Economic Plans of Presidential Candidates

American citizens are waiting impatiently for the presidential elections of 2012, which are to be held on Tuesday, November 6. Barack Obama and Mitt Romney are two major presidential election candidates, who are focused on American economy as the most important issue. In order to choose a good president, who will boost the economy back to health, it is necessary to present and analyze presidential campaigns of both candidates.

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WhenPresident Obama took office in 2008, his policies helped to stop job losses by March, 2010. The president took steps to boost economic growth in the country such as 858 billion dollars tax cut and the Wall Street Reform. The main task of the reform was to protect American consumers from unfair financial practices. Moreover, Obama launched the Advanced Manufacturing Partnership and signed the America Invents Act, helping to create new businesses and new jobs. Unfortunately, since June 2009 his efforts helped to add only 504,000 jobs in manufacturing field and 233,000 in auto industry. It is obvious, that this result is relatively low and could not help to reduce unemployment after the financial crisis. Generally, Barack Obama’s campaign is presented as collection of facts of the accomplished work during his presidency. His team did a huge work over the last 4 years. Unfortunately, his campaign doesn’t correspond to the future plans of improving economy.

On the contrary, the main focus of Mitt Romney’s campaign is reversing Barack Obama’s economic policies. Mitt Romney’s plan is to avoid the government control of business activities and let the private sector to create millions of jobs needed. To accomplish this task, Romney proposes to lower personal, investment and corporate taxes. Romney believes that tax rates are very high on a narrow tax base. In order to stabilize the situation, it is relevant to fix the nation’s tax code and to focus on jobs and economic growth. According to Mitt Romney, it is important to establish the firms’ limits for regulatory costs.

Positive results presented by Barack Obama in saving 2 billion dollars with the help of the Wall Street Reform are too small. Therefore Mitt Romney focuses on eliminating undue economic burdens, reforming environmental regulation and adopting structural reforms. Mitt Romney considers free trade important for restoring strong economic growth and creating additional employment, which will lead to opening new markets beyond the borders of the USA. Unfortunately, like other Republican candidates, Mitt Romney bases his ideas on the theory of supply-side economics. In fact, it implies a reduced role for government and less progressive tax policy. Partially these results were shown by Mitt Romney as the governor of Massachusetts.

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Overall, both candidates are experienced politicians with good chances to win this year’s elections. The comparison of their campaigns showed that both of them are mainly focused on the tax reduction and on the ideas, which were successful in past. The present-day situation needs new constructive ideas and their successful practical realization. Only new reforms and approaches will lead the USA to the economical wellbeing.