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US Candidates Trade Attacks on Economy

The US presidential race has turned negative as candidates trade barbs on outsourcing, taxes, and cronyism.
By Gabe Kahn
First Publish: 7/19/2012, 1:46 AM

Mitt Romney
Mitt Romney
Reuters

US president Barack Obama on Wednesday accused GOP presidential contender Mitt Romney of proposing economic policies that would send US jobs overseas.

Obama – on the campaign trail in Ohio and other key battleground states – currently enjoys a three to our point advantage over the former Massachusetts governor, who has secured enough delegates to seal the Republican nomination to run for president at the party's upcoming convention,

Speaking at a town hall meeting in Cincinnati, Obama cited an analysis by Reed College economist Kimberly Clausing, who is a known contributor to Democratic political candidates – including Obama.

The analysis asserts that Romney's proposal to exempt US companies from taxes on overseas profits would create some 800,000 jobs in foreign countries.

Obama then took aim at Romney's background as a venture capitalist – which Obama has sought to cast as a perjorative – saying such a policy should surprise no one.

"We don't need a president who plans to ship more jobs overseas or who wants to give more tax breaks to companies that are shipping jobs overseas,” Obama said. “I want to give tax breaks to companies that are investing right here in Ohio, that are investing in Cincinnati, that are investing in Hamilton County.”

“I want to give incentives to companies that are investing in you -- the American people -- to create American jobs, making American goods that we are selling around world, stamped with three proud words, 'Made in America,'" Obama add.

Obama's current salvo of political ads have turned from his mantra of transformation to direct attacks on Romney – who is portrayed as someone who sought to move his own funds to offshore tax havens.

Romney's campaign says the GOP contender never avoided paying US taxes.

Obama is “making another failed attack” to distract Americans from his own “failed economic policies,” Romney's campaign said.

Romney has demanded an apology from Obama over his campaign advertising. 

But for his part, Romney accused Obama on Monday of giving government contracts to political contributors, and said the president is conducting a campaign "based on falsehood and dishonesty."

Both campaigns have stepped up negative attacks in recent weeks, with the latest Romney ads accusing the president of "political cronyism."