Washington: Republican presidential candidate Mitt Romney Saturday vowed to restore American economy, accusing incumbent Barack Obama of worsening the country`s financial woes.
"What he inherited wasn`t the only problem; what he did with what he inherited made the problem worse," Romney said at a campaign event in Ames, Iowa, as he delivered major speech on his economic policy.
"President Obama frequently reminds us that he inherited a troubled economy. But a troubled economy is not all that he inherited. He also inherited the greatest nation in the history of the earth. He inherited the most productive and innovative nation in history. He inherited the largest economy in the world," Romney said.
He said Obama inherited a bad situation when he took office and then "made the problem worse.
"Despite all that he inherited, President Obama did not repair our economy. He did not save Medicare and Social Security. He did not tame the spending and borrowing. He did not reach across the aisle to bring us together. Nor did he stand up to China`s trade practices or deliver on his promise to remake our relations with the Muslim world, where anti-American extremism is on the rise," he said.
Romney alleged that in just four short years, Obama borrowed USD 6 trillion nearly, adding almost as much debt held by the public as all prior American presidents combined.
"The problem with the Obama economy is not what he inherited; it`s with the misguided policies that slowed the recovery and caused millions of Americans to endure lengthy unemployment and poverty," he said.
If elected in the November 6 presidential elections, Romney vowed to restore country`s economy.
"Instead of more spending, more borrowing from China and higher taxes from Washington, we`ll renew our faith in the power of free people pursuing their dreams. We`ll start our plan for a stronger middle class that has five elements, and you`ve heard me talk about them before," he said.
Promising to act to put America on track to a balanced budget by eliminating unnecessary programs, Romney said the US under him would produce more energy.
"We will stop the Obama war on coal, the disdain for oil and the effort to crimp natural gas by federal regulation of the very technology that produces it," he said.
"We`re going to create 12 million new jobs in just four years, we`ll see rising take-home pay, and we`ll get America`s economy growing at 4 per cent a year, more than double this year`s rate," he said.
"We`ll help the Muslim world combat the spread of extremism. We`ll dissuade Iran from building a nuclear bomb. We`ll build enduring relationships throughout Latin America. We`ll partner with China and other great nations to build a more stable and peaceful world," Romney said.
However, the Obama campaign dismissed Romney`s plan.
"With just 11 days to go until Election Day, Romney`s trying to close the deal by dishonestly papering over his real plans and claiming that he`d be a bipartisan president, bringing the country together to help the middle class," alleged Brent Colburn, Obama for America National Communications director.