The Candidates and The World

Transition 2012

A guide to foreign policy and the 2012 U.S. presidential transition.

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Midday Update: Romney to Give Economy Speech

by Newsteam Staff
October 26, 2012

Photo of the Day: President Obama receives assistance from a poll worker as he casts his vote early October 25, 2012. (Kevin Lamarque/Courtesy Reuters) Photo of the Day: President Obama receives assistance from a poll worker as he casts his vote early October 25, 2012. (Kevin Lamarque/Courtesy Reuters)


GOP nominee Mitt Romney will give a major economic speech today in Iowa to more fully lay out what he sees as the choice American voters face (WaPo).

“The big change Romney is prescribing to put the nation back on course is of the conservative economic variety — lowering taxes, loosening regulations, reining in deficit spending, overhauling Medicare and shrinking the size and scope of the federal government,” reports the Washington Post.

Romney also has a transition team planning several “modest but quick” steps he could take to improve the economy if elected, reports Politico:

One of the biggest worries for a Romney administration, according to the aides, will be keeping conservative lawmakers happy when the most urgent task, dealing with the nation’s fiscal emergency, is going to immediately alienate the loud, powerful wing of House Republicans that is resistant to raising revenues, even though their leaders recognize it is a mathematical necessity.

Read more about the candidates’ positions on the economy in this CFR Issue Tracker.

An analysis by the Energy Department shows that consumption from wind power rose 27 percent in 2011 (TheHill), a larger percentage than any other domestic energy source. During the presidential campaign, talking points on energy policy have covered a wind energy tax credit as well as swing state jobs supported by the wind industry.

President Obama and Democrats have criticized GOP nominee Mitt Romney for saying he would allow the tax credit to expire at the end of the year, a move that they say endangers thousands of jobs in swing states Iowa and Colorado (Politico).

In turn, Romney has criticized the president as being against fossil fuels like coal, and has sought the support of those in the industry that say that increased EPA regulation under the Obama administration is costing them jobs.

This CFR Issue Tracker looks at both candidates’ stances on energy policy.

Driven by a combination of increases (BBC) in government spending, investment, defense spending, and consumer spending, the growth rate of the U.S. economy was higher than the predicted 1.8 percent (Bloomberg).

Ahead of a speech on his plan for the economy this afternoon, GOP nominee Mitt Romney called the report discouraging (CNN), saying “Last quarter, our economy grew at only two percent, less than half the 4.3 precent rate the White House projected after passing the stimulus bill.”

The Obama campaign characterized the report as evidence that the United States is still fighting its way back to economic health (YahooNews) after the global financial meltdown.

–Contributing Editor Kirsti Itameri

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