Being an election year, it is inevitable to see the candidates trashing each other. Most recently, President Obama trashed Romney economics and he certainly has a good reason.
A new video was just released by Obama and company showing off how truly off base Mitt Romney's economic knowledge and plans are and have been in the past. Romney's track record with job growth is pathetic at best, with Massachusetts ranking 47 out of 50 in job growth. This is definitely not something for Romney to brag about.
President Obama is far from perfect, but he has had a better track record in job creation. Mitt on the other hand is known for being one of the weakest of politicians in terms of job growth.
"Kansas City's GST Steel was a successful company that had been making steel rods for 105 years when Mitt Romney and his partners took control in 1993. They cut corners and extracted profit from the business at every turn, placing it deeply in debt. When the company eventually declared bankruptcy, workers were denied their full pensions and health insurance, and the federal government was forced to step in and bail out the pension fund," according to Romney Economics.
Sadly, this is just a single example of Romney's touch of death when it comes to jobs and the economy. Romney has spent nearly 12 months telling American voters to look at this track record with business. Now they are and the facts show that no one should like what they are seeing. So, Obama trashes Romney economics, but this was a trashing that Romney invited.
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Comments: 3
Studies have shown that tax cuts produce less than 50 cents of stimulus for every dollar cut. Government stimulus programs (infrastructure repair, something badly needed in a crumbling nation) and income support programs (employment insurance beneftis) produce closer to $2 in stimulus for every buck spent.
Even Obama, whose job creation numbers are brought very low (into negative numbers) by the fact that his first year, a year in which a Bush budget was still in effect, was the year of the recession brought about by the Bush era economic collapse. Since then, Obama's job creation numbers have been the best of any first term president except for Bill Clinton. Hey, he was a Democrat, too!