(CNN) -- The upcoming presidential election will likely hinge on whether voters trust President Obama or Mitt Romney to restore a robust economy. Presidents have less power over the economy than they and most people believe -- Congress, the Fed, and the economy's inherent dynamics all play major roles -- but the president can lead on key issues and set the tone for economic policy. To understand how the Romney and Obama views differ, consider two issues. The first is how to avoid the so-called "fiscal cliff." Under current policy, substantial tax hikes and spending cuts kick in on January 1, 2013. The Bush tax cuts, in particular, are scheduled to expire, and both domestic and military spending are scheduled to fall, under the debt ceiling deal of August 2011.
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Libertarian economist Jeffrey Miron says both candidates' economic plans have flaws
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He says Romney's position on taxes is stronger, higher rates will curb growth
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Miron says both candidates try to control the unsustainable growth of Medicare
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He says Obama seeks to use government to curb costs while Romney relies on a voucher plan
Obama wants to continue the @placeholder tax cuts on middle-class households but let them expire on high-income households.
@placeholder wants to shift most or all future Medicare beneficiaries (those currently 55 and younger) to vouchers.