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Romney Economic Plan: Of The 1%, By The 1%, For The 1%

By CAP Action War Room

"Romney Economic Plan: Of The 1%, By The 1%, For The 1%"

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A Plan Fit For a Billionaire (Or Two)

This afternoon, Mitt Romney delivered a fiscal policy speech at a “Defending the American Dream” conference sponsored by the Koch Brothers’ front group, Americans for Prosperity. See below and you’ll understand why David Koch himself was in the front clapping for millionaire Mitt Romney.

Romney’s Plan — The Lowlights

  • $6.6 TRILLION in tax cuts for the wealthy and corporations
  • $6.5 TRILLION added to the deficit
  • Cuts to Social Security
  • The end of Medicare as we know it
  • Cuts to Medicaid more draconian those in the House GOP budget plan
  • Repeals the Affordable Care Act — eliminating health care coverage for 32 MILLION Americans
  • Specifically outlines cuts in funding for:
    • Planned Parenthood and Title X women’s health programs
    • Amtrak
    • NPR and the Corporation for Public Broadcasting
    • National Endowment for the Arts & Humanities
    • Foreign aid
  • Repeals the New Deal-era law that ensures government contractors pay their workers a fair wage
  • Throws more than 400,000 federal employees out of work
  • Increases defense spending

Fun Fact

Romney’s plan to completely eliminate the estate tax would mean an $8.7 BILLION windfall for each of the billionaire Koch Brothers.

Ask The Experts

Here’s what Center for American Progress Action Fund experts had to say about Romney’s plan:

Michael Ettlinger, vice president for Economic Policy:

“The plan that Governor Romney announced today….is a plan that is of the top 1 percent, by the top 1 percent, for the top 1 percent.”

“Romney called reducing the deficit a moral imperative. Given that Romney’s plan adds trillions to the deficit, it would appear to be morally bankrupt.”

Michael Linden, director of Tax & Budget Policy:

“For a speech that was billed as a plan to reduce the deficit, Romney’s numbers sure do add a lot to the national debt and deficits.”

“The cuts that [Romney] does outline are very damaging to the middle class and senior citizens.”

Heather Boushey, senior economist:

“We’ve seen this movie before.  Quite frankly it won’t create any jobs.”

“This is going to do nothing to help not only the 99 percent, but the 9 percent of folks who remain out of work today.”

IN ONE SENTENCE: Mitt Romney may claim his plan defends the American Dream, but it would be nothing but a nightmare for the 99 percent.

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Notable Quotable: Herman Cain


“I am the Koch brothers’ brother from another mother.”