Thoughts on the 1st Presidential Debate

Last week President Obama and challenger Mitt Romney squared off in the first of three debates. It is widely reported that Romney “won” the debate and gained some momentum in his otherwise stagnant campaign. Personally, I thought Romney came off as a bit more forceful and more conversational than I had seen him previously, while Obama didn’t seem to bring his A game. That being said, I don’t think it will swing the election to Romney; I still believe Obama will win a tight race.

Clearly Romney was prepped very well. While both candidates hammered their messages wherever possible, the former governor appeared more decisive and engaged. A few thoughts:

• Romney asserts that his energy program would create 4 million new jobs. That’s an absurd claim and one that he never bothered to back up with any facts. Even more implausible was his proclamation that he would somehow create 12 million total new jobs. We are creating around 125,000 jobs a month now. If we double that, which isn’t likely, it would take five years of uninterrupted growth to get there. Does that seem reasonable to you? It simply can’t happen.
• Throughout the debate Romney tried to position himself as the champion of the middle class, which after his 47% remark came off as a bit disingenuous to me. That being said, he was absolutely correct when he said that price increases crush the middle class. That is the brutal effect of inflation.
• Romney was clearly pandering to middle America by claiming to support coal, which is on its way out as an important power source in this country. It is too dirty and has been supplanted by cheaper natural gas.
• Romney hammered Obama for proposed tax cuts on the military. The truth is that our military budget is larger than the next dozen countries combined and can easily be reduced without sacrificing our defense one bit. Cuts must be made as part of a larger effort to reduce the deficit.
• Romney was correct when he stated that raising taxes, as Obama proposes, will likely slow economic growth and stunt job creation. The best way to increase tax revenue is to broaden the tax base, not increase the tax burden. I also agree that we should move more spending from the national to the state levels.
• I don’t understand how Romney can justify his opposition to Obamacare when it is build on virtually the same model as the health care program he instituted as the Governor of MA.
• Obama correctly hammered Romney on his lack of specific details in his economic plans. It’s easy to say you’ll reduce taxes, add jobs and reduce the deficit. It’s harder to show how that’s actually possible. 
• Romney had the best line of the night accusing Obama, with a nod to the Reagan-era, of “trickle down government”. I like that a lot.

Overall, Romney came across as better prepared, more on point and better engaged while Obama was hesitant and disengaged as he attempted to remain above the fray. I’m sure that will change with the next debate. Still, the debate is simply a beauty contest; more style than substance. It’s still Obama’s election to lose. And it’s one in which every American should vote because it affect’s your money and your life.