Larry Kudlow

Under pressure from Mitt Romney, President Obama has finally released his own policy vision for a second term. And, yes, it's the same old, same old. Some are calling it a second first term.

There isn't a single true economic-growth incentive in this scant plan. There's no serious spending, deficit and debt reduction, and no attempt to solve the Social Security and health-entitlement problems, which are moving us toward bankruptcy.

Nothing. Nada.

But before getting into the details of this little plan, my basic conclusion is this: Mr. Obama wants to slash defense spending, raise all other spending and hike taxes to finance the largest government size he can possibly get.

In fact, if he had his way, I believe he would allow all  the Bush tax cuts to expire in order to generate as many revenues as possible to increase the size of government. He might even propose a value-added tax (VAT) for an additional revenue grab for government unions and green energy.

And he's already stated that across-the-board, budget-cutting sequestration will not happen. In other words, a mini-stimulus plan, like the one that didn't work in 2009.

I think this view surfaced during the three debates. And because Mitt Romney calmly, coolly and presidentially set forth his contrasting agenda of smaller government, lower debt and deficits, pro-growth tax reform and an entitlement fix, he is now riding a popular polling wave toward victory.

The two economic visions couldn't be more different.

Romney has shown more than 70 million TV viewers that he's not an evil plutocrat robbing the middle class, that he won't kill women whose health care insurance may have run out and that he's not the man pushing granny over the cliff. People have listened carefully to his pro-growth, free-enterprise, increase-take-home-pay vision for our anemic economy, which is growing at the slowest pace in modern times going back to 1947. And they've learned about his deal-making experience in the business sector, and can see him reaching across the aisle to find common ground with Democrats in Congress and elsewhere. A huge point.

Larry Kudlow

Lawrence Kudlow is host of CNBC’s “The Kudlow Report,” which airs nightly from 7 p.m. to 8 p.m.