Which presidential candidate is more likely to restore prosperity for the middle class and give poor people a chance to work their way into it? To build a 21st century American economy which creates the jobs of tomorrow, reduces our debt and maintains our leadership in the world? To keep leading our country forward to a more perfect union, when there are so many forces working to divide us?
Mitt Romney says that the economy is not fixed and if he is elected it will produce 12 million jobs in the next four years. Maybe it’s just a coincidence, but that’s exactly how many new jobs independent business forecaster Moody’s Analytics says will be created if we don’t mess up what the president already has done.
Romney also says that because the debt is a terrible problem, he will cut taxes for everybody by $5 trillion, increase defense spending $2 trillion more than the military has asked for, and tell you how he will pay for it after the election.
Here’s the case for President Obama:
He took office with the economy losing 800,000 jobs a month in the worst financial crisis since the Great Depression. No president could have repaired all the damage he inherited in just four years. But since the private sector job losses ended 31 months ago, the economy has produced 5.2 million private-sector jobs. This year we had the largest one-year drop in the unemployment rate since February 1995, monthly exports are up 41 percent, auto sales and new home starts are at four-year highs, and we’ve added nearly 250,000 jobs in the auto industry since it retooled in June 2009, thanks to the restructuring plan Governor Romney opposed.
The president’s economic plan is better: Making investments in innovation, infrastructure, manufacturing, new sources of energy, education and training, and reducing the deficit by more than $4 trillion, with $2.50 of spending cuts for every dollar of tax increases on the most fortunate Americans.
Governor Romney plans to reduce taxes again on the wealthiest Americans and make large cuts in programs that help the middle class and poor children and spark new economic opportunity. He wants to eliminate the tax credits for solar and wind energy, which boost industries that support about 175,000 good-paying jobs, and helped make Iowa the second-largest producer of wind power in America. He even wants to cancel the plan to double fuel efficiency standards, which will effectively cut Americans’ gasoline bill in half by 2025.
The president’s education plan is better. Investments in early childhood education helped expand Early Head Start and Head Start, and the Race to the Top initiative helped spur nearly every state to raise academic standards. Romney will have to cut these investments to fund his tax cuts.
The president’s student loan reform will help reverse America’s slide to 14th in the percentage of our young adults with college degrees. It lets students pay back federal student loans as a small, fixed percentage of their income, funds Pell Grants and builds on the college tax credit for middle-class families. It ends billions in subsidies to banks serving as middlemen for the student loan program. Governor Romney wants to repeal the law and return $60 billion to the banks, making loans more expensive and harder to repay.
Copyright 2012 The National Memo