The big issue in this year's election is the economy.
And the candidates are already hammering each other over it.
Romney says we should immediately cut taxes and cut government spending, thus freeing the private sector to fix the economy.
Obama says we should continue to invest in education, infrastructure, research, and other programs, thus helping the economy heal itself and improving the country's human and industrial capital.
So, who's right?
It's impossible to answer this question without invoking the cheers and jeers that always accompany any question that has "gone political."
But we'll answer it anyway.
If the goal is to heal the overall economy gradually while minimizing pain and disruption, Obama is right.
If the goal is to try to cure the problem by going "cold turkey"--without any regard for the (hopefully temporary) pain, unemployment, GDP shrinkage, and increased debt, deficits, and inequality that will result from this approach--Romney is right.
Most Americans, presumably, would prefer the former approach.
So, based on an objective (i.e., apolitical) view of our situation, most Americans would presumably conclude that Obama is right. Or, at least, that he's more right than Romney.
Of course, given that this issue has gone political, it will be impossible for most Americans to view it objectively. Rather, they'll just root for their team and bash the other team regardless of what anyone says. But in the hope that some Americans, at least, care about the economy more than rooting for a particular team, I'll explain below why Obama's approach is right.
And the candidates are already hammering each other over it.
Romney says we should immediately cut taxes and cut government spending, thus freeing the private sector to fix the economy.
Obama says we should continue to invest in education, infrastructure, research, and other programs, thus helping the economy heal itself and improving the country's human and industrial capital.
So, who's right?
It's impossible to answer this question without invoking the cheers and jeers that always accompany any question that has "gone political."
But we'll answer it anyway.
If the goal is to heal the overall economy gradually while minimizing pain and disruption, Obama is right.
If the goal is to try to cure the problem by going "cold turkey"--without any regard for the (hopefully temporary) pain, unemployment, GDP shrinkage, and increased debt, deficits, and inequality that will result from this approach--Romney is right.
Most Americans, presumably, would prefer the former approach.
So, based on an objective (i.e., apolitical) view of our situation, most Americans would presumably conclude that Obama is right. Or, at least, that he's more right than Romney.
Of course, given that this issue has gone political, it will be impossible for most Americans to view it objectively. Rather, they'll just root for their team and bash the other team regardless of what anyone says. But in the hope that some Americans, at least, care about the economy more than rooting for a particular team, I'll explain below why Obama's approach is right.
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