The Court of Public Opinion
)
Romney
)
)
Vs.
)
Case No. 1
)
Obama
)
Brief in support that President Obama has not damaged our economy and has in fact
protected it from the worst financial crisis since the great depression and inherently
diversified and strengthened America and as a result of such, should be given another term
as President of the United States of America .
In Obama’s first term he was confronted with the challenge of bringing back America from
the brink of economic collapse and he did so with sweeping changes that will make America’s
economy one of the best in the world and another four years of Obama would continue these
changes to make America great again, Mitt Romney would do the opposite. Specifically another
Obama administration would provide a superior energy plan, fix budget, tax and deficit problems
and create a solid foundation for future job growth and manufacturing.
Tax: Obama should remain in office because he has presented us with a tax plan that will
increase the tax paid by millionaires and reduce the national deficit by approximately four
trillion dollars; this will help Americans by providing more funding for government and
paying off our debt
●
Obama puts forth a tax plan that will do the following:
■
It requires people making an income of over 1$ million dollars a year to pay
30% income tax.1 This is known as the Buffett Rule, named after the
billionaire Warren Buffett. 2 This plan will prevent the government from
cutting programs critical to the middle class and economic growth.3 Without
increased tax from billionaires, the government will have to cut health and
education programs for middle class families.4
■
When education funding is significantly reduced it will cause schools to
increase the number of children in each classroom and remove
extracurricular activities and opportunities for young children. 5
■
Obama is going to reduce the corporate tax rate.6 Reducing the corporate
tax rate will increase the amount of jobs created by giving corporations
more to invest on workers and technology.7 On average corporate business’
"News." Election 2012: Taxes. 11 Oct. 2012 <http://www.timeforkids.com/news/election-2012-taxes/44471>
"Pass the Buffett Rule." Obama for America. 11 Oct. 2012 <http://www.barackobama.com/buffett-rule>.
3 Id.
4 Bassett, Laura. "Middle Class Children Increasingly Relying On Public Programs, Report Finds." The Huffington Post. 01 Feb.
2011. TheHuffingtonPost.com. 11 Oct. 2012 <http://www.huffingtonpost.com/2011/02/01/middle-class-children-publicprograms_n_817079.html>.
5 "Characterizing early childhood education programs for poor and middle-class children."Center for Education Policy Analysis.
14 Oct. 2012 <http://cepa.stanford.edu/content/characterizing-early-childhood-education-programs-poor-and-middle-classchildren>.
6 "News." Election 2012: Taxes. 14 Oct. 2012 <http://www.timeforkids.com/news/election-2012-taxes/44471>.
7 Mason, Joseph. "World's Highest Corporate Tax Rate Hurts U.S. Economically." US News. 02 Apr. 2012. U.S.News & World
Report. 14 Oct. 2012 <http://www.usnews.com/opinion/blogs/economic-intelligence/2012/04/02/worlds-highest-corporate-taxrate-hurts-us-economically>.
1
2
receive 1.52$ trillion dollars,8this would be threatened if tax rates were
increased.9 Also corporate business spends 3$ billion in goods and services
from small business’.10 Which is a huge boost to the economy.11
●
Corporate business, “Sustain over 22 million jobs directly and a
further more 41 million jobs indirectly.”12Corporate business is an
important source of jobs and a large contributor to the
government.13
■
Obama is going to increase capital gains tax rate to 20% on high earners.14
●
Capital gains is the amount of money an individual earns or spends
after purchasing or selling stocks.15 When taxes in long term capital
gains are increase, 38$ billion dollars will be reduced from the
income to the government.16
If capital gain taxes stay at the same rate the government will have to cut from the deficit.17
■
Obama will make sure the estate tax will change.18

Estate tax is the tax put on your right to transfer property at your
Death.19 This will increase the tax on properties, handed down,
worth over 3.5$ million dollars.20By doing this the tax exemption will
be increased to $5,120,00021
Id.
Id.
10 Id.
11
Id.
12 Id.
13 Id.
14 "News." Election 2012: Taxes. 14 Oct. 2012 <http://www.timeforkids.com/news/election-2012-taxes/44471>.
15 Id.
16 ^ Sullivan, Arthur; Steven M. Sheffrin (2003). Economics: Principles in action. Upper Saddle River, New Jersey 07458:
Pearson Prentice Hall. pp. 268, 508.. http://www.pearsonschool.com/index.cfm?
17 Id.
18 "News." Election 2012: Taxes. 14 Oct. 2012 <http://www.timeforkids.com/news/election-2012-taxes/44471>.
8
9
■
Governor Mitt Romney believes by lowering tax rates he will encourage
small business growth and this will stimulate the economy. 22He plans to:
●
Cut tax rates for individual income by 20%. 23
1,146 billion dollars in revenue is received from individual income
taxes.24 With Romney Reducing the tax for individual income, he is
expecting the community to spend more on individual needs.25 The
corporate income taxes come down to only 275 billion revenue in
tax.26 If taxes are reduced we will be reducing the revenue in tax
having to cut the deficit for middle class families providing them
with health care benefits and education benefits.27
■
Mitt Romney wants to eliminate the tax on capital gains on families making
less than 200,000 dollars a year.28
By doing this Romney is influencing middle class families to spend
more on capital gains.29 Eliminating tax on capital gains will reduce
the revenue of income for the government.30 Income from stock
Sullivan, Arthur; Steven M. Sheffrin (2003). Economics: Principles in action. Upper Saddle River, New Jersey 07458: Pearson
Prentice Hall. pp. 268, 508.. http://www.pearsonschool.com/index.cfm?
20 Id
21 "What is the Future of the Federal Estate Tax?" About.com Wills & Estate Planning. 22 Oct. 2012
<http://wills.about.com/od/understandingestatetaxes/a/futureoftax.htm>.
22 "News." Election 2012: Taxes. 14 Oct. 2012 <http://www.timeforkids.com/news/election-2012-taxes/44471>.
23 Id.
24Goldfarb, Zachary A. "Obama Proposes Lowering Corporate Tax Rate to 28 Percent."Washington Post. The
Washington Post, 23 Feb. 2012. Web. 29 Oct. 2012. <http://www.washingtonpost.com/business/economy/obama-topropose-lowering-corporate-tax-rate-to-28-percent/2012/02/22/gIQA1sjdSR_story.html>.
19
"Individual Income Tax." Individual Income Tax. 15 Oct. 2012 <http://www.dor.state.nc.us/taxes/individual/>.
id
27 "Tax Rate Schedule for Tax Years 2011." Tax Rate Schedule for Tax Years 2011. 15 Oct. 2012
<http://www.dor.state.nc.us/taxes/individual/rates.html>.
25
26
27
"News." Election 2012: Taxes. 21 Oct. 2012 <http://www.timeforkids.com/news/election-2012-taxes/44471>.
"U.S. Military Deaths in Afghanistan." The New York Times. 15 Oct. 2012 <http://www.nytimes.com/>.
30 id
28
29
taxes are a large part of the government tax income.31If Income is
reduced to 0% from stock taxing that will mean budget cuts will
have to be influenced to government funded programming.32 This
will cause middle class families to work more to provide more for
the families.33 Eliminating tax on real estate will not generate
enough revenue to be able to increase the deficit on middle class
programs.34
31"Internal
Revenue Manual - 7.27.14 Tax on Net Investment Income of Private Foundations." Internal Revenue Manual - 7.27.14
Tax on Net Investment Income of Private Foundations. 15 Oct. 2012 <http://www.irs.gov/irm/part7/irm_07-027-014.html>.
32 id.
33 id
34 id
National Debt: Obama will pay off our debt by reducing the deficit, strategically
increasing taxes(for the wealthy) and responsibly cutting spending.
Obama will reduce the debt by:
■
Spreading cuts over the next ten years.35
●
The government established a budget.36 In which over the next ten years
government funded programs and donations will be reduced.37 If this is
achieved the deficit will be reduced dramatically.38 In 2013 the Bush tax cuts
will expire.39 The tax paid by billionaires will increase government revenue
by $849 billion between 2013-2022.40
■
Obama’s debt plan is centered around the national deficit. This will happen by
raising taxes by 2$ trillion over the next decade on corporations and wealthy.41
●
Rewriting the tax code to eliminate minimum tax, and raising billionaire tax
to at least 30%.42
■
Mitt Romney has a debt plan that will not only increase the national debt over the
next decade but put the burden on struggling middle class families.43
●
Romney’s debt plan focuses on:
Board, Editorial. "Obama’s debt reduction plan is not equal to Simpson-Bowles."Washington Post. 10 Sept. 2012. The
Washington Post. 215Oct. 2012 <http://www.washingtonpost.com/opinions/obamas-debt-reduction-plan-is-not-equal-to-simpsonbowles/2012/09/10/81227000-fb71-11e1-8adc-499661afe377_story.html>.
36 Id.
37 Id.
38Id.
39 Id.
40 Id.
41 Montgomery, Lori. "Obama budget: National debt will be $1 trillion higher in a decade than forecast." Washington Post. 14
Feb. 2012. The Washington Post. 15 Oct. 2012 <http://www.washingtonpost.com/business/economy/obama-budget-nationaldebt-will-be-1-trillion-higher-in-a-decade-than-previously-forecast/2012/02/13/gIQA2Rn1AR_story.html>.
42 Id.
43 Kavoussi, Bonnie. "Mitt Romney Budget Would Actually Increase National Debt: Analysis." The Huffington Post. 17 Sept.
2012. TheHuffingtonPost.com. 16 Oct. 2012 <http://www.huffingtonpost.com/2012/09/17/mitt-romney-budget-nationaldebt_n_1890678.html>.
35
Romney plans to continue the bush-era plans that caused the worst
economic crash since the great depression.44 Romney is willing to
increase the national deficit to benefit high income persons.45
Romney will not allow cuts for the defense budget.46 Accepting cuts
to domestic spending.47 Romney has no interest in reducing the
deficit.48 Romney will increase the tax paid by low income earners
so he will be able to reduce the tax paid by billionaires, he believes
billionaires are the structural foundation for a strong growing
economy.49
"Mitt Romney's Debt Explosion Plan." The American Prospect. 16 Oct. 2012 <http://prospect.org/article/mitt-romneys-debtexplosion-plan>.
45 Id.
46 Miron, Jeffrey, and The Opinions expressed in this commentary are solely those of Jeffrey Miron. "Romney's economic plan
has the edge - CNN.com." CNN. 01 Jan. 1970. Cable News Network. 19 Oct. 2012
<http://www.cnn.com/2012/10/18/opinion/miron-romney-economic-plan/index.html>.
47 id<http://www.cnn.com/2012/10/18/opinion/miron-romney-economic-plan/index.html>.
48 Washington Post. 25 Jan. 2012. The Washington Post. 16 Oct. 2012 <http://www.washingtonpost.com/>.
49 Id.
44
The Deficit
●
President Obama has come up with a plan that will reduce the national deficit by 4 trillion
dollars over the next 12 years.50
Obama will accomplish this by:
■
Cutting spending by $3 trillion.51 Empowering an advisory board to reduce
medicare spending.52 Eliminating tax breaks and loopholes for millionaires and
corporations.53 Eliminating 400$ of the defense deficit.54 Preserving medicare to
prevent retirees from receiving money to purchase private insurance.55
■
Limiting agricultural subsidies.56
○
Most subsidies are given to commercial farmers,57 whom on
average receive an income of 200,000$.58 They promote over
production which lowers the cost of food items for the
farmers.59 Subsidies also raise the price of farmland
therefore preventing middle class and struggling farmers to
find new land.60
"Some details of Obama's deficit-reduction plan." The Seattle Times. 16 Oct. 2012
<http://seattletimes.com/html/nationworld/2014765803_apusobamabudgetglance.html>.
51 Id.
52 Id.
53 Id.
54 Id.
55 Id.
56 "Details of Obama Deficit-Reduction Plan Have Varied in Recent Months."Http://online.wsj.com. 20 Oct. 2012
<http://online.wsj.com/article/SB10000872396390444042704577585491228556300.html>.
57 "Send this report to a friend." How Farm Subsidies Harm Taxpayers, Consumers, and Farmers, Too. 24 Oct. 2012
<http://www.heritage.org/research/reports/2007/06/how-farm-subsidies-harm-taxpayers-consumers-and-farmers-too>.
58 Id.
59 Id.
60 Id.
50
■
Enacting the budget control act.61
●
Which guarantees 2$ trillion in deficit reduction.62 Makes
investments in education and discovering new ways to create jobs.63
Accepting 1.5 trillion from tax reform.64 Eliminating spending on
soldiers currently in Afghanistan.65
Governor Mitt Romney has presented us with a deficit reduction plan that will increase the national
deficit by 6$ trillion dollars over the next ten years.66
■
Romney considers mortgage interest deduction a loophole.67
By eliminating mortgage deductions the housing market is being put at risk
for downfall like in 2008.68 For middle class families limiting deductions will
mean tax increase for them.69
■
Romney will sacrifice deficit reduction to give tax breaks to billionaires.70
Romney will eliminate government funded programs for middle class
families.71
■
Romney is willing to reduce Medicare funds to support the military.72
"White House Text: Details Of Obama†™s Deficit Reduction Plan -1." White House Text: Details Of Obama†™s Deficit
Reduction Plan -1. 23 Oct. 2012 <http://www.forexlive.com/blog/2011/09/19/white-house-text-details-of-obamas-deficit-reductionplan-1/>.
62 "Council on Foreign Relations." Council on Foreign Relations. 23 Oct. 2012 <http://www.cfr.org/financial-crises/obamasspeech-budget-control-act-2011/p25578>.
63 Id.
64 "White House Text: Details Of Obama†™s Deficit Reduction Plan -1." White House Text: Details Of Obama†™s Deficit
Reduction Plan -1. 23 Oct. 2012 <http://www.forexlive.com/blog/2011/09/19/white-house-text-details-of-obamas-deficit-reductionplan-1/>.
65 Id.
66 Lofgren, Mike. "Romney and Ryan's Phony Deficit-Reduction Plan." The Daily Beast. 14 Aug. 2012. Newsweek/Daily Beast.
24 Oct. 2012 <http://www.thedailybeast.com/articles/2012/08/14/romney-and-ryan-s-phony-deficit-reduction-plan.html>.
67 Id.
68 Id.
69 "Mitt Romney's Debt Explosion Plan." The American Prospect. N.p., n.d. Web. 24 Oct. 2012. <http://prospect.org/article/mittromneys-debt-explosion-plan>.
70 Id.
71 Id.
61
This will not only affect middle class struggling families but affect small
middle class business owners.73
72
73
id
id
Jobs Obama has a better plan to create more jobs and decrease the unemployment rate.
Barack Obama has:

Created 5.2 million jobs in the past 31 months.74

Supported the resurgence of American manufacturers, they have added more than 500,000
jobs since January 2010,which is the strongest period of job growth since 198975
One thing he will do if reelected is:

Reward companies that bring jobs back to America by lowering taxes and pay for it by
eliminating tax incentives for companies that ship jobs overseas76

The unemployment rate dropped to 7.8% last month, the lowest in almost 4 years.77
114,000 jobs were added in September.78 There are now 325,000 more jobs then when
Obama took office.79

Barack Obama’s job bill would help prevent discrimination against the jobless.80 This means
that anyone seeking work could not be disqualified from all applicants based on whether or
not they had a job or not.81 The law doesn’t allow job discrimination based on race, gender
or ethnicity and neither should it allow companies to banish the unemployed from the pool
of applicants.82 Barack Obama’s job plan is expected to create 1.1 million jobs in 2013.83
Obama’s plan would create 1.1 million jobs in 2013 and 280,000 jobs in 2014.84
74
"Investments in education, clean energy, manufacturing, and infrastructure will help create jobs and restore middle class
security." Creating American Jobs. White House. 14 Oct. 2012 <http://www.whitehouse.gov/snapshots/creating-american-jobs>.
75
Id.
76
Id.
77
"New Jersey." The Star-Ledger. The Associated Press. 14 Oct. 2012
<http://www.nj.com/news/index.ssf/2012/10/us_unemployment_rate_drops_to.html>.
78
Id.
79
Id.
80
Id.
81
Id.
82
Id.

Mitt Romney’s budget would create 87,000 jobs in 2013 and lose 641,000 jobs in 2014,
provided that his plans are deficit-financed, according to a new EPI (Economic Policy
Institute) study.85 EPI came to this conclusion by using multipliers of the GDP impact of
spending and tax policies based on those published by Mark Zandi, chief economist for
Moody’s Analytics.86 EPI calculates that Romney’s major spending cuts totaling an estimated
250 billion dollars would be a drag on growth in the near next term and even a more drag if
he makes his tax revenue-neutral as he’s promised.87 According to the EPI, most of the jobs
would come from the American Jobs Act, which includes $142 billion in temporary spending
and tax cuts.88 The Center for American Progress Action Fund recently analyzed Mitt
Romney’s 59-point plan to create jobs and lower unemployment and found that it would kill
360,000 jobs in 2013 alone.89

When Mitt Romney was Governor of Massachusetts, he was one of the worst governors at
creating jobs because Massachusetts was 47th in job creation during his tenure.90

Barack Obama also wants to create tax cuts for start up businesses and entrepreneurs to
help them get off to a good start.91

Mitt Romney said in a TV ad that he plans to create 12 million jobs by 3 million in his energy
policy, 7 million by cutting taxes for the middle class and small businesses, and the rest by
83
Khimm, Suzy. Washingtonpost.com. N.p., n.d. Web. <http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/09/27/study-obamasplan-would-create-more-jobs-than-romneys/>.
84
Id.
85
Id.
86
Id.
87
Id.
88
Id.
Garofalo, Pat. "Romney's Economic Plan Would Kill 360,000 Jobs In 2013 Alone." Romney's Economic Plan Would Kill
360,000 Jobs In 2013 Alone. 3 Aug. 2012. 18 Oct. 2012 <http://thinkprogress.org/economy/2012/08/03/634941/romney-jobs2013/?mobile=nc>.
90 Id.
91 Huhman, Heather. "7 Ways Our Presidential Candidates Plan to Tackle Unemployment." The Huffington Post. 07 Sept. 2012.
TheHuffingtonPost.com. 18 Oct. 2012 <http://www.huffingtonpost.com/heather-huhman/unemployment-crisis_b_1860960.html>.
89
cracking down on China.92 The 7 million jobs in tax reform written by a Rice University
professor, covers a 10-year period.93 The energy program that will create 3 million covers
an 8-year period.94 The 2 million comes from the International Trade Commission, which
used outdated employment figures and ridiculous speculation.95
Romney-Ryan Budget Plan would increase National Deficit and take away from the poor
while Obama has an intelligent and strong way to decrease the budget.
Within the next four years, he will:

Tighten spending caps that reduce discretionary spending by $1 trillion in the next decade96

$4 trillion in balanced, deficit reduction.97

Call for individual tax reform that will reduce the budget by $1.5 trillion.98
Conason, Joe. "Bad Arithmetic: Top Romney Economist Admits 'Jobs Plan' Numbers Don't Compute | RealClearPolitics." Bad
Arithmetic: Top Romney Economist Admits 'Jobs Plan' Numbers Don't Compute | RealClearPolitics. 18 Oct. 2012. 18 Oct. 2012
<http://www.realclearpolitics.com/articles/2012/10/18/bad_arithmetic_top_romney_economist_admits_jobs_plan_numbers_dont_
compute_115820.html>
93 Id.
94 Id.
95 Id.
96 "Budget Overview." The White House. The White House. 20 Oct. 2012 <http://www.whitehouse.gov/omb/overview>.
97 Id.
98Id.
92

Have all households making over $1 million a year pays no less than 30% of their income
taxes.99

Scores of consolidations and cuts that includes more than $7.5 billion in administrative
savings.100
Paul Ryan and Mitt Romney’s budget plan would increase the budget.
They plan to:

Spend 16% less on programs for the poor including food stamps and housing assistance.101

Compared to the White House proposal, he would cut out 33% more in education, training,
unemployment, and social services.102

Tax cut for the wealthiest Americans103

Under the Ryan Plan the budget would grow from $3.6 trillion to $4.9 trillion by 2022104

Cut Medicaid by $300 billion105

The plan also calls for tax breaks on the top marginal incomes to 25%.106 The plan to pay for
the tax break is to broaden the tax base.107 This plan is undisclosed and has no specifics.108
Paul Ryan’s budget plan will be mostly cuts on benefits for the poor.109 The Center for
Budget and Policy Priorities estimates that 62% of all cuts made for the federal budget,
Id.
Id.
101 Plumer, Brad. "What Paul Ryan's Budget actually cuts." Washington Post 12 Aug. 2012. 20 Oct. 2012
<http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/08/12/what-paul-ryans-budget-actually-cuts-and-by-how-much/>.
102Id.
103 Reich, Robert. "Paul Ryan's plan is a disaster." New York Daily News. 29 Aug. 2012. 20 Oct. 2012
<http://www.nydailynews.com/blogs/the_rumble/2012/08/paul-ryans-plan-is-a-disaster>.
104 "Fact Check: Ryan budget plan doesn't actually slash the budget." Fox News. 14 Aug. 2012. FOX News Network. 20 Oct.
2012 <http://www.foxnews.com/politics/2012/08/14/fact-check-ryan-budget-plan-doesnt-actually-slash-budget/>.
105 Stockman, David A. "Paul Ryan's Fairy-Tale Budget Plan." The New York Times. 14 Aug. 2012. The New York Times. 21 Oct.
2012 <http://www.nytimes.com/2012/08/14/opinion/paul-ryans-fairy-tale-budget-plan.html?_r=0>.
106 Id.
107 Id.
108Id.
109 Klein, Ezra. "The Real Romney-Ryan Budgets Cuts Aren’t to Medicare. They’re to Programs for the Poor." Washington Post.
N.p., 22 Aug. 2012. Web. 21 Oct. 2012. <http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/08/22/the-real-romney-ryanbudgets-cuts-arent-to-medicare-theyre-to-programs-for-the-poor/>.
99
100
come from programs for the poor under Romney.110 Ryan’s budget cuts $134 billion from
food stamps.111 That is enough money to take 8-10 million people off of food stamps, which
many families will starve without the use of them.112
Ryan’s plan will hurt:


The disabled113

Children114

Seniors115

Poor116
Romney’s plan would slow job growth also.117 It is estimated that his plan would
lose 4.1 million jobs through 2014. 118

Barack Obama’s plan has tax cuts for 97% of all small businesses.119 This will
encourage job hiring and investments.120 He will also eliminate tax breaks for
companies that send jobs overseas.121 When he ends the war in Iraq, he will use
half of the money from ending foreign wars, to cut down the debt and put the rest
into infrastructure at home.122 The Center for Budget and Policy Priorities
Id.
Id.
112 Id.
113 "The Economic Policy Institute." Ryan’s Budget: Robin Hood in Reverse. EPI News, n.d. Web. 21 Oct. 2012.
<http://www.epi.org/news/ryans-budget-robin-hood-reverse/>.
114 Id.
115 Id.
116 Id.
117Id.
118 Id.
119 "Taxes and the Budget." Obama for America. Barackobama.com, n.d. Web. 22 Oct. 2012.
<http://www.barackobama.com/plans/taxes-budget>.
120 Id.
121 Id.
122 Id.
110
111
estimates that within a decade and with Obama’s budget plan, the deficit would
be $3.8 trillion less than it is.123
Trade: Obama has signed free trade agreements and has pressured China to stop
manipulating their currency.
In the last four years Barack Obama has completed many free trade agreements including:
"Obama Says His Budget Plan Will Cut Deficits by $4 Trillion." PolitiFact. Tampa Bay Times, n.d. Web. 22 Oct. 2012.
<http://www.politifact.com/truth-o-meter/statements/2012/sep/07/barack-obama/obama-says-budget-plan-cut-deficits-4-trillion/>.
123


Columbia124

South Korea125

Panama126
Barack Obama is and will continue to enforce efforts to investigate unfair trading practices
in countries like China and hold our trading partners accountable for their commitments to
comply with the WTO (World Trade Organization) obligations.127

He will also continue to have American leadership at WTO towards greater international
trade.128

In 2010, Barack Obama stated that a goal of his was to double exports over the following
five years.129 The U.S. is on track to reach this goal and surpass it.130 This is all with in
annual increase of 16% in exports.131

Barack Obama has brought more trade cases against China than took place during the full
two terms of the George W. Bush administration.132

Romney argues that Obama is not tough enough on China, but Obama has been plenty tough
on them.133 Obama has been more aggressive at promoting American products through
Stumo, Michael. "Romney Wrongly Wants More Trade Agreements-“ No Concern for Trade Deficit." Economyincrisis.org.
Economy In Crisis, 11 Oct. 2012. Web. 23 Oct. 2012. <http://economyincrisis.org/content/romney-wrongly-wants-more-tradeagreements-no-concern-for-trade-deficit>.
125 Id.
126 Id.
127 "President's 2012 Trade Policy Agenda Sets Ambitious Course to Support American Jobs." Office of the United States Trade
Representative. N.p., Mar. 2012. Web. 23 Oct. 2012. <http://www.ustr.gov/about-us/press-office/pressreleases/2012/march/president’s-2012-trade-policy-agenda-sets-ambitious>.
128 Id.
129 Morrison, Sarah L. "TRADE POLICY: OBAMA Vs ROMNEY." The Mooney Law Firm LLC. N.p., 12 Oct. 2012. Web. 23 Oct.
2012. <http://themooneylawfirm.wordpress.com/2012/10/12/trade-policy-obama-vs-romney/>.
130 Id.
131 Id.
132 Schroeder, Robert. "Obama, Romney Trade Foreign-policy Jabs." Marketwatch.com. N.p., 23 Oct. 2012. Web. 23 Oct. 2012.
<http://www.marketwatch.com/story/obama-romney-trade-foreign-policy-jabs-2012-10-23>.
124
trade enforcement than any president in decades.134 He has won WTO judgments against
China for foul play on tires and solar panels, and his International Trade Commission
accepted tariffs on steel backed by the Chinese government.135 China has manipulated their
currencies, which may be a violation of the WTO treaties.136 If the Barack Obama won a
WTO judgment against China, it would allow the U.S. to put tariffs of 20 percent or more on
all products made in China, leveling the playing field, and this could also lead to a trade
war.137 Obama has made significant progress in doing this.138 Mitt Romney used to profit
from companies that sent our jobs over to China.139 He is talking tough on China and you
cannot trust him.140
Grant, Stan. "Why Is China Election Scapegoat for Romney, Obama? - CNN.com." CNN. Cable News Network, 01 Jan. 1970.
Web. 23 Oct. 2012. <http://www.cnn.com/2012/10/22/world/asia/grant-china-us-election-scapegoat/index.html>.
134 Siddiqui, Sabrina. "Obama And Romney Spar On China, Trade Despite Similar Plans." The Huffington Post.
TheHuffingtonPost.com, 23 Oct. 2012. Web. 24 Oct. 2012. <http://www.huffingtonpost.com/2012/10/24/obama-romney-chinatrade_n_2003248.html>.
135 Id.
136 Id.
137Id.
138Id.
139 Id.
140 Id.
133
Energy: Obama should stay in office because he has laid forth a superior energy plan
with an agenda that has reachable goals and an incentive to reduce carbon emissions
preventing a global catastrophe[climate change].
Mitt Romney’s plan for american energy is the following.
●
Romney wants the U.S. to become energy independent by 2020141; this is a pipe dream as to
achieve this the U.S. needs to increase oil production by 50% [in eight years]142
■
The methods needed to achieve this include hydro-fracking[hydraulic
fracturing].143 This technique works by pumping massive amounts of water,
proppants and chemicals underground to access hydrocarbons trapped in
rock formations.144 Potential risks of this method of extraction include
aquifer and air pollution.145 This extraction technique also requires that
more than 5500 gallons of acid are pumped into the earth every week.146,147
Hargreaves, Steve. "Romney Sets Goal of Energy Independence by 2020." CNNMoney. Cable News Network, 23 Aug. 2012.
Web. 07 Oct. 2012. <http://money.cnn.com/2012/08/23/news/economy/romney-energy/index.html>.
142 Klare, Michael. "SALON." U.S. Energy Independence Is a Pipe Dream. Salon, 4 Oct. 2012. Web. 06 Oct. 2012.
<http://www.salon.com/2012/10/04/u_s_energy_independence_is_a_pipe_dream/>.
143 Id.
144 Kaplan, Thomas. "As Decision Nears on Gas Drilling, Ad War Heats Up." The New York Times. The New York Times, 22
Aug. 2012. Web. 08 Oct. 2012. <http://www.nytimes.com/2012/08/22/nyregion/hydrofracking-ads-pro-and-con-come-to-newyork-state.html?_r=0>.
145 Navarro, Mireya. "State Plans Health Review as It Weighs Gas Drilling." The New York Times. The New York Times, 21 Sept.
2012. Web. 07 Oct. 2012. <http://www.nytimes.com/2012/09/21/nyregion/new-york-states-decision-on-hydrofracking-will-awaithealth-review.html?_r=0>.
141
■
Another new method of extraction that would be needed to achieve
Romney’s energy goal would be Oil Shale[Kerogen].148 This hydrocarbon is
in solid form and must be melted down to be useful, a process itself that
consumes a large amount of energy.149 Oil shale requires open pit mining or
underground mining[room and pillar method].150 Open pit mining of
Kerogen results in greenhouse gas emissions, disturbance of mined land,
large amounts of waste, reduced air quality and water quality.151
●
Start up more offshore drilling.152 which leeches mercury, arsenic and other toxic
substances into the water and spills are inevitable.153
■
Arsenic can cause lung cancer and death.154
■
Mercury causes detrimental effects on the nervous system, kidneys, immune
system and skin.155
■
Seismic waves used to locate oil reserves under the sea floor can cause
marine life to become deaf.156 Marine animals rely on hearing to
"Natural Gas Development Activities and High Volume Hydraulic
Fracturing."Http://www.dec.ny.gov/docs/materials_minerals_pdf/ogdsgeischap5.pdf. NY Government, n.d. Web.
147 "Modern Shale Gas." Http://www.netl.doe.gov/technologies/oil-gas/publications/EPreports/Shale_Gas_Primer_2009.pdf. U.S.
Department of Energy, n.d. Web.
148 Klare, Michael. "SALON." U.S. Energy Independence Is a Pipe Dream. Salon, 4 Oct. 2012. Web. 06 Oct. 2012.
<http://www.salon.com/2012/10/04/u_s_energy_independence_is_a_pipe_dream/>.
149 Id.
150 "About Oil Shale." About Oil Shale. Tar Sands Programmatic Impact Statement, n.d. Web. 08 Oct. 2012.
<http://ostseis.anl.gov/guide/oilshale/index.cfm>.
151 Id.
152 Hargreaves, Steve. "Romney Sets Goal of Energy Independence by 2020." CNNMoney. Cable News Network, 23 Aug. 2012.
Web. 07 Oct. 2012. <http://money.cnn.com/2012/08/23/news/economy/romney-energy/index.html>.
153 Gardner, Sean. "Worth the Risk? Debate on Offshore Drilling Heats up - USATODAY.com." Worth the Risk? Debate on
Offshore Drilling Heats up - USATODAY.com. USA TODAY, 14 July 2008. Web. 06 Oct. 2012.
<http://usatoday30.usatoday.com/money/industries/energy/2008-07-13-offshore-drilling_N.htm?csp=34>.
154 "Safety and Health Topics | Arsenic." Safety and Health Topics | Arsenic. United States Department of Labor, n.d. Web. 08
Oct. 2012. <http://www.osha.gov/SLTC/arsenic/index.html>.
155 "Inorganic Mercury." "Safety and Health Topics | Arsenic." Safety and Health Topics | Arsenic. United States Department of
Labor, N.d. Web. 08 Oct. 2012. .International Programme on Chemical Safety, 1991. Web.
146
communicate, navigate and migrate.157 Minimal damage to marine life from
seismic wave is disorientation and temporary hearing loss.158
■
Although offshore drilling has a 99.999% safety record; when offshore rigs
suffer a casualty the results are devastating159. Offshore drillers still spill
500,000 barrels of oil into the ocean yearly.160
●
Approve the Keystone XL pipeline.161[all phases]162; If the [phase 4]163 pipeline leaks it could
destroy an aquifer that provides 1.5 million people with fresh water; 20% of the nation’s
farmland uses that aquifers water and the agriculture would be destroyed if there was a
leak.164
■
Phase 4 of the Keystone XL pipeline passes over the Ogallala aquifer.165 The
Ogallala aquifer contains 3.270 billion acre-feet of water.166 On August 13
1995 industrial waste leaked into an aquifer.167 Cleanup was impossible and
"Impact of Seismic Surveys on Marine Life."Http://www.dcenr.gov.ie/NR/rdonlyres/A646A3B5-C825-42B8-80FA3AA264EBA72A/0/SEASubmApp3TLEpaper.pdf. Dcenr.gov, n.d. Web.
157 "DOSITS: Why Is Sound Important to Marine Animals?" DOSITS: Why Is Sound Important to Marine Animals? DOSTIS, n.d.
Web. 09 Oct. 2012. <http://www.dosits.org/animals/importanceofsound/whyissoundimportant/>.
158 Id.
159 "Oil: Crude and Petroleum Products - Energy Explained, Your Guide To Understanding Energy - Energy Information
Administration." Oil: Crude and Petroleum Products - Energy Explained. EIA, n.d. Web. 09 Oct. 2012.
<http://www.eia.gov/energyexplained/index.cfm?page=oil_home>.
160 Gardner, Sean. "Worth the Risk? Debate on Offshore Drilling Heats up - USATODAY.com." Worth the Risk? Debate on
Offshore Drilling Heats up - USATODAY.com. USA TODAY, 14 July 2008. Web. 06 Oct. 2012.
161 Hargreaves, Steve. "Romney Sets Goal of Energy Independence by 2020." CNNMoney. Cable News Network, 23 Aug. 2012.
Web. 07 Oct. 2012. <http://money.cnn.com/2012/08/23/news/economy/romney-energy/index.html>.
162 "Keystone XL Pipeline Project." Keystone XL Pipeline Project. TransCanada, n.d. Web. 07 Oct. 2012.
<http://www.transcanada.com/keystone.html>.
163 Id.
164 Lee, Brianna. "The Keystone XL Pipeline." PBS. PBS, 07 Nov. 2011. Web. 06 Oct. 2012. <http://www.pbs.org/wnet/need-toknow/five-things/the-keystone-xl-pipeline/12200/>.
165 Id.
166 "The Ogallala Aquifer." Http://www.kerrcenter.com/publications/ogallala_aquifer.pdf. The Kerr Center for Sustainable
Agriculture, n.d. Web.
167 Olsen, Ken. "Pollution Spreading In Aquifer Cda Well Threatened; Carcinogen Moving West." Spokesman.com. The
Spokesman-Review, 13 Aug. 1995. Web. 09 Oct. 2012. <http://www.spokesman.com/stories/1995/aug/13/pollution-spreading-inaquifer-cda-well/>.
156
the only option was to treat the water with dangerous chemicals.168
Longtime exposure to the treated aquifer water would cause cancer, liver
damage and nervous system damage.18
■
The oil that passes through the keystone xl pipeline is bitumen.15 Bitumen
is mined in an open pit.169 Mining it requires making toxic waste lakes and
destroying miles of forest.170 2 tons of mined bitumen makes 1 barrel of
oil.171
Barack Obama’s plan for american energy is the following.
●
Obama has increased crude oil production and decreased foreign oil dependence, helping
with energy independence.172
■
While Romney wants to drill, the facts are we only have 2% of the world’s oil
reserves and we use 20% of the world’s oil.173 No amount of domestic
drilling will quench our thirst for oil.174 Many experts say increasing
domestic oil production won’t decrease oil prices.175 Oil companies reap
Id.
"Tar Sands Basics." Tar Sands Basics. OSTEIS.gov, n.d. Web. 10 Oct. 2012.
<http://ostseis.anl.gov/guide/tarsands/index.cfm>.
170 Kunzig, Robert. "The Canadian Oil Boom." Canadian Oil Sands †” National Geographic Magazine. National Geographic,
Mar. 2009. Web. 10 Oct. 2012. <http://ngm.nationalgeographic.com/2009/03/canadian-oil-sands/kunzig-text>.
171 "Tar Sands Basics." Tar Sands Basics. OSTEIS.gov, n.d. Web. 10 Oct. 2012.
<http://ostseis.anl.gov/guide/tarsands/index.cfm>.
172 "Securing American Energy." Securing American Energy. The White House, n.d. Web. 11 Oct. 2012.
<http://www.whitehouse.gov/energy/securing-american-energy>.
173 Id.
174 Id.
175 Fong, Jocelyn. "20 Experts Who Say Drilling Won†™t Lower Gas Prices." 20 Experts Who Say Drilling Won't Lower Gas
Prices. Think Progress, 22 Mar. 2012. Web. 11 Oct. 2012. <http://thinkprogress.org/climate/2012/03/22/450136/20-experts-whosay-drilling-wont-lower-gas-prices/?mobile=nc>.
168
169
profit when oil prices increase.176 Obama will sign more permits for
conventional oil drilling as to decrease our dependence on foreign oil.177
●
Obama will maintain incentives for alternative energy and reduce carbon emissions178; 94%
of voters want more solar power in America.179;there is bipartisan support for solar.180
■
Wind and solar power electricity production has doubled under Obama’s
current energy policies.181
■
Obama will lay down strict regulation on emissions by cars and light trucks.
182
Specifically, he will make average vehicle mileage 54.5 mpg by 2025.183
This will prevent 6 billion metric tons of CO2 pollution from entering the
atmosphere.184 Also, this regulation will save consumers a total of 1.7
trillion dollars at the pump.185
●
Obama will prioritize the construction of the Alaska Natural Gas Pipeline5 which will create
more than 56,000 jobs.186
■
Crude Oil is down 33% [price] from its 2008 high while natural gas is down
75% [price] .187Natural Gas is 1.12$ cheaper than gasoline, 75% cheaper
"Securing American Energy." Securing American Energy. The White House, n.d. Web. 11 Oct. 2012.
<http://www.whitehouse.gov/energy/securing-american-energy>.
177 Id.
178 Mufson, Steven. "Obama vs. Romney: Where Their Energy Policies Differ." Washington Post. The Washington Post, 11 Sept.
2012. Web. 07 Oct. 2012. <http://www.washingtonpost.com/postlive/obama-vs-romney-where-their-energy-policiesdiffer/2012/09/10/2b6c9e56-f9c8-11e1-a945-6cd36411d000_story.html>
179 "Voters on Solar Power." National Solar Survey. SEIA, n.d. Web. 15 Oct. 2012. <http://www.seia.org/researchresources/national-solar-survey>.
180 Id.
181 Id.
182 Reporting., John M. Broder; Micheline Maynard And Bill Vlasic Contributed. "Obama to Toughen Rules On Emissions and
Mileage." The New York Times. The New York Times, 19 May 2009. Web. 13 Oct. 2012.
<http://www.nytimes.com/2009/05/19/business/19emissions.html?pagewanted=all>.
183 "Securing American Energy." Securing American Energy. The White House, n.d. Web. 11 Oct. 2012.
<http://www.whitehouse.gov/energy/securing-american-energy>.
184 Id.
185 Id.
186 "Oil & Gas Employment and Training Opportunities." Oil & Gas Employment and Training Opportunities. State of Alaska
Department of Labor, n.d. Web. 07 Oct. 2012. <http://www.jobs.state.ak.us/energy.htm>.
176
when measured with regard to energy equivalency.188; 189 A 20 year low in
carbon emissions has been attributed to natural gas.190 Natural Gas is better
than oil because it has significantly less carbon emissions.191
■
The companies involved in employing more than 56,500 people and
constructing the pipeline are TransCanada and Exxon Mobil.192 Both these
companies have experience in mega-project success, experience in working
in the arctic, using proven technology and they have the financial means to
ensure the projects completion.193
Perry, Mark. "CARPE DIEM." : Two Charts on Natural Gas vs. Oil Prices, Gas Is Now 75% Cheaper On an Energy-Equivalent
Basis vs. Oil. N.p., 18 Nov. 2011. Web. 15 Oct. 2012. <http://mjperry.blogspot.com/2011/11/two-charts-on-natural-gas-vs-oilprices.html>.
188 "U.S. Energy Information Administration - EIA - Independent Statistics and Analysis."Gasoline and Diesel Fuel Update. N.p.,
Aug. 2012. Web. 15 Oct. 2012. <http://www.eia.gov/petroleum/gasdiesel/>.
189 Motavalli, Jim. "AROUND THE BLOCK; A Monster Truck Cleans Up Its Act." The New York Times. The New York Times, 29
July 2012. Web. 15 Oct. 2012. <http://www.nytimes.com/2012/07/29/automobiles/autoreviews/a-monster-truck-cleans-up-itsact.html?pagewanted=all>.
190 Nuvver, Rachel. "A 20-Year Low in U.S. Carbon Emissions." Green Blog. The New York Times, 17 Aug. 2012. Web. 15 Oct.
2012. <http://green.blogs.nytimes.com/2012/08/17/a-20-year-low-in-u-s-carbon-emissions/>.
191 "NaturalGas.org." NaturalGas.org. FERC, n.d. Web. 15 Oct. 2012. <http://www.naturalgas.org/environment/naturalgas.asp>.
192 "Alaska Natural Gas Pipeline." Alaska Pipeline Project -. Exxon Mobil;TransCanada, n.d. Web. 16 Oct. 2012.
<http://thealaskapipelineproject.com/>.
193 Id.
187
Manufacturing: Obama should stay in office because he has shielded the
manufacturing industry from the effects of the recession and has helped to bring
manufacturing jobs back to the US by increasing the value of the yuan.
He has a plan to make the U.S. a top manufacturer in the world market.
Obama has:
●
Bailed out the American auto industry effectively saving it from going out of business.194
■
On January 16, 2009 GM received 5.4 billion dollars in bailout money.195
About 500 million shares.196
■
A Toledo auto worker said the auto bailout,”Saved our community.”197 After
the bailout American automakers are reporting improved sales and profits
Jamieson, Dave. "Obama Auto Bailout 'Saved Our Community,' Toledo Worker Tells DNC." The Huffington Post.
TheHuffingtonPost.com, 06 Sept. 2012. Web. 17 Oct. 2012. <http://www.huffingtonpost.com/2012/09/06/auto-bailout-dncobama_n_1863063.html>.
195 "Loans With Many
Strings."Http://www.nytimes.com/imagepages/2008/12/20/business/20081220_AUTO_GRAPHIC.html?ref=business. The New
York Times, 20 Dec. 2008. Web. 18 Oct. 2012.
196 GM?, NEW YORK (CNNMoney) -- Should the U.S. Government Sell Its Shares in. "Romney: U.S. Should Sell GM Stake."
CNNMoney. Cable News Network, 14 Feb. 2012. Web. 18 Oct. 2012.
<http://money.cnn.com/2012/02/14/news/economy/romney_gm/index.htm>.
197 Jamieson, Dave. "Obama Auto Bailout 'Saved Our Community,' Toledo Worker Tells DNC." The Huffington Post.
TheHuffingtonPost.com, 06 Sept. 2012. Web. 17 Oct. 2012. <http://www.huffingtonpost.com/2012/09/06/auto-bailout-dncobama_n_1863063.html>.
194
and are consequently hiring more workers to keep up with the demand198
this is a sign that the American auto industry is recovering.
■
Romney says he wants to sell the shares in GM and give the proceeds to
taxpayers.199 In total, the government bailed out the auto industry for 49.5
billion; 25.5 billion from taxpayers.200 If the government were to sell the
stocks now taxpayers would only get back half of their investment.201 Obama
is holding on to the stocks so he can refund taxpayers fully.202
●
Obama kept China from keeping its currency artificially low and he has strengthened the
yuan preventing China from taking advantage of trade and manufacturing jobs.203
■
Normal currency is affected by many factors such as unemployment and
outsourcing.204 China sets a exchange rate and forces the world market to
abide by that.205 Doing this places a discount on Chinese exports which
benefit the corporations outsourcing jobs there.206
■
Under Obama the Yuan has increased in value by 11% because Obama
pressured the Chinese[6.8 to 6.4 exchange rate].207;208
Years., NEW YORK (CNNMoney) -- The U.S. Auto Industry's Recovery Is One of the Biggest Success Stories of the Last
Four. "3 Answers to the Auto Bailout Debate." CNNMoney. Cable News Network, 06 Sept. 2012. Web. 17 Oct. 2012.
<http://money.cnn.com/2012/09/06/autos/auto-bailout/index.html>.
199 GM?, NEW YORK (CNNMoney) -- Should the U.S. Government Sell Its Shares in. "Romney: U.S. Should Sell GM Stake."
CNNMoney. Cable News Network, 14 Feb. 2012. Web. 18 Oct. 2012.
<http://money.cnn.com/2012/02/14/news/economy/romney_gm/index.htm>.
200 Id.
201 Id.
202 Id.
203 "Renminbi (Yuan)." Yuan News. The New York Times, 20 Oct. 2012. Web. 20 Oct. 2012.
<http://topics.nytimes.com/top/reference/timestopics/subjects/c/currency/yuan/index.html>.
204 Davidson, Adam. "Q&A: How China's Currency Policy Affects You." NPR. NPR, 20 Apr. 2006. Web. 18 Oct. 2012.
<http://www.npr.org/templates/story/story.php?storyId=5353313>.
205 Id.
206 Id.
207 "October 16, 2012: The Second Obama-Romney Presidential Debate." CPD:. Commission on Presidential Debates, 17 Oct.
2012. Web. 18 Oct. 2012. <http://www.debates.org/index.php?page=october-1-2012-the-second-obama-romney-presidentialdebate>.
198
If re-elected he will:
●
Place strong incentives on advanced manufacturing technologies which will allow the US to
become a leader in the manufacturing industry.209
■
Will provide more funding for research initiatives such as DARPA, NSF, NIST
and DOE.210
■
NSF[National Science Foundation] will give an increase of $87 million in
basic and applied research.211 This money would help develop promising
new technologies such as nano-manufacturing.212 This investment will make
this technology easier to manufacture, more reliable, efficient, and
affordable.213
■
DARPA[Defense Advanced Research Projects Agency] is investing $1 billion
to drastically improve the time it takes to finish a defense project.214 Their
goal is to reduce the time by a factor of five with the grant.215
■
In addition to this $3 billion dollars will be invested in wireless
technologies.216
■
Bolster the Clean Energy Manufacturing Tax Credit.217 This credit was
initially a $2.3 billion recovery act credit that opened many meaningful clean
"Is China a Currency Manipulator." The Economist. The Economist Newspaper, 11 Oct. 2011. Web. 18 Oct. 2012.
<http://www.economist.com/blogs/dailychart/2011/10/america-and-china>.
209 "President Obama's Plan to Win the Future by Investing in Advanced Manufacturing Technologies." The White House. The
White House, n.d. Web. 20 Oct. 2012. <http://www.whitehouse.gov/sites/default/files/microsites/ostp/advanced-manu-fs.pdf>.
210 Id.
211 Id.
212 Id.
213 Kramer, Bruce. "Nano Manufacturing." NSF. US Government, n.d. Web. 20 Oct. 2012.
<http://www.nsf.gov/funding/pgm_summ.jsp?pims_id=13347>.
208
213
"President Obama's Plan to Win the Future by Investing in Advanced Manufacturing Technologies." The White House. The
White House, n.d. Web. 20 Oct. 2012. <http://www.whitehouse.gov/sites/default/files/microsites/ostp/advanced-manu-fs.pdf>.
215 Id.
216 Id.
214
energy manufacturing opportunities.218 President Obama wants to extend
this credit to $5 billion as to provide market incentives and to make it clear
that the US is a premier location for research and development.219
Regulation: Obama has passed Dodd-frank which regulates banks and he has facilitated
regulation cuts that will save more than $6.5 billion.
● Dodd-Frank has made large corporations more transparent and will prevent major failings
of banks and other financial institutions.
○ This piece of legislation:
■ Protects borrowers from abusive lenders.220 Abusive lenders persuade
borrowers to take out loans they cannot afford.221
Id.
Id.
219 Id.
220 "Dodd-Frank in One Graph."http://www.businessweek.com/magazine/doddfrank-in-one-graph-01122012-gfx.html. Bloomberg
Business Week, 12 Jan. 2012. Web. 22 Oct. 2012.
217
218
■ Big Banks won’t be able to make risky investment for their own financial
gain.222
■
Banks deemed “Too big to fail” or just becoming too big can be asked to
increase their capital reserves.223
■ If a debt rating agency makes a lousy rating the public will be informed and
the government will discredit the agency.224
■ If a bank fails it is required to have a plan to wind down and go out of
business called a living will.225
■ Investment brokers will be required to make investments that benefit their
clients, not them.226
■ De-incentivises mortgage brokers to sell sketchy loans[under 20% down].227
■ In general financial institutions must report more details to the government
preventing reckless trading and other behavior.228
■ Romney is opposed to Dodd-Frank and says he will repeal and replace DoddFrank with a vaguely described, similar piece of legislation.229
■ Beyond the regulations set in place this legislation fixes many of the
problems revealed by the 2008 financial crisis as listed above.230 Although
Irwin, Neil. "Fed Rules Aim to Stem Abusive Lending."Http://www.washingtonpost.com/wpdyn/content/article/2008/07/14/AR2008071400553.html. The Washington Post, 15 July 2008. Web. 22 Oct. 2012.
222 "Dodd-Frank in One Graph."http://www.businessweek.com/magazine/doddfrank-in-one-graph-01122012-gfx.html. Bloomberg
Business Week, 12 Jan. 2012. Web. 22 Oct. 2012.
223 Id.
224 Id.
225 Id.
226 Id.
227 Id.
228 Id.
229 "October 3, 2012 Debate Transcript." First Presidential Debate. CPD, 3 Oct. 2012. Web. 22 Oct. 2012.
<http://www.debates.org/index.php?page=october-3-2012-debate-transcript>.
230 Elliott, Douglas. "Dodd-Frank Is More Right than Wrong." US News. U.S.News & World Report, 17 Oct. 2011. Web. 22 Oct.
2012. <http://www.usnews.com/debate-club/should-the-dodd-frank-act-be-repealed/dodd-frank-is-more-right-than-wrong>.
221
some are vehemently opposed to Dodd-Frank, Goldman Sachs CEO Lloyd
Blankfein says he would not repeal the law.231 This legislation connects
regulatory agencies together to better monitor financial institutions.232
Thanks to Dodd-Frank our financial system is much better equipped to
prevent another financial crisis and if another one does occur, we are ready
to handle it.233
● Regulation Reform facilitated by the Obama administration will save more than $6.5 billion
in the next five years.
■ The Department of Health and Human Services have presented a plan that
removes unnecessary regulation for hospital and health care providers that
saves a projected $4 billion over the next five years.234
■ The Department of Labor is finalizing a law that will improve hazard
warnings for workers, saving approximately 2.5 billion dollars over the next
five years while improving safety.235
■ The Department of Transportation is completing a rule that will eliminate
unnecessary regulation of railroads.236 This will save about $340 million
and it is hoped that railroad companies will not have to charge consumers
with regulatory costs.51
Carney, Timothy. "Goldman CEO on Dodd-Frank: 'The Vast Bulk of It Is Good.'"Breaking Washington DC News, US Politics
News and Analysis. The Examiner, 19 July 2012. Web. 22 Oct. 2012. <http://washingtonexaminer.com/goldman-ceo-on-doddfrank-the-vast-bulk-of-it-is-good./article/2502585>.
232 "Dodd-Frank Helps Address Risks to Financial System." POLITICO. POLITICO, 10 July 2011. Web. 22 Oct. 2012.
<http://www.politico.com/news/stories/0711/58599.html>.
233 Id.
234 "Agency Retrospective Review Plan Report."Http://www.whitehouse.gov/files/regulatory-reform/USDA-RegulatoryReformJanuary2012.pdf. Department of Health and Human Services, Jan. 2012. Web. 22 Oct. 2012.
235 "Plan for Retrospective Analysis of Existing Rules."Http://www.whitehouse.gov/sites/default/files/other/2011-regulatory-actionplans/departmentoflaborregulatoryreformplanaugust2011.pdf. Department of Labor, May 2012. Web. 22 Oct. 2012.
236 "Plan for Implementation of Order 13563."Http://www.whitehouse.gov/sites/default/files/other/2011-regulatory-actionplans/departmentoftransportationregulatoryreformplanaugust2011.pdf. Department of Transportation, Aug. 2011. Web. 22 Oct.
2012.
231
■ The Environmental Protection Agency will reduce the burden on hazardous
waste generators by moving to electronic reporting from paper based
reporting.237 This will save an estimated $126 million.52
Thus, with the evidence just provided the people believe Obama should be elected for a
second term because he has not hurt the US economy and has in fact helped it.
Electronically submitted by:
Sergio Pecirno, Jonathan Kendall, Mitchell Pearsall
"Final Plan for Periodic Retrospective Reviews of Existing
Regulations."Http://www.whitehouse.gov/sites/default/files/other/2011-regulatory-actionplans/environmentalprotectionagencyregulatoryreformplanaugust2011.pdf. EPA, Aug. 2011. Web. 22 Oct. 2012.
237