Obama vs. Romney: A Tale of Two Economic Plans

Obama vs. Romney: A Tale of Two Economic Plans

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Mitt Romney and Barack Obama are two presidential candidates who both differ greatly on their economic stances on several issues such as military, foreign policy, healthcare, and the nation’s budget and taxes. Each presidential candidate has their own reasoning and beliefs for why their economic policy is correct and why theirs is going to benefit our great nation’s economy the best. Even though Barack Obama won the 2012 presidential election, there are still many who believe his economic plan is not to our nations benefit, with Romney’s potentially being better. Each party has their own argument for their fiscal policy and to defend it to the tooth, there are many major issues in our country that need refining and fixing, that both these men believe they can improve greatly.
Mitt Romney has a very straightforward and efficient economic platform that covers all the points and issues in our country. The first issue to be covered is his official view on the United States military policy. Romney deems it necessary that our military continues to police the world and help the world economy. He believes that our powerful military can help the world economy and the global market tremendously. He believes that military cuts are not the right idea and that the United States should actually increase military spending, expanding our military as a whole. He sees potential military threats around the world such as the turmoil of the Middle East, to the corrupt North Koreans and dangerously insolent Russians. He believes that we need to neutralize these threats sooner rather than later, as they could become too problematic to possibly contain and end up putting millions of people’s lives at risk. Romney desires to increase our military by at least 100,000 troops (Roisman, Jonathon). He wants at least four percent of spending of the United States Gross Domestic Product committed to the military alone. The United States spent 711 billion dollars on solely the military in 2011 (which is greater than the combined spending on military in next 13 countries in the world) and wants to even increase that even more so (Roisman, Jonathon). He believes that the military is our nation’s backbone and should not be taken lightly. Romney thinks that the United States Navy is also too small and wants to increase the number of ships in it from 284 ships to 328 ships, reaching its full potential of a world power and the dominating presence of our military on the world.

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Additionally, Romney observes that our countries own defense is at a greater risk than ever before, and the only way to maintain peace is through military spending, because military power is the only way to keep peace. Romney believes that the one trillion dollars which Obama has cut from our military spending in the past year is a huge threat to our nation’s safety and that we should add those trillion dollars to government spending rather than taking it away. Currently, Obama has ordered the United States to make two Virginia-Class Nuclear-Powered ships that each cost two billion dollars to make, while on the other hand, Romney believes the United States should at least create three a year. In following Romney’s thought processing, we can protect our nation better from inevitable attacks in the future.
Barack Obama’s economic military plan could not be more different from Romney’s. He disagrees heavily with Romney’s beliefs concerning the military and believes that severe military budget cuts are vital in order to save the United States’ economy and put more money elsewhere where it will benefit our nation’s citizens better. Obama calls for the return of thousands of our troops in Iraq and Iran; he put the saved money into our economy by building new bridges, parks, and schools. Also, he wants to construct new roads and traveling systems in our country, as well as to save the national debt. He strongly believes that the United States military is unnecessarily large, and wants to reduce the number of troops by a thousand, helping to create new jobs and rebuild our unstable economy with saved money. Obama yearns to impose a military spending plan that would cut 500 billion dollars of military spending within a decade (Walsh, Suzan). The President plans to spend this money on specific issues, which he believes to be more important in today’s weak economy. Obama believes that the United States is already a world superpower in military terms and that we can afford to cut spending, yet still be a world force. Saving money on the military and spending it on our economy will greatly help our society and decrease our heavy debt.
My analysis of both of the candidates’ economic plans ends with my favoring of Obama’s plan to decrease military spending, because it is unnecessary to keep losing money on military during a fairly peaceful time in the world. Our military is far superior to other countries’ militaries throughout the world, and it is our nation’s economy that needs the money and resources. Increasing the size of our military will not do any good for our economy, as it is in very crucial condition and needs to be revived from failure. Our national debt is incredibly high and adding spending on the military will only greatly increase our debt, putting our country in worse debt than ever. We need to stop the bleeding and begin to rebuild our country by focusing on strengthening our weaknesses, rather than meddling with our strengths. This is an extremely important issue that needs to be addressed by our nation, and if Romney’s plan goes into effect, I believe it will just lead to the continuation of further downfall in our economy. Barack Obama has the right idea by wanting to put our country’s money in more areas of concern, such as our educational system, healthcare policy, and our social security; these are the true areas where money is needed and is necessary for our future generations and those who seek to eventually retire.
The second issue to be covered in the presidential candidates’ economic platform is the issue of our nation’s economy, budgets, and taxes. Mitt Romney believes that taxes are too high for the people of our country, and every person from each social class should have their taxes cut. He fears that major problems are will occur from the fiscal cliff, which would happen at the end of the year of 2012 due to the expiring of President Bush’s tax policy. He wants to continue this policy and cut taxes for the people of America. Romney stands for increasing tax cuts on domestic spending, while opposing those on the military (Kogan, Richard). Romney believes that increasing tax cuts on corporate business will only hinder growth and that our economy will expand, growing more with lower taxes. With this idea, people will spend more money with businesses and help the economy restore itself and grow, with the extra money they have in their pockets from savings they will have from tax cuts. Romney also wants to increase the age of people receiving social security; his thought process encompasses the idea that our nation’s economy needs to make up for our mistakes and debts piling up from social security. Romney also desires to reduce our federal spending from our country’s Gross Domestic Product by under twenty percent (Kogan, Richard). Romney believes that with lower taxes, our country’s businesses and corporations are bound to grow because of the greater amount of money available to them. Also, Romney plans to balance out our nation’s financial income from tax cuts by increasing spending and balancing our budget by decreasing money in non-defense discretionary programs. This includes very broad programs such as Medicare, the educational system, law enforcement, and our country’s environmental protection, while increasing the nation’s spending on military. If his budget cuts went into effect, by 2022 our country’s spending on non-military programs would decrease from four percent (which it has never gone below) to a mere 1.3 percent that could cripple our economy.
Barack Obama’s budget and tax plan for our economy is to increase taxes on households in our country, ranging from the middle class to the upper class. He wants to increase these taxes, because he feels that people who are making greater money should pay more money to our economy; these class of people have the finances to provide this money for the greater good. He believes that this is an excellent way to raise funds for our economy and help it grow after it gets our country out of debt. Currently, corporate taxes are at an all time high at 35 percent, and he wants to decrease this to 28 percent (Walsh, Suzan). He also desires to lower taxes on the poor as he feels they do not need to pay more because they have less. Obama is less worried about individual classes, as he sees it as a whole nation issue. He wants to decrease government spending, while virtually doing nothing to change our nation’s healthcare system, which is one of our major problems for our deficit. As for the fiscal cliff, Obama wants to uphold all the tax-cuts for households making fewer than 250,000, while increasing taxes on the wealthy (Walsh, Suzan). Obama yearns to increase tax revenues by 1.6 trillion dollars over a ten-year period.
The macroeconomic impact of each candidate’s budget plans will differ greatly in our nation’s economy. Obama’s view on our federal budget by increasing taxes is seen as a more short-term fix to our economy as a whole, while making the rich angrier with Obama for taking a larger portion of their money. Romney’s ideas are looked at as more of a long-term solution to our economy’s budget problems. Romney’s plan would increase our countries GDP by 7.3 percent over the long run, while Obama’s would decrease our GDP by 2.9 percent over the long haul (Tax Foundation Staff). Obama wants to leave Medicare, Medicaid, and social security untouched, leaving them to account for 40 percent of our federal spending, looking to increase to 50 percent in the near future. This is a big issue to Mitt Romney and that is why he wants to decrease government spending in these federal programs, and save money for our economy while cutting tax cuts for all classes. Romney believes that by cutting federal spending in these areas, it will be the most efficient and successful way to save our economy, which is a concept opposed by many democrats. Obama does not favor this idea because he feels that it is too harsh and cruel; he believes that our country to needs to be together as a whole and people need to help with the nation’s welfare instead of their own. After all, the wealthy have the easiest and most efficient way to present a helping hand in this issue. Romney feels this is terribly unfair, and that our nation’s government should be as least involved in our nation’s economy as possible.
Our country’s foreign policy is a very controversial topic when it comes to our federal budget and spending of our nation’s money finances. Romney believes that Iran is a threat to our nation’s peace and well-being, and that they need to be handled accordingly. He wants to increase money in military spending and see that we do not allow Iran to produce nuclear weapons. He also wants to create looser laws on immigration, as this will create a more competitive economy, only benefiting the United States. Romney is in opposition to China and desires to declare them as currency manipulators, which would lead to tariffs on Chinese exports and increase our own American manufacturers that have said the Chinese keep their goods unfairly cheap. This could lead to a trading war with the fastest growing economy and could potentially severely hurt relations with the superpower China even more. Additionally, Romney finds it imperative to get involved with foreign countries especially with the situation in Syria. He would want to replace their leader and have the United States install a new, improved government there. Romney wants to continue wars in Afghanistan and Iraq, sending in more troops and putting more American lives in risk. He wants to try to use the United States’ military power to help other countries and try to fix their broken governments. Romney also desires to strengthen America’s relationship with Israel, protecting them and standing by their side in any occasion by also helping them fight Iraq if they have to. Also, Romney feels as though Russia is America’s primary threat, and we are facing another Cold War with them. He does not want to trade with them at all, as he feels they do not follow human rights policies. Similarly, Romney’s stance on Cuba is very firm and he does not intend of any contact with them whatsoever. He has plans to reinforce the travel restrictions lifted by Obama and would make sure no contact exists with them. Romney would reduce over 100 million dollars on foreign policy spending (Roisman, Jonathon).
Barack Obama has largely differing views on Foreign Policy. He wants to end the wars in the Middle East and pull our troops out of there. Although, having four years in the office and still not fixing this issue is rather concerning. He desires to pull our troops out of Syria and only interfering if America is personally put at risk (Platt, Spencer). He does not believe it is smart to put lives at risk, by fighting a war, which we do not have to fight. Obama does not want Iran obtaining nuclear weapons either but feels it is not worth putting lives at risk, as it is a lost cause for the Middle East. Obama feels that America has too many problems internally, and we need to handle these issues first before we start helping other countries and spending money that we do not possess. Obama does not believe that Russia is as big of a threat as Romney does and thinks that we need to spend our limited resources elsewhere. Obama wants to continue trade relations with Russia, as he understands how beneficial they can be (Platt, Spencer). Obama has lifted many traveling restrictions with Cuba and made it possible for Cuban Americans to send money back to Cuba for their families.
I feel that Barack Obama’s foreign policy is far more beneficial and overall promising for the United States and our economy. Barack Obama does not want to get too involved in other countries’ business and wants to focus his attention on the United States, which has its own vital problems. Romney wants to help other countries such as Syria and put American lives at the risk when we should not have to. I think that his stance on Russia is flawed and that it is not smart for our American economy to terminate business with them. Getting involved with other countries has backfired multiple times for the United States and I do not believe it is our responsibility to play the “Big Brother” role anymore. We need to pull out of the Middle East and let them deal with their problems on their own and not put American lives at risk. There are too many problems internally, within in our country, and we need to turn our focus to those problems first. We need to keep relations open with China, as they are a world superpower that is better to have as our ally than foe.
The next issue concerning the presidential candidates’ economic platforms is social policy, such as healthcare, stance on gay marriage, abortion, and education. Romney’s view on healthcare is that each state should be allowed to determine how they want to form their healthcare for their citizens. The only matter the federal government will interfere with is making sure that there is a level and fair playing field when it comes to competition with healthcare companies. Romney still believes that people with pre-existing injuries should still be covered, and that a family can keep a child on its health insurance for as long as they want. Romney does not believe that gay people should be allowed to marry and that it is unethical. He believes that abortion is only acceptable in cases with rape and incest, and the baby has fundamental human rights that should not be taken away nor disregarded (Cheat Sheet: Obama vs. Romney). Romney believes that every child should attend college and that it is imperative to stay competitive in the global market. He wants to make it easier for foreign people to attend school in America, as it will only greatly increase competitiveness for our economy. Additionally, he believes that students, who only truly need it, should receive federal funds for tuition.
Barack Obama has a strong economic stance on issues such as healthcare, gay marriage, abortion, and education. Obama has installed Obamacare during his presidency and stays true to his policies. Obamacare states that insurance companies cannot deny people with preexisting health conditions and that they cannot set a money limit on a person’s health care payouts. He also wants every individual to get healthcare by 2014 otherwise they will be fined (Cheat Sheet: Obama vs. Romney). Children can only stay on their parents insurance until age 26. Also, Medicaid will give adequate health insurance to low income families and individuals. Obama’s stance on gay marriage is one centered on equal rights- he supports it. His stance on abortion is that it is the woman’s right to do as she pleases, and no one else may have a say in whether or not she should follow through with an abortion. Obama’s view on education is that he is making it a lot easier for students to receive financial aid, and he wants every child to be able to attend college. Starting 2014, he is only requiring that people have to pay no more than ten percent of their income to pay back their loans (Cheat Sheet: Obama vs. Romney). Also, remaining debts after twenty years will be forgiven.
Both presidential candidates have good, solid social economic platforms. However, I believe that Barack Obama has the better platform, and it is much more economically beneficial for our country. The government has no right to tell a person what they can or cannot do in the case of marriage or abortion, and it is each person’s choice to make those social decisions. Obama’s healthcare plan is very favorable, and it ensures that everybody will have an adequate health care, which I believe is very important.
I believe that both presidential candidates had good and bad ways with helping our economy. However, I believe that Barack Obama has a better and sounder social economic platform. Both of the candidates’ ideas have each of their own positives and negatives on our country’s budget plan. I believe that Obama’s idea of increasing taxes for the wealthy is a good way to help our economy, as they can afford it and it would not hurt them. I also believe that Obama’s idea of decreasing our military budget is a vital and necessary process that must take effect to use that spending on other issues in our economy that need these finances far more. Obama has a good healthcare system in place, that I feel best helps our economy more than any other available option. Romney’s idea of increasing age in social security is a perfect way to account for the inevitable increase of government spending on it as more and more baby boomers’ retire. Mitt Romney’s foreign policy would mean utter destruction to our economy, as we need to focus our intention and resources on our problems in our nation’s economy with a better plan. We need to spend more finances on our educational systems and other important national matters that will benefit our economy and everyone who must live under it.

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