According to virtually every polling metric, the American people have made it emphatically clear what issue is most important to them in the 2012 election: the economy.
The Great Recession officially ended in the summer of 2009, but its aftershocks continue to impact millions of American families. With national unemployment still hovering around 8 percent, housing stats dismal and GDP growth anemic, voters are looking to the Nov. 6 election as a critical moment in shaping the country’s future trajectory.
When Barack Obama took office in January 2009, the nation was in the depths of economic stagnation. Since that time, millions of jobs have been created, and the economy has recorded 13 consecutive quarters of GDP growth. Still, the U-6 unemployment rate – a measure of unemployed, underemployed and discouraged workers – remains stubbornly high at over 14 percent.
Many Americans have grown frustrated at the pace of recovery, and economists are largely split on their projections for the future of the American economy. This delicate situation, with equal parts disillusionment for today and optimism for tomorrow, has made the 2012 election feel like it could be either a turning point or a missed opportunity for the American Dream.
Republican nominee Mitt Romney has attempted to capitalize on his successful background in the private sector to show voters he is more qualified than President Obama to get Americans back to work. As president, he plans to reduce spending, taxes and government regulation much in the same way that he did as governor of Massachusetts, which resulted in state budget surpluses and an unemployment rate below 5 percent. He hopes that such steps will empower American business and free up markets’ innovative potential.
President Obama, on the other hand, seeks to overhaul the American economy in his second term by investing in the new initiatives, which will prepare the country for the 21st century: education, infrastructure, energy and technology. To fund these substantial outlays, Obama anticipates cutting unnecessary defense spending, reforming the tax code, raising taxes on the wealthiest Americans, and strengthening the middle class. President Obama’s policies represent his belief that America works best when everyone plays by the same rules and pays their fair share.
Whether real economic progress will be made in the next four years is of great concern to every American. The federal debt, which has been increasing exponentially for a decade, looms larger every year. Both candidates have their own answers as to how they will go about paying down the debt, while at the same time funding the quality of life Americans expect. It is not an easy or simple issue.
The country now finds itself peeking over the so-called “fiscal cliff” with cautious optimism for a brighter tomorrow. Despite all the confusing rhetoric and conflicting economic indicators, one thing is certain: Your vote in 2012 will impact American prosperity for years to come.
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