Obama and Romney are on opposite ends of the spectrum on the economy. Both want the same thing, of course, but they differ greatly on how to get there.
Obama plans to cut $487 billion dollars in military spending over the next decade. The cuts would come from reduced Army and Marine forces, which are supported by congressional Republicans. In contrast, Romney would like to increase the number of troops and warships by adding $100 billion to the budget by 2016.
While Obama has responded to the recession stimulus plan, Romney supports less regulation, even in areas that helped cause the recession. For example, Romney would repeal the laws that toughened the financial industry regulations that were implemented because of the financial industry’s part in the housing market collapse. Romney would also repeal the law that toughened accounting standards after the fall on Enron.
Obama has not specifically talked about unemployment insurance, however, Romney would take away the current unemployment insurance plan that helps provide for people who have lost their jobs. Instead, he would implement an unemployment savings account.
Romney has said he will institute spending cuts, but he has yet to reveal where the cuts would take place. He says he will keep Bush era tax cuts, lower taxes in all brackets by 20%, lower corporate taxes by 10%, and repeal the Alternative Minimum Tax. All these tax cuts are supposed to take place while adding $100 billion dollars to the Pentagon’s budget.
Obama’s plans regarding taxes are to make sure that the wealthy pays their fair share. He plans to let the Bush era tax cuts expire for those who make over $250,000 per year, he will also increase the tax rates for the wealthy, including raising the capital gains and dividends tax.
Obama plans to cut taxes for companies who manufacture their products in the United States, and impose a tax on companies who decide to outsource to other countries. Romney supports businesses that move their operations overseas.
Making sure that the U.S. economy stays in balance is a tough job. Each American is tasked with weighing the ideas of each candidate and going to the polls on November 6 to vote.
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