Obama continues attacking Romney’s policies

President Barack Obama told supporters in Baltimore on Tuesday
that presumptive Republican nominee Mitt Romney had drawn
the wrong lessons about the U.S. economy. Photo: CNN.

President Barack Obama continued to attack former Massachusetts governor Mitt Romney‘s policies on Tuesday during a fund raising event in Baltimore, Maryland. The president strongly rejects the presumptive Republican nominee’s opposition to tax rises on top earners, and does not believe that taxing the rich more would automatically reduce investments and damage the economy.

Although Mr. Obama praised Mr. Romney for his achievements at the head of private-equity firm Bain Capital, the president said that his opponent had “drawn the wrong lessons” and that he appeared to believe that, when rich investors are successful, every worker in the country is doing well. In the “real world”, Mr. Obama said, this is not the case.

“The challenge we are facing is that, for over a decade, harder work hasn’t led to higher incomes. Bigger profits at the top haven’t led to better jobs across the board. You can’t solve that problem if you can’t even see it,” Mr. Obama said.

The president also rejected claims by the Romney campaign that the former governor’s background in the private sector made him the best man to solve the country’s economic difficulties and bring the nation back onto the right track.

“When I hear governor Romney say his 25 years in the private sector gives him a special understanding of how the economy works, my question is: why are you running with the same bad ideas that brought our economy to the brink of disaster?” Mr. Obama asked.

The president was equally keen to remind his audience that, when he entered the White House in 2009, he inherited a $1 trillion budget deficit. He also made fun of the Republicans who every now and then “give us lectures on debt and deficits”.

“It’s like somebody goes to a restaurant, orders a big steak dinner, martini, all that stuff. And then, just as you’re sitting down, they leave and accuse you of running up the tab!” Mr. Obama quipped to laughter from the crowd.

Last week, Mr. Obama stated that the private sector was doing fine, and that the recent dismal payroll numbers reflected the lack of funding in the public sector.

Mr. Romney promptly commented that the president was hinting at another economic stimulus in spite of the fact that the electorate had made it clear in Wisconsin that it supported a cut in government spending.

Indeed, voters in the Badger State re-elected Republican Governor Scott Walker a week ago following a recall election triggered by the passage of the 2011 Wisconsin Act 10. The legislation was put forward to tackle a projected $3.6 billion budget deficit.