By JOHN Peterson
November 06, 2011
The health of the US economy has been the central theme to the run up to the coming US election, with both President Barack Obama and the Republican challenger Mitt Romney. Both have sought to convince the American people that both had individual plans to bring speedy growth and job creation.
The American economy plodded to break over a 2% yearly growth pace since the 2007 to 2009 recession and unemployment stays high at 7.9%. It is to be noted that about 23 million yanks are either jobless, part time workers seeking full time jobs but have given up the effort to search.
The plans for the economy of Obama and Romney may be followed. Obama plans to strengthened American manufacture,expand small enterprises, improve education and be less dependent on foreign oil. He sees 1 million new manufacturing jobs by 2016, 600,000 jobs in the natural gas sector and hire 100,000 math and science teachers. Of course there is the need to repair and replace old roads. Money saved ending wars in Iraq and Afghanistan, would be carried over for infrastructure projects.
Romney has assured on the other hand 12 million jobs in his first term if elected.Or 250,000 jobs a month tentatively. His plans are for tax reforms, economy toward energy independence, slashing regulations and enhancing trade especially with China.
There is housing crisis at the core of the economy,s woes. Both the gentlemen did not spell out detailed plans for how they would go about the execution.
Obama fought the independent regulator of government-controlled Fannie Mae and Freddie Mac, Edward DeMarco, trying to convince him into mortgaging finance firms, to lessen principal for borrowers, owing more than their homes are worth.
Romney remarked at one point in his campaign that housing market needed to hit bottom, without government interference, and offered few clues, on his likely approach to foreclosures.It is agreed that government hand in the mortgage market should be reduced. However neither candidate has outlined a plan to execute.
Obama wants Chairman Ben Bernanke to accept a third term, but sources say that he may decline. His term expires on Jan. 31, 2013. he may be substituted with Fed Vice Chairwoman Janet Yellen, and Romney would not reappoint Bernanke.
Sources say that whoever is chosen by Romney will be little hawkish than Bernanke. Advisers Glenn Hubbard, Greg Mankiw and John Taylor of Romney are in the race.
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Obama proposed to cut the government budget deficit by more than $4 trillion by the next decade.Romney wants to cut marginal tax rates for individuals by 20% and broaden the tax base by closing loopholes. He would keep all the Bush tax cuts in place in a plan which would be revenue neutral. He also wants to reduce federal spending to 20% of US GDP over four years from its current level of about 24%. Both want to reduce the corporate tax rate, although Romney would reduce it further.
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Romney has further pledged to repeal the entire law. Although many feel it to be hollow.Obama wants to keep on his current path as regulators work to put in place provisions of the Dodd-Frank financial reform law.
Finally let the best man be elected.
