On Nov. 6, Americans will go to the polls to elect a new president. The candidates are Democratic incumbent Barack Obama and Republican Mitt Romney.
The candidates provide drastically different plans for the country moving forward.
Obama’s plan is to extend what he has been doing for his first four years in office, pumping money into the economy in order to strengthen the middle class. Romney’s proposal involves cutting the budget and implementing tax cuts on the country’s wealthiest people. To me, Obama’s plan is the way forward.
Giving the middle class tax cuts and putting more money in their pockets allows them to spend more, which strengthens the economy. In turn, this benefits businesses by allowing them to bring in more income, which then allows them to hire more people.
A top-down approach, which is almost certainly the economic plan Romney will have, says that providing more money to the country’s richest will allow them to “trickle down” their excess profits to the middle class and below. In theory this sounds very good, but it doesn’t include a vital aspect, human nature. People are inherently greedy and, to be honest, the rich tend to be even greedier.
These profits might just end up in offshore accounts and won’t necesarily be re-invested into the economy whereas the middle class needs to spend. It’s no surprise then that, over the last 10 years, middle class pay has plummeted while the top one percent’s income has skyrocketed.It amazes me that people would vote against a plan that would put more money in their own pockets, and vote for a plan that helps the people that walk above them. To be clear, both plans aren’t foolproof, as economics never are, but Obama’s has a better chance of success.