I think the Republicans were counting on the votes from uneducated hillbillies. Romney's formula of cutting taxes (for the rich anyway), increasing spending (on the military) and expecting the budget to balance better just doesn't work.
Cutting taxes can boost the economy by putting more of the money spent into circulation instead of taking it out of circulation to line the government's coffers, but cutting corporate taxes doesn't do that: the best that can be said is that it may attract business. Increasing government spending can bolster the economy by giving contractors and soldiers money to spend... unfortunately, these effects on the economy have nothing to do with how balanced the federal budget is, and the effect it has on the debt.
If I was an American voter, one of the deciding factors would be the difference in their foreign policies regarding China - Obama wants to encourage job creation at home and limit the trade imbalance with China, and Romney wants to encourage China to stop manipulating the value of their currency (according to their statements in the last debate). I have a feeling that Obama's plan would be better for the average American, while Romney's plan would be most beneficial to his elite supporters.
It's just too bad that the House of Representatives maintains a Republican majority, even though Obama won the Executive branch. It means that it's still going to be a struggle for him to push anything through congress, and four years from now, people may still be asking "what have the Democrats accomplished in their eight years in office?" |