A Note On The Economy

Submitted By Brennanscruffy
Words: 1046
Pages: 5

The Economy:
The U.S is recovering slowly from the worst recession since the great depression. According to recent polls the most pressing issue on voters’ minds is the economy. We are facing a 14 trillion dollar debt here and this could affect the country severely by which president is chosen in the election. Unemployment is still over 7 percent and the candidates have different ways of helping this. Mitt Romney’s view over this issue is to keep the bush tax cuts in effect. However Obama would like them to expire for the very wealthy, people making over 250,000 a year. Mitt Romney claims keeping the tax cuts will boost the economy while Obama thinks the rich need to pay their fair share in taxes. In my opinion, I would honestly follow up with Obamas view. Mitt Romney is using what is known as the trickle-down effect. I believe the concept is using will only make unemployment worse and hurt the economy. Obama is trying to make the rich pay more to even out the economy which I believe will affect our economy positively.

Taxes and how much Americans should pay are at the heart of the economical debate. As previously mentioned mitt Romney wants to extend the bush tax cuts for everyone including the very wealthy while president Obama wants them to expire but for people making over 250,000. There are other taxes to be considered though. If action is not taken on a payroll tax extension it will raise taxes for the middle class. Mitt Romney feels letting the tax cuts expire could hurt small business owners. But Obama believes very wealthy people should not pay a lower tax rate than middle incomers. I believe again Obamas view Is more effective. Relating to the economy section above, I believe that letting the bush tax cuts expire on the very wealthy will balance out our country and have a surplus like when Bill Clinton was running.

Government spending debt and deficit:
Deficit is the annual gap between what the government spends and what it takes in. The deficit is expected to exceed 1 trillion for the fourth year in a row due to decline tax revenue, the economy, bush tax cuts and continued levels of government spending. Republicans want to cut spending and democrats believe that spending cuts will only go so far and that raising taxes is necessary. In my opinion I believe raising taxes will help our economy a lot more than cutting spending. Raising taxes will give a more positive outcome on our economy in debt. Mitt Romney’s view on cutting spending is cutting things like healthcare from people, I believe we as citizens need these services and for them to cut them will only put us deeper into debt.

During the Bush era, he created what is known as the “No child left behind” law, which required that all students meet reading and math adequacy marks by 2014. Basically, there is a standardized tests which is the same test throughout the whole country. It sets standards to make sure all kids succeed. Once Obama became president he did not agree with this plan. He then created “race to the top” where he was more lenient on the states to decide their educational standards. I strongly agree with Obamas plan. There are many aspects on why this choice is probably better in my opinion than the bush law. Not every single classroom is going to be the exact same. There are going to be different ways to teach to help a student learn. By creating a blanket like Bush and Romney agree with over the education to set standards over the whole country is going to create a lot of problems. If we follow Obamas way of thinking by setting a more flexible and focused plan will help focus on what’s best for the kids in each state.

Health care:
When Mitt Romney was the governor of Massachusetts, he created a plan called the Romney plan. Obama care is actually completely