Both Obama and Romney have been promising, if elected, to create jobs. Neither of them should be making this type of promise for it will be doomed to failure. This is particularly disingenuous for Romney since the Republican Party claims to want government out of the private sector.
The video below is a CNBC interview with Henry Blodget (Businss Insider CEO). Mr.Blodget essentially repeats what I have been advocating, that stimulus efforts are failing because we are in an economic "hangover period" and that the consumer is not buying. I have previously expounded on this issue in several earlier posts.
As a quick summary Mr. Blodget; for the economy to grow you need three things. Entrepreneurs to create jobs, a good product, and customers. What is lacking, for economic growth, are the customers.
As an aside, what is "missing" (in the good sense) from Mr. Blodget's thesis is the use of tax policy to manipulate the economy. Again, one of my themes has been that economic policy and tax policy need a "divorce". The purpose of tax policy is to raise revenue to pay for government programs not to play games with the economy. As such, the budget needs to be balanced, even if it means making difficult decisions. To borrow from Alexis de Tocqueville: "The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money."