Now that Santorum’s out of the picture, Romney’s more or less a shoo-in for the Republican presidential candidate.
But do you even know the plans these two have laid out for our economic future1 – specifically the federal programs that directly affect single parents?
The two most noticeable differences between Romney and Obama’s economic proposals involve taxing the rich, reforms and of course healthcare.
Romney takes a more top-down approach when it comes to taxes; giving corporations and millionaires more freedom when it comes to financial concerns. Obama takes a more upwards approach; providing more government assistance and ‘leveling out the playing field’ between the rich and the poor. (See table)
|Corporate Taxes||25% tax rate; no tax on foreign earnings||28% tax rate; ‘minimum’ tax on foreign earnings|
|Personal Taxes||Cut all rates by 20%; top rates set at 28%||Top rates at 36-39.6%; 30% taxes for millionaires|
|Medicare||Higher eligibility age; new vouchers to compete with existing Medicare||Board to recommend remedies if Medicare costs grow|
|Medicaid||Grants given to state governments with only general provisions for spending||Expand to families earning 133% the current poverty level|
|Social Security||Raise the retirement age||No proposals|
|Federal Spending||Below 20% of GDP by 2017||22.2% of GDP by 2017|
|Deficit Objectives||Budget balance promise; no date||2.5% by 2017|
|Regulations||Preserve Dodd-Frank reforms while trimming out redundancies||Replace Dodd-Frank reforms with an unspecified framework; costs of new regulations capped at zero|
Romney wants to reduce spending for existing health programs while introducing some form of competition to stimulate faster development. Obama wants to expand healthcare while adding more oversight to keep things in check.
While Obama is in favor of keeping the Dodd-Frank Act and its financial reforms in place, Romney wants to remove the Dodd-Frank act altogether and replace it with something else that he has yet talk about.
Take your pick – your decision will affect whether you get a better-paying job or receive federal aid for you and your family.