The Debate on the American Economy - "Worried"


The Obama campaign’s newest ad, “Worried,” calls attention to the two candidates’ different approaches to reducing the deficit. 

The ad points out that Romney wants to reduce the tax burden on the wealthy even further and grow defense spending, which would, the ad alleges, add to the deficit. Obama’s plan, on the other hand, raises revenue by asking millionaires to pay more taxes and makes hard decisions about cuts to both defense and nondefense spending. 

Throughout the campaign, the candidates have offered starkly different economic philosophies. President Obama’s, with its emphasis on public investments, appealed to voters in 2008 who wanted to see the government help lay the foundations for a competitive American economy in the 21st century. Mr. Romney, on the other hand, envisions an economy in which the government’s role is extremely constrained, limited to providing entitlements and defending the country from foreign enemies. 

Both camps argue that their plan will reduce deficits. But independent studies have shown that Romney’s budget plan would actually grow deficits and public debt. Offered a choice between a candidate who reduces deficits and debt while making prudent public investments to grow the middle class and one whose policies overwhelmingly favor the wealthy, voters will make the same decision they made in 2008.