Romney’s Economic Plan Would Kill 360,000 Jobs In 2013 Alone

ProudProgressive 2012/08/03 19:00:03

Let's take a break for a few minutes from the growing controversies swirling around Mitt Romney's personal financial history - his desperate efforts to keep his tax returns secret, his tax sheltered offshore bank accounts, his $100 million dollar IRA, the $77,000 tax deduction he took for his wife's horse, the inconsistency between his claim that he left Bain Capital in 1999 when he told the SEC he was still running the company three years later, and so forth. For a change, let's look at how the vulture capitalist's economic "plan" will affect the country. It's not a pretty picture.

Article excerpt follows:

Romney’s Economic Plan Would Kill 360,000 Jobs In 2013 Alone
By Pat Garofalo
Aug 3, 2012

The Bureau of Labor Statistics announced today that 163,000 jobs were created in the U.S. last month, but that the unemployment rate ticked up slightly to 8.3 percent. Mitt Romney, of course, seized on the latter data point, calling it “a hammer blow to middle-class families.” “Yesterday, I launched my Plan for a Stronger Middle-Class that will bring more jobs and more take home pay. My plan will turn things around and bring the economy roaring back, with twelve millions new jobs created by the end of my first term,” Romney said.

Romney claim that his plan will create 12 million jobs is one that his economic advisers have been echoing. However, a Center for American Progress Action Fund analysis found that Romney plan would actually kill 360,000 jobs next year alone:

In a white paper outlining his economic platform, Believe in America: Mitt Romney’s Plan for Jobs and Economic Growth, he offers a 59-point plan to create jobs and lower unemployment. Unfortunately, no amount of economic theory, real world evidence, basic arithmetic, or just plain logic could substantiate the belief that his 59-point jobs plan could create even 59 net new jobs in the U.S. economy…In total, by a conservative tally, Gov. Romney’s 59-point plan would actually cost the economy about 360,000 jobs in 2013 alone.

Several of Romney’s proposals entail no change in policy, so its unclear how they would create jobs. Several others — including tax incentives for outsourcing — would actively undermine U.S. employment. Remember, Romney’s job creation record as governor was hardly stellar, as Massachusetts was 47th in job creation during his tenure.

163,000 jobs created is encouraging, albeit too few to substantially bring down the unemployment rate. But the unemployment rate would be a full percentage point lower were it not for the hundreds of thousands of public sector layoffs that have occurred as a result of budget cutbacks. And Romney would double down on those sort of austerity measures, slicing the budget while cutting taxes for the rich under an economic ideology that has failed to produce results.

Read More: http://thinkprogress.org/economy/2012/08/03/634941...

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  • sjalan 2012/08/04 22:40:23
    That is just the up front figure. The ripple effect would raise that to over 500,000 and up to a million.
  • ehrhornp 2012/08/04 15:55:42
    Mitt would plunge the country back into a recession by his socialism for the rich policies. Why would anyone vote for this idiot when he is so clearly against America? Pathetic.
  • CA Gal 2012/08/03 22:17:11
    CA Gal
    This does not surprise me at all. Besides, it will take 59 points? He couldn't condense it to maybe 20? If the country were to put things in perspective, when President Obama took office this country was on the verge of economic collapse. The fact that he's been able to avoid collapse and add any jobs at all is a miracle in itself. It's very easy to criticize anyone doing a job but quite another matter the person criticizing to do better.
  • Flash,aka,Mr.Lightning 2012/08/03 19:12:45
    Quite frankly we don't believe in the progressive way of lies; 4 years and no growth or better fortunes for Americans.
  • ProudPr... Flash,a... 2012/08/04 16:25:41
    Four and a half million new American jobs, a two point drop in overall unemployment, 29 consecutive months of positive job growth, a doubling of the stock market, more manufacturing jobs added in a month than Bush added in eight years, trillions in spending cuts, Federal spending at its slowest level in over 30 years, and this is what you call "no growth"?

    Oh and did I mention that you're paying lower income taxes than you have since Eisenhower was President?
  • Rogue_Loner 2012/08/03 19:07:03
  • ProudPr... Rogue_L... 2012/08/04 16:27:34
    Actually, the slight increase in the unemployment rate despite adding 163,000 new jobs is a good sign. It means that the public has gained enough confidence in our sustained recovery that many people who gave up looking for jobs (and thus are not counted in the unemployment figure) are now back in the workforce trying to find the jobs that the Republicans continue to block. They know that after November the Republicans will not be able to continue blocking every jobs bill President Obama sends them.
  • Mopvyzo USA 2012/08/03 19:06:23
    Mopvyzo USA
    Of course it would destroy more jobs, but it seems like people are just too dim-witted to see it.

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