkable prior to entering the White House. As such, his best case can be made when looking at his time in office. He was presented with a difficult situation of the American economy in 2009. What has he done? The most obvious thing is that he’s borrowed and spent a great deal of money. Results? Higher unemployment than when he took over. Fewer people are actually working than when he became President. Inflation is 3% higher although the economy is experiencing stagnant, albeit positive, growth; the slowest recovery since the Great Depression. He passed ObamaCare and was subsequently sued by 27 states and the law is in front of the Supreme Court. Osama Bin Laden is dead. American troops are out of Iraq.
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