The chief architect of President Obama’s economic plan and Republican rival Mitt Romney’s top economic strategist squared off in a preview of the likely fall debate on the economy, challenging each other on whether the president’s policies have helped or hurt the economic recovery.
Watch the interview with George Stephanopoulos on ABC News
The monthly jobs report released Friday showed greater-than-expected growth, with 243,000 new jobs added in January, as the unemployment rate dipped to 8.3 percent. That powered the stock market to its highest closing level since the 2008 financial crisis.
The obvious place to begin is the repeal of ObamaCare. We also need to empower the states, streamline the federal government and modernize Medicare and Social Security. After two months of talks, the super committee announced failure on Monday to agree on reducing federal deficits by $1.2 trillion over the next decade. But as the late economist Herb Stein once remarked: If something cannot go on forever, it won't. That applies to the mounting budget shortfalls. But how? President Obama's answer is higher taxes. But he can't be serious. Just accommodating his spending plans over the next decade requires across-the-board tax increases of 20%. Over the next 25 years, taxes would need to rise across the board by 60%.
