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Thursday, 25 October 2012

US Election 2012-Views on Economy

In the previous term of Barack Obama t he US economy is in a mode of frustratingly slow recovery,   with an uncharacteristically threat of high unemployment rate of around 8 per cent. Being impatient for the revival of economy and its growth, now Americans have begun to question the policies and role of government in its recovery. A wave of pro-austerity “Tea Party “Republicans elected in 2010 helped bring legislative activity to a grinding halt, nearly resulting in a US debt default. But the Tea Party did succeed in shifting the debate: now neither party can talk about the economy without also talking about Deficit Reduction. Fast approaching is January’s “Fiscal Cliff,” during which the Bush-era tax cuts will finally expire and the “sequester” emergency debt deal will cut $110 billion from the 2013 federal budget. Economists worry that if this cliff is not avoided, the combined strain of budget cuts and new taxes will cause a New Recession.
Obama’s Stance at the economy 
The President Obama must now defend an economic platform as he was never able to fully implement his economic policies. His economic stance is a combination of tax increases for the wealthy, closing tax loopholes and modest budget cuts. Obama rejected the recommendations of his Bipartisan Debt Commission, unwilling to make proposed cuts to welfare programs.
Romney’s Stance at the economy 
Romney is following the conservative concept of his party, advocating instead for lower taxes, closing tax loopholes, and much greater cuts to the largest government programs. He has tentatively endorsed the budget of his running mate Paul Ryan, but Romney’s own plan remains blurred  and he has not specified where the axe will fall. The Republican nominee has tried to tout his success in business as proof that he knows how to fire up the economy.

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