President Obama is betting that Big Bird appeals to more Americans than Wall Street.
On the campaign trail Friday, Obama hit back at two of Mitt Romney’s Wednesday debate points: That he would cut funding to PBS and that he would reform Dodd-Frank regulations. He tweeted:
Romney slammed Dodd-Frank during the debate, accusing the reforms of hurting both the housing and job market. He also claimed that designating banks as “Too Big To Fail” as the “biggest kiss” to New York banks that he’s ever seen. Many Wall Street bankers said they felt otherwise, and as The Huffington Post’s Mark Gongloff notes, “too big to fail” banks are actually subject to tighter regulation.
As for Big Bird, Romney said during the debate that though he finds the character lovable, he doesn’t want to keep funding PBS where Big Bird airs, because he’s “not going to keep on spending money on things to borrow money from China to pay for.”
Also on HuffPost:
Obama Doubled The Deficit
When Obama took office in 2009, the deficit was projected to be $1.2 trillion during that year, and it <a href="http://www.nytimes.com/2012/10/04/us/politics/a-closer-look-at-what-the-presidential-candidates-said-in-the-debate.html?hp">ultimately turned out to be $1.4 trillion</a>, according to Congressional Budget Office data cited by <em>The New York Times</em>. The deficit is expected to be $1.1 trillion for fiscal year 2012.
Obamacare Killed Jobs
The Congressional Budget Office estimates that healthcare reform will reduce the health care industry's workforce <a href="http://www.huffingtonpost.com/2012/10/03/mitt-romney-obamacare-jobs_n_1937929.html">by only about 0.5 percent</a>, largely because workers will decide to retire early or work fewer hours. And if Romney's Massachusetts health care reform law is any indication, job loss won't be a big problem; employment trends in the state have mirrored national trends since Romneycare took effect.
Dodd-Frank Hurt The Housing Market
The Dodd-Frank regulations aim to prevent another housing crash like the one that helped to cause the 2008 financial meltdown by <a href="http://www.cbsnews.com/8301-505245_162-57517942/why-it-matters-wall-street-regulation-and-reform/">banning high-risk lending practices</a>, according to CBS News. In addition, the housing market has <a href="http://www.usatoday.com/story/money/business/2012/10/02/home-prices-rising/1608957/">been on a slow rebound</a> since Obama took office. If anything, it may be banks that are holding back the housing recovery. Many are <a href="http://online.wsj.com/article/SB10000872396390443890304578006482230678780.html">slow to lend</a> because they're concerned Fannie Mae and Freddie Mac will make them take back any bad loans, the <em>Wall Street Journal</em> reports.
The indirect effects of Obamacare have yet to be determined, since the law has yet to be implemented. But as the law is written now, <a href="http://abetteriowa.desmoinesregister.com/2012/10/03/obama-romney-debate-fact-check-claims-on-tax-cuts-and-job-gains-need-second-look/">Obamacare doesn't cut seniors' benefits</a> as part of its plan to curb health care costs, according to <em>USA Today</em>. Obama's healthcare law would curb benefits to health care providers and insurers, but doesn't directly cut seniors' benefits. <a href="http://abetteriowa.desmoinesregister.com/2012/10/03/obama-romney-debate-fact-check-claims-on-tax-cuts-and-job-gains-need-second-look/">Critics allege however</a>, that the cuts in payments would have the unintended consequence of hurting seniors because doctors would stop accepting Medicare patients, according to <em>USA Today</em>.
Health Care Panel
Though Obamacare does create an independent board,<a href="http://www.sfgate.com/business/bloomberg/article/Romney-Plan-Needs-Economic-Growth-to-Add-Up-3918731.php#page-3"> the law prohibits the board</a> from making recommendations to "ration health care," or "otherwise restrict benefits or modify eligibility,” according to Bloomberg.
Employer-Based Health Insurance
Some workers may switch from their employer-provided health plans, according to the Congressional Budget Office, but that number is more likely to be closer to <a href="http://www.huffingtonpost.com/2012/10/04/obama-romney-debate_n_1938067.html">between 3 and 5 million</a> per year between 2019 and 2022.
President Obama's proposed budget is estimated to <a href="http://www.huffingtonpost.com/bernard-whitman/reason-22-1-trillion-in-s_b_1819355.html">cut about $1.1 trillion</a> over the next 10 years and, so far, Obama has signed $2 trilion worth of spending cuts into law, according to Democratic Party Pollster Bernard Whitman.
Balancing The Budget
President Bill Clinton managed to balance the budget during his time in office with a <a href="http://www.newsobserver.com/2011/07/16/1346965/under-clinton-the-budget-balanced.html">tax boost for those in the top 2 percent </a>of earners, according to Duke professor William Chafe.
Adding To The Deficit
Romney's tax plan would<a href="http://firstread.nbcnews.com/_news/2012/10/03/14207584-truth-squad-the-debate?lite"> cost the country $4.8 trillion</a> over the next 10 years, according to Tax Policy Center data, cited by NBC News.
Clean Energy Failures
Businesses that got government clean energy loans failed at a rate of <a href="http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/10/03/footnoting-the-debate/">about 1.4 percent</a> at the end of 2011, according to <em>The Washington Pos</em>t.