Romney, Obama: Who Can Get You a Job?
NEW YORK (TheStreet) -- The race for the White House is likely to hinge on which candidate can best sell his plan to get Americans back to work the fastest. The reality, sadly, is that both are likely to fall short on their promises.
The race is shaping up to be a choice between Mitt Romney, the former Massachusetts governor and ex-businessman who spent years cutting workers for the greater corporate good, and incumbent Barack Obama, who eked out small improvement in the jobs market over the course of three painful years.
Romney has prioritized job creation in his plan "Day One, Job One." Obama says getting the economy to grow faster and creating more jobs is "the most urgent challenge that we face right now." Here are some highlights on why both men face an uphill battle.
Barack ObamaAs the incumbent, Obama seems to have a more detailed jobs plan than Romney does. Much of his philosophy is based on incentivizing employers and employees based on changes to the broader tax code. In his American Jobs Act, Obama says that he will give tax cuts for small businesses that are hiring, including a payroll tax holiday for firms that add new workers or increase wages for their current employees. He also plans to give tax credits for employers that hire Americans who have been unemployed for a long period of time. Also, five million Americans looking for work would get their unemployment insurance extended. Most recently, Obama hosted a forum on "insourcing American Jobs," where he presented a plan to get companies to hire at home instead of investing in talent abroad. This involves eliminating tax advantages for firms moving their jobs abroad, playing well to the populist audience. Ohio, Michigan and other industrial states in the Midwest region would especially benefit.
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