Second, though Obama ridicules tax cuts, they have been responsible for bursts of economic growth every time they've been enacted. They worked for Kennedy, Reagan, Clinton and, yes, even for George W. Bush. The economy created 8 million jobs under Bush, and the unemployment rate averaged 5.3 percent. By contrast, there is no example of a nation or a state spending itself into prosperity. If that were possible, Greece would be lending Germany money, California would be in the black and Illinois would be a jobs hub.
Third, the signature policies of the Obama term -- Obamacare and Dodd/Frank -- combined with uncertainty about what Washington will do, are crushing the private sector. The Economist magazine has dubbed the 2300-page behemoth "Dodd/Frankenstein" because it vests so much unreviewable authority in bureaucrats, and drowns financial and other institutions in red tape. "Only 93 of the 400 rule-making requirements" had been completed as of February of this year, the magazine noted, two years after the bill's passage.
After Obama signed the Affordable Care Act, private sector job creation, which had been growing, slumped. A Chamber of Commerce survey found that 73 percent of employers cited Obamacare as an obstacle to hiring new workers. Not only does the law impose billions of new taxes and mandates, but, like Dodd/Frank, it vests so much authority in the federal bureaucracy that employers have no idea what to expect and cannot plan. Even if an employer were able to wade through the bill's 2700 pages, he would still emerge confused as to what the law demands. Obamacare creates 159 new agencies, bureaus and boards, and has generated 12,000 pages of regulations -- so far. It does include new hiring, though -- thousands of new IRS employees.
Obama is failing because his policies are wrongheaded and destructive. Uncertainty has kept capital on the sidelines. Obama has frozen employers into a defensive crouch. That is the case Romney has not yet made.
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