Donald Lambro
The core of Barack Obama's campaign is built upon the fallacious idea that Mitt Romney's plan to get the economy growing again will take us back to the policies that caused the Great Recession in the first place.

And what are those policies? Well, he's certainly talking about Romney's belief that a chronically weak, bed-ridden economy that has all but stopped growing is badly in need of a stronger booster shot: specifically, federal tax cuts to spur needed capital investment, industrial expansion, and business start-ups that will create millions of new jobs and slash unemployment.

In Obama's confused world view, the tax cuts enacted by President Bush, along with deregulation and other pro-business policies, caused the sub-prime housing collapse that led to the economy's downfall.

That's right, the very same tax cuts Obama grudgingly decided to keep in place at the end of his second year in office for fear that higher tax rates would further cripple an economy that was still on the critical list.

Many actions caused the recession, but the chief culprit was a concerted effort by Democratic leaders in Congress to lower and virtually erase mortgage eligibility standards in federal lending programs for lower income people.

You won't find any words of condemnation from Obama that the seeds of the sub-prime mortgage collapse were caused by members of his own party or by homebuyers who shouldn't have qualified for housing loans in the first place. In his left-tilting mind, it was Wall Street and the big banks that caused the economy's collapse, not the federal government's mortgage giants, Fannie Mae and Freddie Mac, whose bailouts have cost taxpayers tens billions of dollars.

Yet Obama is still out there on the hustings telling voters that Romney's economic and fiscal agenda would take us back to those days.

But let's look at what Romney is really proposing and why it is far more effective way to make our economy healthy again.

First, he would make the Bush tax cuts permanent and thus end the last four years of business uncertainty that's paralyzed our economy. Risk-taking doesn't happen when you don't know from year to year if your taxes are going to shoot up to job-killing, profit- cutting levels.

That would not only encourage economic expansion but employer hiring as well. It would unlock capital investment that has been tepid at best under Obama's plan to raise the 15 percent capital gains tax to 20 percent or higher.

Second, Romney wants to cut tax rates further, both for businesses and the middle class.The 35 percent corporate income tax is the highest in the industrialized world and makes us less competitive in the global economy. He'd cut it to 25 percent.

Donald Lambro

Donald Lambro is chief political correspondent for The Washington Times.