Who Creates Jobs? How Economists See the Obama-Romney Debate

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.

Obama's idea of raising taxes on the rich gets mixed reviews. Some say it would raise needed revenue while not doing much damage, while others say the harm would outweigh any revenue gains.

Such a tax hike, Mayland says, would decrease the after-tax return of many investors, and the result would probably be less job-creating investment.