Thursday, November 1, 2012

Mayor Bloomberg And The Economist Endorse Obama

Mitt Romney cites his business experience as a major qualification for the presidency. Today, however, President Obama was endorsed by both a business-oriented political leader and magazine: Mayor Michael Bloomberg of New York City, the founder of Bloomberg News, and The Economist, the London-based international politics and business magazine. While both express reservations about Obama, they make it clear that he has a more positive vision for America–and that Romney has changed his positions too often to be credible.

In an editorial for Bloomberg View, Mayor Bloomberg compares the candidates' objectives on women's choice, gay marriage and climate change:

One believes a woman’s right to choose should be protected for future generations; one does not. That difference, given the likelihood of Supreme Court vacancies, weighs heavily on my decision.

One recognizes marriage equality as consistent with America’s march of freedom; one does not. I want our president to be on the right side of history.

One sees climate change as an urgent problem that threatens our planet; one does not. I want our president to place scientific evidence and risk management above electoral politics.

The Economist criticizes Romney's reckless fiscal policies:

Yet far from being the voice of fiscal prudence, Mr Romney wants to start with huge tax cuts (which will disproportionately favour the wealthy), while dramatically increasing defence spending. Together those measures would add $7 trillion to the ten-year deficit. He would balance the books through eliminating loopholes (a good idea, but he will not specify which ones) and through savage cuts to programmes that help America’s poor (a bad idea, which will increase inequality still further). At least Mr Obama, although he distanced himself from Bowles-Simpson, has made it clear that any long-term solution has to involve both entitlement reform and tax rises. Mr Romney is still in the cloud-cuckoo-land of thinking you can do it entirely through spending cuts: the Republican even rejected a ratio of ten parts spending cuts to one part tax rises. Backing business is important, but getting the macroeconomics right matters far more.

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