Romney’s Dishonest claims here on C-Span:   Mitt Romney Spells Out His Economic Agenda

“In another in a long line of ‘major’ economic speeches, Mitt Romney made dishonest after dishonest claim about the President’s record and failed to offer any new ideas of his own on how to improve the economy and strengthen the middle class. Contrary to Romney’s rhetoric, the President took our nation from losing 750,000 jobs a month to adding 4.3 million private sector jobs over the last 27 months, worked to reduce burdensome business regulations, and has put forward a plan to create more jobs and reduce the deficit while asking every American to pay their fair share.

And while Mitt Romney promised to use his experience as a corporate buyout specialist to improve the economy, we know that he broke this promise in Massachusetts when he drove the state down to 47th out of 50 in job creation and left it with the largest per-capita debt of any state in the nation. He would replicate this as president by pushing budget-busting tax cuts for the wealthiest Americans and letting Wall Street write its own rules—the same policies that crashed the economy and devastated the middle class in the first place. America can’t afford Romney economics.” —Lis Smith, campaign spokeswoman

NOW ON TO THE FACTS ABOUT PRESIDENT OBAMA’S RECORD ON THE ECONOMY COMPARED TO ROMNEY’S RECORD AND PLANS FOR THE ECONOMY:

PRESIDENT OBAMA TOOK OUR NATION FROM LOSING 750,000 JOBS A MONTH TO ADDING 4.3 MILLION PRIVATE SECTOR JOBS OVER THE LAST 27 MONTHS

The Economy Shed An Average Of 750,000 Jobs Per Month When President Obama Took Office. The U.S. economy lost 661,000 nonfarm jobs in December 2008, 818,000 nonfarm jobs in January 2009, 724,000 nonfarm jobs in February 2009, and 799,000 nonfarm jobs in March 2009. The average nonfarm loss over these four months is 751,000. [Bureau of Labor Statistics, accessed 11/11/11]

The U.S. Economy Has Added Nearly 4.3 Million Private Sector Jobs In The Last 27 Months. In February 2010, the U.S. economy employed 106,773,000 people in the private sector. In May 2012, the U.S. economy employed 111,040,000 people in the private sector, gaining 4,267,000 jobs over the 27 month period. [Bureau of Labor Statistics, accessed 6/1/12]

Private Sector Job Growth Has Continued For 27 Consecutive Months.[Bureau of Labor Statistics, accessed 6/1/12]

PRESIDENT OBAMA HAS WORKED TO REDUCE BURDENSOME BUSINESS REGULATIONS, APPROVING FEWER REGULATIONS THAN BUSH OVER HIS FIRST THREE YEARS IN OFFICE AND INITIATED REGULATORY OVERHAUL TO SAVE BUSINESSES BILLIONS

President Obama Approved Roughly 5 Percent Fewer Regulations During The First Three Years In Office Than Did His Predecessor, George W. Bush.“A top White House official Tuesday defended the administration against charges that it’s trigger-happy with regulations, saying that fewer final regs have been issued under President Barack Obama than during the same period under George W. Bush…The White House later provided data to POLITICO that 931 final rules were reviewed by the White House and issued by executive agencies under Bush – and 886 under Obama.” [Politico,3/20/12]

President Obama Initiated An Overhaul Of The Regulatory System To Cut Red Tape In Agencies Across The Federal Government, Resulting In More Than 500 Regulatory Reforms That Will Save Businesses $10 Billion In The Next Five Years.“Seven months after receiving an executive order to cut red tape, federal agencies today released their final plans for cutting burdensome regulations, unveiling hundreds of changes that are estimated to save billions of dollars and millions of hours of paperwork in the coming years. Following a public comment period that ended earlier this summer, 26 agencies released their final reports today outlining some 500-plus reforms. White House regulatory czar Cass Sunstein wrote in an editorial in The Wall Street Journal today that a dozen of the most far-reaching changes are estimated to save businesses some $10 billion over the next five years.” [New York Times Green Blog,8/23/11]

PRESIDENT OBAMA HAS PUT FORWARD A PLAN TO CREATE MORE JOBS AND REDUCE THE DEFICIT BY ASKING EVERY AMERICAN TO PAY THEIR FAIR SHARE

The President’s Budget, Which Incorporates Deficit Reduction Enacted In 2011, Would Cut The Deficit By More Than $4 Trillion Over The Next Decade.“That is why in this Budget, the President again has put forward a plan that will, together with the deficit reduction enacted last year, cut the deficit by more than $4 trillion over the next decade. This would put our Nation on the right course toward a level of deficits of below 3 percent of GDP by the end of the decade.” [FY2013 Budget, White House Office Of Management And Budget, p.2, February 2012]

President Obama Signed The Budget Control Act, Which Included $2 Trillion In Deficit Reduction. “The Budget Control Act (BCA) of 2011 imposed caps on discretionary programs that will reduce their funding by more than $1 trillion over the ten years from 2012 through 2021, relative to the Congressional Budget Office (CBO) baseline from 2010.  It also established a Joint Select Committee on Deficit Reduction to propose legislation reducing deficits by another $1.2 trillion over that period, and established a backup “sequestration” procedure to increase the incentive on the Joint Committee to reach a compromise.” [Center On Budget And Policy Priorities ,4/27/12]

The President’s FY2013 Budget Calls For Investment In Infrastructure, Education, And Manufacturing While Keeping Discretionary Spending Flat. “President Obama will call for new spending on infrastructure, education and manufacturing research, as well as higher taxes on top earners…Officials said the budget would abide by spending caps set by Congress in the August budget deal, keeping discretionary spending levels essentially flat in fiscal 2013. Over the decade, discretionary spending would drop from 8.7% of gross domestic product to 5%, officials said.” [Los Angeles Times, 2/10/12]

President Obama Proposed Eliminating Special Tax Breaks And Loopholes For Oil And Gas Companies And The Very Wealthy, As Well As Ending The Bush Tax Cuts For Families Making More Than $250,000 A Year.“In the Budget, I reiterate my opposition to permanently extending the Bush tax cuts for families making more than $250,000 a year and my opposition to a more generous estate tax than we had in 2009 benefiting only the very largest estates. These policies were unfair and unaffordable when they were passed, and they remain so today. I will push for their expiration in the coming year. I also propose to eliminate special tax breaks for oil and gas companies; preferred treatment for the purchase of corporate jets; tax rules that give a larger percentage deduction to the wealthiest two percent than to middle-class families for itemized deductions; and a loophole that allows some of the wealthiest money managers in the country to pay only 15 percent tax on the millions of dollars they earn. And I support tax reform that observes the “Buffett Rule” that no household making more than $1 million annually should pay a smaller share of its income taxes than middle-class families pay.” [FY2013 Budget Message Of The President, February 2012]

Ø Roughly 98 Percent Of American Households Earn Less Than $250,000. “Given the progressive nature of the federal income tax system, in which tax rates increase with income, even the richest households would continue to pay the four lower rates on up to the first $250,000 of their income, under the approach being pushed by Mr. Obama and Democratic leaders in Congress. The president has vowed to extend the tax cuts for individuals with less than $200,000 in annual taxable income and couples with less than $250,000 — about 98 percent of American households.” [The New York Times,8/11/10]

IN 2002, ROMNEY PROMISED HE WOULD USE HIS PRIVATE SECTOR EXPERIENCE TO CREATE JOBS

Romney: “I Have Experience In The Private Sector, Building, And Creating Thousands Of Good Jobs And I Want To Bring That Skill For You Here In Massachusetts.”  Romney: “I want to make sure that as governor you have someone who can actually help and create new jobs in Massachusetts from employers here, from employers who can come here, from employers who can grow here.  I have experience in the private sector, building, and creating thousands of good jobs and I want to bring that skill for you here in Massachusetts.” [Boston Herald/Suffolk Debate, 10/29/02]

Romney: “I’m The Only Candidate In This Race Who Has A Lifetime Of Experience In The Private Economy.  I Speak The Language Of Business, I Know How Jobs Are Created And How Jobs Are Lost.  I’m Going To Do Everything In My Power To Get Our Economy Back Working Again For The People Of Massachusetts.” [Worcester Debate, 10/1/02]

ROMNEY’S ECONOMIC PERFORMANCE AS GOVERNOR WAS ONE OF THE WORST IN THE COUNTRY

During Romney’s Tenure As Governor Massachusetts’ Economic Performance Was “One Of The Worst In The Country” On “All Key Labor Market Measures.”Andrew Sum and Joseph McLaughlin wrote in the Boston Globe: “As Mitt Romney pursues his bid for the presidency, his record as Massachusetts governor will come under scrutiny, including how the state’s economy performed during his administration. Our analysis reveals a weak comparative economic performance of the state over the Romney years, one of the worst in the country. On all key labor market measures, the state not only lagged behind the country as a whole, but often ranked at or near the bottom of the state distribution.” [Sum and McLaughlin, Op-Ed, Boston Globe, 7/29/07]

•  Boston Globe Op-Ed: “Few Working Men And Women In Massachusetts Should See Anything Funny About The State’s Lackluster Economic Performance During The Romney Years.” Andrew Sum and Joseph McLaughlin from Center for Market Studies at Northeastern University wrote, “A full-time governor who is deeply committed to the economic well-being of a state’s workers can, however, make some difference. The state unfortunately did not receive such leadership over most of the past four years. Jokes about Massachusetts may receive some half-hearted laughter on the national campaign trail, but few working men and women in Massachusetts should see anything funny about the state’s lackluster economic performance during the Romney years.” [Sum and McLaughlin, Op-Ed, Boston Globe, 7/29/07]

UNDER ROMNEY, MASSACHUSETTS FELL TO 47TH IN JOB CREATION

Wall Street Journal: “The Most Powerful Statistic May Be That Under Mr. Romney, Massachusetts Was 47th Out Of 50 States In Job Creation, Down From 36th When He Took Office.” [Wall Street Journal, 5/31/12]

USA Today Fact Check: Under Romney, Massachusetts Net Job Growth That Was “Far Slower” Than The National Average And Ranked 47th In Job Growth Over The Entirety Of Romney’s Term.“Unlike Obama, Romney took office during an economic uptick. Massachusetts had a net job growth of 1.4 percent under Romney. However, that was far slower growth than the national average of 5.3%. As Romney’s opponents have frequently, and correctly, noted, Massachusetts ranked 47th in job growth over the entirety of Romney’s term. The only states that did worse: Louisiana, Michigan and Ohio.” [Fact Check, USA Today ,1/5/12]

UNDER ROMNEY, MASSACHUSETTS RANKED NUMBER 1 IN THE NATION IN DEBT PER CAPITA

2007: Massachusetts’ Had The Highest “Net Tax-Support Debt Per Capita” In The Nation, With $4,153. Connecticut was ranked second at $3,713 and Hawaii was ranked third at $3,630. [Moody’s 2007 State Debt Medians, April 2007]

ROMNEY PROPOSED $5 TRILLION IN NEW TAX CUTS, ON TOP OF MAKING PERMANENT THE BUSH TAX CUTS FOR THE WEALTHY, WHICH WOULD SHOWER MILLIONAIRES AND BILLIONAIRES WITH EVEN MORE BENEFITS

Romney’s Tax Plan Includes An Extension Of The Bush Tax Cuts.“Governor Romney would permanently extend all the 2001 and 2003 tax cuts now scheduled to expire in 2013.” [Tax Policy Center, The Romney Plan (updated),3/1/12]

•  Under An Extension Of The Bush Tax Cuts, At Least 27.5% Of The Benefits Would Go To The Top 1%. [Tax Policy Center, Extend 2001-03 Tax Cuts and AMT Patch; Baseline: Current Law; Distribution by Cash Income Percentile, 9/14/10]

Center On Budget And Policy Priorities: Romney’s New Tax Cuts Would Cost $4.9 Trillion Over A Decade, On Top Of The Cost Of Extending The Bush Tax Cuts.“The Tax Policy Center estimates that the Romney tax plan would lose about $480 billion in tax revenue in calendar year 2015, beyond the revenues losses inherent in maintaining current policy (such as continuing all of the 2001 and 2003 Bush tax cuts).  Over the 2014-2022 period, that implies a total reduction in revenues of about $4.9 trillion, relative to current tax policy.” [Center on Budget and Policy Priorities, 5/21/12]

ROMNEY WOULD REPEAL WALL STREET REFORM AND ALLOW WALL STREET TO WRITE ITS OWN RULES AGAIN

Romney Pledge To Repeal Dodd-Frank But Has Been Silent On How He Would Prevent Wall Street From Engaging In The Risky Practices That Helped Cause The 2008 Financial Crisis.“Republican Mitt Romney is pledging, if he is elected president, to repeal the Dodd-Frank financial regulations, a position favored by donors on Wall Street who have sent millions the candidate’s way. But he is nearly silent on how – without the regulation – he would prevent Wall Street from once again engaging in the risky practices that helped cause the 2008 financial crisis.” [Boston Globe,5/2/12]