Romney Rips Obama on Economy in Iowa Speech

Republican presidential candidate, former Massachusetts Gov. Mitt Romney gestures as he speaks at a campaign rally at Worthington Steel, Thursday, Oct. 25, 2012, in Worthington, Ohio. (AP Photo/Jay LaPrete)
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AMES, Iowa (AP) - Mitt Romney is telling Iowa supporters today that President Barack Obama has no economic proposals that can meet "the challenges of the times."

In what his campaign is billing as a major economic address, Romney plans to say that he and Paul Ryan will replace "more spending, more borrowing from China and higher taxes" with "the power of free people pursuing their dreams."

In prepared excerpts from the speech, Romney says if he and Paul Ryan are elected, they will work to "restore America."

He dismisses Obama's signature legislative achievement as "his vaunted Obamacare," and says he would instead focus on saving Medicare and Social Security.

Romney repeats many of his standard campaign themes -- saying he will improve kitchen-table concerns like health care, job creation and school choice.

He says Obama is focusing on small issues like "characters on Sesame Street and silly word games."