April 25, 2012
On Tuesday night, the GOP’s presumptive presidential nominee Mitt Romney threw down the gauntlet. Declaring the election is “still about the economy – and we’re not stupid,” Romney warned that “President Obama and I have very different visions.” After claiming that “government is at the center of his vision,” the Republican offered the Romney Vision:
“I have a very different vision for America, and of our future. It is an America driven by freedom, where free people, pursuing happiness in their own unique ways, create free enterprises that employ more and more Americans. Because there are so many enterprises that are succeeding, the competition for hard-working, educated and skilled employees is intense, and so wages and salaries rise. I see an America with a growing middle class, with rising standards of living.”
Unfortunately for Mitt Romney, it has been Democrats in the White House who have delivered the shared prosperity he describes. After all, as the historical record shows, from economic growth and job creation to stock market performance and just about every other indicator of the health of the U.S. capitalism, the modern U.S. economy has almost always done better under Democratic presidents. Despite GOP mythology to the contrary, America generally gained more jobs and grew faster when taxes were higher (even much higher) and income inequality lower. And while the U.S. recovery from the Bush recession remains painfully slow, most economists – including the nonpartisan CBO and some of John McCain’s own 2008 advisers – believe President Obama saved the American free-enterprise system from the abyss.
(Click a link below for the details on each.)