Monday, August 13, 2012
FRSFreeState: Economic Growth and the 2012 Presidential Election: Where We Were and Where We Can Go
The common wisdom is that during a Presidential Election, that if the economy is bad and there's an incumbent President running for reelection. That the President loses to the opposition and their party probably loses in Congress as well, 1992, 1980, 1976 to a certain extent and 1932 are excellent examples of this. Where the President in each of those elections loses reelection and a big reason for that had to do with the economy. The other common wisdom is that when the economy is good or at least looks like its improving, the President up for reelection gets reelected and generally in a landslide. 1996, 1984, 1964, 1956 are all excellent examples of that. But I don't believe this is a normal election and we'll all know in about three months and here's why. Because of what the situation was when President Obama took over in 2009 and where we are now. The economy is no longer falling, we are no longer losing jobs, we instead are growing as an economy and we've been creating jobs for over two years consecutively each month. Which means that President Obama needs to remind people of this and for the people who haven't benefited from this slow economy yet. Show them how reelecting him would benefit them as well and for Mitt Romney to remind the country how bad things have been and how things will improve under a Romney Administration.
The good news for American Voters is that they will definitely have a clear choice in who to vote for in November. And two clearly different directions in where the country could go if President Obama is reelected or Governor Romney is elected. President Obama's vision on how to achieve strong Economic and Job Growth, is through rebuilding the country. And putting unemployed workers, especially in the Construction and Manufacturing Industries back to work doing the work. Of rebuilding the country as well as developing a National Energy Policy that would create jobs in several different new Energy Industries and cutting taxes for Middle Class workers. Who could use the relief and would spend that money and help pay down their debt which is a big problem for the economy right now, people not spending money because of all the debt they've racked up.
Mitt Romney's plan to achieve Economic and Job Growth, is cutting taxes additionally for wealthy people and business's. Cutting regulations additionally for business's in hopes that would free up money in the economy for employers to want to hire new workers and put those people back to work. And then they would have money to spend, this approach has been tried before back in the Bush Administration and we'll see if voters are ready to do it again. So the country will definitely have a choice in who to vote for in November.