ROMNEY ADVISER: Obama Doesn't Deserve All The Blame For The Economy, And Tax Cuts Don't Pay For Themselves

Glenn Hubbard

Photo: CNBC

Ben White at POLITICO has a big story out about how in the end, this election will come down to what it always does: The economy.This is a big relief for those of us who were worried that perhaps Mitt Romney’s dog would decide the election.

The big nugget, which is sure to get all the attention, is the commentary from Romney economic advisor Glenn Hubbard.

“I don’t think President Obama deserves all the blame for where we are now. We had a very bad financial crisis. He did not cause it,” Hubbard said. “But upon taking office, he adopted a set of policies that looked like they came from the textbook of fighting a typical recession rather than the financial crisis we had.”

Hubbard did blame Obama for pushing uncertainty-causing policies that have harmed the recovery.

Administration officials said the uncertainty argument is bogus, citing a rising stock market and strong corporate profits. They countered that Obama’s proposed budget would at least start shrinking deficits as a percentage of the economy over 10 years, while Romney’s proposed 20 per cent reduction in rates and other cuts would add $5 trillion to the debt.

Nonsense, said Hubbard, while making the rare acknowledgment that tax cuts don’t cover their own cost through faster growth.

“Tax cuts don’t pay for themselves; there has to be substantial base broadening,” he said. “Gov. Romney is committed to working with Congress to do that while cutting and capping spending as a percentage of the economy.”

He’s not really going off message here, although some more hardcore conservatives may get annoyed at him giving him an inch on this >

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