Economy

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

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.