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Mitt Romney's new Florida ads target Obama on cuts to defense spending and home values

The morning after the Democratic Convention ended, Mitt Rromney announced Friday that's he's launching two new Florida-centric ads that play up defense cuts proposed by President Obama and the ongoing housing troubles.

First take: The housing ad rightly notes the bad economic figures that unfolded during Obama's term. But it's silent on the fact that the housing and jobs market in Florida crashed before Obama took office in 2009 and have slowly improved. Albeit, for many, the improvements aren't good enough, which anyone looking at today's anemic jobs report will tell you (the national economy gained a lower-than-expected 96,000 jobs in August and the unemployment rate fell two-tenths of a percentage point to 8.1 percent, largely because many stopped looking for work/fell out of the labor force).

The defense ad seems more straightforward; Obama will cut defense spending. But the president says he's getting rid of waste. Romney promises more defense spending. It's a potent message in Florida, where naval and air force bases stretch from Key West to the western Panhandle to Jacksonville in the Northeast.

How Romney will pay for the defense spending is unclear. He's also pledging to reverse Medicare cuts while deeply slashing taxes. Meantime, Romney says, he'll balance the budget. How? We don't know yet. The ads don't say that, and neither does Romney.