Dedicated to building an economy from the middle class out, President Obama has outlined a real, achievable plan to create over one million manufacturing jobs, double U.S. exports, end overseas operations and reinvest in our global competitiveness—a roadmap that will keep this country moving forward.
Mitt Romney, however, has failed to offer any specifics. This is not surprising given that there is an $11 trillion hole in his budget plan that can only be filled with a plan to raise middle class taxes and slash investments in the middle class—details his advisers believe would be “suicidal” to release. Now, he’s released a new ad, “The Romney Plan,” in which he promises “to help the middle class.” But a look at his record fails to give the American people any reason to believe that Romney will do what he says.
Take a look at the facts that debunk his ad, line by line:
“Trade has to work for America. That means crack down on cheaters like China; it means open up new markets.”
Romney’s record: Romney called President Obama’s efforts to enforce trade agreements and combat China’s unfair trade practices “decidedly bad for the nation and our workers.” In fact, Romney still holds a stake in funds that invest in Chinese companies that use the same unfair trade practices he says he’ll combat. His jobs plan could create as many as 800,000 jobs overseas, including in China.
President Obama’s record: Not only did President Obama immediately act to protect 1,000 America jobs in the tire industry against China’s unfair practices, he has now brought nine trade cases against China, and has brought trade cases at twice the rate of the Bush administration.
“We’ve got to cut the deficit. We’ve got to stop spending more money than we take in.”
Romney’s record: As governor, Romney left Massachusetts with a billion-dollar deficit when he left office. Now he has promised to enact a new $5 trillion tax cut favoring the wealthiest, “kill” cost-saving health reform, and start a massive, unnecessary defense buildup. Independent experts have found that unless he raises taxes on the middle class by an average of $2,000 for families with children, Romney’s tax plan will explode the deficit. Even studies cited by Romney and written by Republican authors show that he’d have to raise taxes on the middle class to avoid adding to the deficit.
President Obama’s record: The President has a plan to cut the deficit by over $4 trillion, making $2.50 in spending cuts for every $1 in revenue increases while asking the wealthiest to pay their fair share and eliminating tax breaks for special interests. That includes spending cuts President Obama has already signed into law that will bring annual domestic spending to its lowest level as a share of the economy in 50 years. The Congressional Budget Office has shown that the President’s plan would result in deficits that fall over time and stabilize the debt as a share of GDP.
Champion small business—have tax policies, regulations, and health care policies that help small business.
Romney’s record: As governor, Romney actually raised taxes and fees on middle class families and small businesses by $750 million a year. In fact, under Gov. Romney, the number of small businesses shrank, the number of start-ups fell, and the Bay State fell to 47th out of 50 in job creation. Now, Romney is pushing a plan that would put 30 million small business owners at risk of a tax increase.
President Obama’s record: The President has signed 18 small business tax cuts, supported a record volume of Small Business Administration loans in 2011, invested in helping high-growth small businesses expand,and supported small businesses in emerging sectors and underserved communities. He plans to cut taxes for entrepreneurs who hire new employees or raise wages and extend middle class tax cuts for the next year to stop taxes from going up on 97% of all small business owners.
And as for Romney’s claim that he’ll create 12 million jobs over 4 years? Independent economists pointed out that the economy is already on track to add 12 million jobs under current policies. President Obama’s plan will actually create two million more jobs than the Romney-Ryan plan in the next year.
Romney’s rhetoric certainly doesn’t match his actual plan. Only one candidate is actually fighting for a stronger middle class: President Obama.