The presidential campaign has presented two very different approaches. This page rejected the approach of cutting taxes, slashing federal spending, and deregulating the banks and business, even before Mr. Romney made those Republican chestnuts his agenda. Never-ending tax cuts and excessive deregulation have been tried and have proved disastrous. Spending cuts in a slow economy are self-defeating, as is being amply demonstrated in Europe.
Mr. Obama has asserted his employment agenda, including school and infrastructure rebuilding and aid to states to hire teachers. This was detailed in his jobs bill from last year. He has also vowed a responsible approach to deficit reduction, including preserving tax cuts for most Americans while letting the high-end Bush tax cuts expire.
Such approaches would work, but time and again they have met with a stone wall from Republicans, who have been determined to keep the economy as weak as possible to hurt Mr. Obama’s campaign. The Republicans’ last-minute tactic has been a cynical one — to make it clear that they will continue obstructing Mr. Obama if he wins. That is a hollow argument for Mr. Romney. And it does not change the fact that Mr. Romney has no good ideas and Mr. Obama has plenty.