This morning as networks were setting their schedules to accomodate
the President's economic policy speech in Cleveland, the Romney campaign
decided they needed to try and upstage that by having their boy give
one in Cincinnati at the very same time. How mature of them. As Martin
Bashir notes, we're surprised they didn't put on some
fake police uniforms and pull over the President's motorcade.
After other Romney campaign operatives demonstrated how utterly
stupid and childish they were by driving their campaign bus around the
venue for President Obama's speech, things got real. Let me just cut to
the chase. Here's the President's vision for the economy: Education.
Energy. Innovation. Infrastructure. Here's
Mitt Romney's:
"You may have heard that President Obama is on the other
side of the state and he’s going to be delivering a speech on the
economy. He’s doing that because he hasn’t delivered a recovery for the
economy," Romney said. "And he’s going to be a person of eloquence as he
describes his plans for making the economy better. But don’t forget,
he’s been president for three and a half years. And talk is
cheap. Action speaks very loud. And if you want to see the results of
his economic policies, look around Ohio, look around the country, you’ll
see a lot of people are hurting."
Yes, well the thing is, a lot less people are hurting than were in
2008. Here are the 2008 numbers, taken from the text of the President's
speech:
For the wealthiest Americans, it worked out pretty well.
Over the last few decades, the income of the top 1 percent grew by more
than 275 percent -- to an average of $1.3 million a year. Big
financial institutions, corporations saw their profits soar. But
prosperity never trickled down to the middle class.
From 2001 to 2008, we had the slowest job growth in half a century.
The typical family saw their incomes fall. The failure to pay for the
tax cuts and the wars took us from record surpluses under President Bill
Clinton to record deficits. And it left us unprepared to deal with the
retirement of an aging population that’s placing a greater strain on
programs like Medicare and Social Security.
Without strong enough regulations, families were enticed, and
sometimes tricked, into buying homes they couldn’t afford. Banks and
investors were allowed to package and sell risky mortgages. Huge,
reckless bets were made with other people’s money on the line. And too
many from Wall Street to Washington simply looked the other way.
For a while, credit cards and home equity loans papered over the
reality of this new economy -- people borrowed money to keep up. But
the growth that took place during this time period turned out to be a
house of cards. And in the fall of 2008, it all came tumbling down --
with a financial crisis that plunged the world into the worst economic
crisis since the Great Depression.
Here in America, families’ wealth declined at a rate nearly seven
times faster than when the market crashed in 1929. Millions of homes
were foreclosed. Our deficit soared. And nine million of our citizens
lost their jobs -- 9 million hardworking Americans who had met their
responsibilities, but were forced to pay for the irresponsibility of
others.
Now given those constraints, and also given that the economy has not
recovered completely but is in danger of stalling due to the current
Republican-made stalemate in Congress, it's fair to say that we are not
where we were in 2008. I remember far worse days than today. It is
possible to point to progress, after all, without claiming "mission
accomplished." Better than 2008, but a long way to go, as Martin Bashir
explains.
Bashir gives the numbers on the Ohio economy, which is performing
better than the national economy. The unemployment rate in Ohio is down
sharply from 2009's high of over 10 percent, for example. In Ohio,
things are much better today than they were in 2008, and there's
absolutely no reason to expect that Romney's policies would maintain or
improve their lot.
President Obama clearly outlined the choices between Romney and
himself as far as economic vision goes. Romney wants austerity; Obama
wants shared prosperity. Romney wants a top-down economy; Obama wants a
middle-out economy. That term is a little bit tortured, but essentially
Obama is arguing that demand will drive economic recovery, whereas
austerity will kill demand further, placing more strain on a fragile
recovery.
What I took away from the speech was that there's a stark choice to
be made about the economy, as David Corn says. It's a choice between
returning to Bush policies or pushing ahead with the Obama economic
policies. I offer that with one criticism:
There was too much emphasis on the debt and deficit.
While I realize that the national debt and deficit are major concerns
to many voters out there, it would have been better for him to explain
why the investments need to be made now, with the tax changes coming
later. This is what he did back in September when
he introduced the American Jobs Act which the GOP killed in a matter of hours.
As much as I liked the speech, I also wanted to hear him draw the
comparison between the old Bush-style economic policies and Mitt
Romney's Bain Capital days. After all, Romney left companies in
smoldering, bankrupt hulks, much like George Bush's policies left this
country back in 2008. It's a fair comparison, as is a comparison to
Massachusetts' economic woes when Romney left office after incorporating
his policies.
Some critics of the speech (
Jonathan Alter
most notably) were disappointed that it didn't have "more memorable
lines." I figure you can either pay lip service to the problem or
actually try and explain that problem cogently. Economic policy just
doesn't lend itself to catchy lines. "Yes we CAN tax the rich" rings a
little bit hollow when we've got Congressional wingnuts up there on
Capitol Hill voting a zillion times for anti-abortion bills and the like
while completely ignoring the economic realities of their stall game on
the Hill.
Are we really going to expect that a major policy speech should have
catchy lines now? Ok, well, just for Alter, I offer a couple of catchy
lines. I imagine a jingle contest could be launched to set them to
music. Here are a couple:
Education. Energy. Innovation. Infrastructure.
Lather. Rinse. Repeat.
Also, this one:
...through government, we should do together what we cannot do as well for ourselves.
And this:
And the only thing that can break the stalemate is you.
There was no comparison between the two speeches. Mitt Romney is
extraordinarily bereft of any new ideas, he's got an entire staff
comprised of Bushies, and a whole bunch of College Republican idiots
driving around Obama rallies in buses, wasting gas and dropping noise
pollution into a crazy-noisy world.
There's also no comparison between the visions. Whether you think the
president should go even farther with his ideas or not, the choice on
the other side is not even an option.
http://crooksandliars.com/karoli/romney-and-obama-give-dueling-speeches-whil