The Presidential debate between President Obama and Governor Mitt Romney was on Wednesday, October 3, 2012. The object of each candidate seemed to be appealing to middle class America. Obama stated he feels the economy works best when ?middle class America gets tax breaks.? In essence, when a median-income household has extra money, they are likely to spend more, boosting the U.S. economy.
However, the question remains: What is the difference between each candidate?s economic plan, and which one will work better for our country? There are three ways to handle the deficit: raise taxes, decrease spending, or grow the economy.
Romney stated that his plan was to cut spending, while spurring the growth of the economy.
What will he cut? All programs Romney does not deem ?so critical that it is worth borrowing money from China.? (including Obamacare) Over the past four years, Obama cut approximately 77 programs, aggressively cut fraud in Medicare and Medicaid, and cut 1 trillion dollars out of our domestic budget.
Obama then explained his new ?balanced approach.? He created a 4 trillion-dollar deficit reduction plan, which cuts and raises revenue. Essentially, for every $2.50 that is cut, 1 dollar (contributed by wealthier Americans) will be raised. Thus, a cut is ?balanced? with an earning. Throughout Obama?s first term, progress had been made, and perhaps, another four years is needed in order to see if his newly-enacted program will work for America!