The two candidates vying for the Presidency of the United States, Mitt Romney and Barack Obama, offer striking viewpoints on the economic challenges facing the nation. Although there a number of such differences, the two major issues upon which differences appear involve how each candidate would address the nation’s economy and how each candidate views how to handle health care.
President Obama has adopted the position that the Bush tax cuts must be repealed for all individuals earning more than $250,000. Obama maintains this position on the belief that the government must find a way to increase revenue and cannot afford to keep the Bush tax cuts across the board. He does, however, advocate the lowering of taxes on the manufacturing sector of the economy in an effort to encourage increased production and hiring. Romney, on the other hand, would argue that the Bush tax cuts must be maintained and that corporate taxes must be decreased as well. Romney is a strong advocate of the position that taxes on the wealthy and big business must be reduced in order to encourage job creation. He also suggests that government spending must be reduced.
On the issue of health care, the candidates also have strikingly different views. In the case of President Obama, health care reform is the major accomplishment of his first term. He took a huge gamble in making health care reform his administration’s major focus. Romney, however, is ardently opposed to the provisions of the Affordable Care Act and has threatened to repeal said Act in the beginning days of his potential administration. Although Romney was Governor of Massachusetts when a similar health care bill was enacted in that state and he supported it, Romney now argues to the contrary. He argues that the Government should not be as heavily involved in the issue of health care as the Affordable Care Act requires and that such matter should be left in the hands of the private insurance industry.
In general, on both issues, the two candidates view the handling of the nation’s economic difficulties and how those differences would affect America’s businesses. In the case of President Obama, he views government involvement as essential to helping the economy and making it possible for businesses to prosper. He is of the opinion that decreasing taxes on the middle class will increase demand and create larger markets. Governor Romney takes the opposite approach and suggests that decreasing taxes for all income levels will encourage the upper classes to create more jobs which, in turn, he believes, will stimulate the nation’s economy.
In the end, the decision as to which approach will prevail is in the hands of America’s voters. The voters have a clear choice which will have a profound effect on the future of American business.