The swift boat ads weren't all that pretty either but they got most Americans to believe Kerry was a malingerer and a traitor in Nam.
What's funny about this ad is its attack on government stimulus, the very thing that allowed China sail its way out of global financial crisis at 8% growth.
China's level of mal-investment has not reached the level of the US, so stimulus still makes sense/works. In the US, they needed to purge and print money to support those affected by the fallout. But the money went to the wrong hands instead.