Since the recovery began, annual exports to China are up $37 billion but imports are up $160 billion, because a few complaints in the World Trade Organization notwithstanding, Obama has failed to stand up to Beijing's currency manipulation, theft of intellectual property, and import barriers to competitive American-made products.

With each passing day, Beijing's mercantilism becomes more brazen, because they sense American weakness -- consumers who would rather throw millions into unemployment rather than give up subsidized, cheap clothing and electronics at Walmart, and a president reluctant to even admit China manipulates its currency.

The oil deficit is up $77 billion because President Obama has slowed development of onshore resources in places like South Dakota with lawsuits, and drilling remains outlawed on the Atlantic and Pacific Coasts, and severely constrained in much of the Gulf and Alaska.

Gov. Mitt Romney's policies could boost oil production by more than 50% and cut imports in half, without increasing environmental risks -- or shifting those to developing countries where those are managed less effectively.

Of all the things Romney promises -- standing up to China and developing U.S. oil, instead of sending petro dollars to Middle East nations who finance terrorism, would deliver the 12 million new jobs he promises.

By the end of President Obama's first term, his economic recovery will have delivered about five million new private sector jobs. A Romney first term could easily deliver twice that number. That's the choice Americans face.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
Professor Peter Morici, of the Robert H. Smith School of Business at the University of Maryland, is a recognized expert on economic policy and international economics. Prior to joining the university, he served as director of the Office of Economics at the U.S. International Trade Commission. He is the author of 18 books and monographs and has published widely in leading public policy and business journals, including the Harvard Business Review and Foreign Policy. Morici has lectured and offered executive programs at more than 100 institutions, including Columbia University, the Harvard Business School and Oxford University. His views are frequently featured on CNN, CBS, BBC, FOX, ABC, CNBC, NPR, NPB and national broadcast networks around the world.

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