THE DEBATE ON JOB CREATION

Obama stresses the role of government in the creation of jobs; conservatives stress independent businessmen:  CNBC tries to put this debate into some perspective.

Economists agree that economic growth is aided by things like school systems and reliable infrastructure. Although they often say "less is more" when it comes to regulation (a view championed by Republicans), they generally say a certain amount of regulation is necessary — such as efforts to prevent another financial crisis (echoing Democrats on this point). 

Economists also agree that tax policy will have an impact on the job climate. Here they see a delicate line to walk. America's need now, according to Federal Reserve Chairman Ben Bernanke, among others, is to set a less profligate course for the long run, while not allowing the nation to go over a "fiscal cliff" when Bush-era tax cuts expire at the end of this year. 

Many forecasters worry that a rise in tax rates would slow economic growth and perhaps even tip a weak economy back into a recession. But at the same time, failing to address chronic budget deficits won't do much to inspire the long-term confidence of businesses and investors.