Why I Support Mitt Romney for President
$6 trillion in debt, 14.7% real unemployment, 11,327 pages of new government regulations, the lowest level of workforce participation in three decades, and an 8% reduction in median household income. President Obama had four years to turn this country around. He failed.
In my estimation, the last four years have been some of the worst in recent economic history. With more than 23 million Americans out of work and a real unemployment rate of 14.7%, it is clear that Obamanomics has failed.
To begin, when the President signed the stimulus bill in February 2009, his advisors promised that unemployment would not exceed 8%. September’s 7.8% unemployment rate was a 44-month low, an embarrassing number for a President who claims that the United States is in the midst of a great recovery.
To make matters worse, average GDP growth during the President’s so-called “recovery” has been the worst in nearly 70 years. According to Jeffrey Anderson of the Pacific Research Institute, “If we limit our [GDP growth] comparison to the five longest recessions in the past 65 years (each of which lasted at least 11 months), we find the following: During the four pre-Obama recoveries from such recessions, average real GDP growth in the first three years was a whopping 5.9% — dwarfing the 2.2% figure under Obama.” Consequently, not only has unemployment topped 8% in all but two months of the President’s term, GDP growth has also been historically anemic.
Furthermore, though the President claims that the economy is making “extraordinary progress,” he’s created a mere 5.2 million private sector jobs in the 31 months since unemployment hit its worst point in February 2010. Though that number may seem large, it’s lower than the amount of jobs created by George W. Bush (5.3 million) and Ronald Reagan (8.2 million) in the same amount of time (the 31 months following the point at which unemployment hit rock bottom). Additionally, according to Anderson, the employment-population ratio (the percentage of Americans who are employed) dropped from 59.4% in June 2009 to 58.4% today, meaning that since the recovery started, a greater percentage of Americans are out of work. Finally, as if our economic maladies could get any worse, the labor-force participation rate (the percentage of working-age Americans who either have a job or are looking for one) fell to 63.5% in September, the lowest its been since 1981.
Of course, the President’s problems don’t stop with the economy. In addition to his miserable handling of that sector, he’s also overseen the largest debt increase in American history. When Obama came into office in 2009, the national debt totaled roughly $10 trillion. Now, a mere four years later, our national debt tops $16 trillion. This increase is a direct result of the President’s irresponsible spending and complete lack of fiscal restraint. Although I accept the fact that George W. Bush is partially responsible for this historic debt increase, Obama has no excuse for spending $831 billion on a failed stimulus package, $1 trillion on a healthcare overhaul that Americans don’t want, and billions of dollars on green energy programs that have all but failed.
Elections are won and lost on the economy. More than anything else, that’s what Americans care about. Therefore, I repeat: Obama’s “recovery” has been the worst since World War Two, unemployment sits at an abominable 7.9%, and labor-force participation is lower than any time in the last 30 years. If you truly care about the economy, you cannot possibly support Barack Obama. He had 4 years to show, at the very least, positive change. Instead, we sit on the precipice of another recession and remain poised for future insolvency.
Fortunately, on November 6th, Americans will be offered an alternative to the President’s failed economic policies and miserable track record on job creation: Mitt Romney. He, more than anyone else on the ballot, has the skills and experience needed to lead us back to greatness.
First, Romney is a seasoned businessman. While running private investment firm Bain Capital, he helped create an estimated 100,000 new jobs. During Romney’s tenure, Bain invested $600,000 in Staples, Inc., now one of the largest office-supply stores in America; it invested heavily in Sports Authority, which was employing more than 14,000 people by the time Romney left; and, lest it be forgotten, in 1994, Bain Capital invested $18 million in Steel Dynamics, which is now the fifth-largest U.S. producer of carbon-steel products (according to the National Review).
Although the President has done everything he can to sully Romney’s record at Bain, the numbers speak for themselves. He was a rampant job creator and top-notch businessman whose investment firm crafted some of the most well-known companies in America. With the private sector experience Obama never had, Mitt Romney will be able to turn this economy around and bring our nation back from the brink.
Second, Romney supports tax cuts that make sense. Instead of raising taxes on 1% of Americans to pay for more spending, he suggests that we cut everyone’s taxes. Romney’s plan would cut marginal rates by 20% across the board, eliminate the death tax, and reduce the corporate income tax to 25%. In addition, Romney plans to eliminate various loopholes and exemptions, ensuring that the wealthy continue to pay their fair share and that the tax cuts can be paid for.
Overall, Romney’s proposals far exceed the President’s, which merely increase taxes on the wealthy and keep lower and middle class taxes the same. Under Obama’s plan, no one is better off. However, under Romney’s plan, everyone is better off.
Now, as I conclude, you have a choice to make. You can vote for four more years of economic turmoil and unbridled government spending, or you can vote for four years of change and revival. The last four years have been a complete failure. Don’t let the next four be the same. Vote Romney for President.