Romney Campaign Press Release - Real Change Starts On Day One: Good-Paying Jobs

"After four years in office, President Obama is presiding over an economy that is stuck in neutral, with stagnant unemployment and lower household incomes. And the President has promised to deliver four more years like the last four years, including a tax plan that will kill over 700,000 jobs and jeopardize economic growth around the nation. Beginning on day one, Mitt Romney will offer real solutions and real change by passing pro-growth policies that create millions of new jobs and higher take-home pay for American workers." — Andrea Saul, Romney Campaign Spokesperson

This Week, The Nation's Unemployment Rate Increased To 7.9 Percent — Higher Than When President Obama Took Office:

On Friday, The Nation's Unemployment Increased To 7.9 Percent — Another Sign That President Obama Has Presided Over "The Weakest Recovery Since The Great Depression." "The unemployment rate increased to 7.9 percent from 7.8 percent September. In the weakest recovery since the Great Depression, most of the reduction in unemployment from its 10.0 percent peak in October 2009 has been accomplished through a significant drop in the percentage of adults working or looking for work." (Peter Morici, "Economy Adds New Jobs, Better But Not A Game Changer," CNBC, 11/2/12)

• FLASHBACK: Before Taking Office, President Obama's Advisers Predicted The Stimulus Would Lower Unemployment To 5.2% By Today. (Christina Romer and Jared Bernstein, "The Job Impact Of The American Recovery And Reinvestment Plan," 1/9/09)

The Obama Economy Has Suffered From "Persistently High Unemployment." "The persistently high unemployment rate has undercut wage growth. Average hourly earnings for production and non-supervisory employees fell one cent last month to $19.79, and were up just 1.1 percent in the year through October, the smallest rise since at least 1964." (Jason Lange, "U.S. Job Growth Quickens, Giving Obama Some Relief," Reuters, 11/2/12)

The October Jobs Report Exposed "Signs Of The Economy's Ongoing Weakness," Including Unemployment That Increased By 170,000 Workers. "But there were also signs of the economy's ongoing weakness. Average hourly pay dipped a penny to $23.58. And the number of unemployed increased 170,000 to 12.3 million." (Christopher Rugaber, "US Economy Adds 171K Jobs, Rate Rises To 7.9 Pct," The Associated Press, 11/2/12)

And Another Obama Term Will Result In Over 700,000 Fewer Jobs In States Across The Nation:

President Obama's Small-Business Tax Hikes Will Jeopardize 710,000 Jobs. "Researchers determined the plan would actually subject 2.1 million business owners to higher rates; specifically, those who pay pass-through taxes, like most partnerships, LLCs and S-Corporations. The result, less capital in the hands of business owners and diminished labor supply, would cost the United States an estimated $200 billion in economic output and 710,000 jobs." (J.D. Harrison, "Obama Plan To Lift Top Tax Rates Would Plague Millions Of Small Businesses, Study Warns," The Washington Post, 7/17/12)

• President Obama's Tax Hikes On Ohioans Will Cost The State 27,500 Jobs And $6.5 Billion In Economic Output. (Ernst & Young LLP, 7/12)

• President Obama's Tax Hikes On Iowans Will Cost The State 8,000 Jobs And $2 Billion In Economic Output. (Ernst & Young LLP, 7/12)

• President Obama's Tax Hikes On Wisconsinites Will Cost The State 14,900 Jobs And $3.4 Billion In Economic Output. (Ernst & Young LLP, 7/12)

• President Obama's Tax Hikes On Virginians Will Cost The State 19,900 Jobs And $5.8 Billion In Economic Output. (Ernst & Young LLP, 7/12)

The Tax Foundation Has Estimated That President Obama's Tax Plan Will Result In A Reduction In Hours Worked That Is Equal To Approximately 4 Million Jobs. "The reduction in hours worked would be the equivalent of about a million jobs lost in today's economy, with those still employed earning roughly 2.28 percent lower wages, or four million jobs at unchanged pay levels. (Stephen Entin, "Simulating The Economic Effects Of Obama's Tax Plan," Tax Foundation, 11/1/12)

President Obama's Tax Hikes Will Cost Taxpayers And Small Businesses $8.2 Billion In Iowa, $32.9 Billion In Ohio, $19.2 Billion In Wisconsin, And $45.1 Billion In Virginia. (William McBride, "How States Would Be Affected By Obama's Proposed Tax Increases On High-Income Earners," Tax Foundation, 10/25/12)

As President, Mitt Romney Will Deliver Real Change And A Real Recovery Starting From Day One:

On Day One, Mitt Romney Will Propose Five Bills And Implement Five Executive Orders That Create Jobs And Induce Short-Term Hiring To Deliver Relief For American Workers. "The package of bills — called the Day One, Job One Initiative - includes a measure to reduce the corporate income tax from 35 percent to 25 percent, a move he says will be one way his plan will induce short-term job growth through incentive hiring. ... Also on his first day in office Romney promises to issue five executive orders that will repeal Obamacare, eliminate or repeal any Obama-era regulations that have a negative effect on job creation and economic growth. Executive orders would also be issued to develop a streamlined process to create new oil and gas drilling, sanction China for currency manipulation, and reverse pro-unions orders issued by the Obama administration." (Emily Friedman, "Romney's Job Plan Promises 11.5 Million Jobs In First Term," ABC News, 9/6/11)

Mitt Romney Will Implement Pro-Growth Policies That Help Create 12 Million New Jobs By The End Of His First Term. "In contrast to the sclerosis and joblessness of the past three years, the Romney plan offers an economic U-turn in ideas and choices. When bolstered by sound trade, education, energy and monetary policy, the Romney reform program is expected by the governor's economic advisers to increase GDP growth by between 0.5% and 1% per year over the next decade. It should also speed up the current recovery, enabling the private sector to create 200,000 to 300,000 jobs per month, or about 12 million new jobs in a Romney first term, and millions more after that due to the plan's long-run growth effects." (Glenn Hubbard, Op-Ed, "The Romney Plan For Economic Recovery," The Wall Street Journal, 8/1/12)

Mitt Romney's Tax Reform Plan Will "Increase Growth And Job Creation" By Cutting Rates Across The Board By 20% And Broadening The Tax Base. "Reform the nation's tax code to increase growth and job creation. The Romney plan would reduce individual marginal income tax rates across the board by 20%, while keeping current low tax rates on dividends and capital gains. The governor would also reduce the corporate income tax rate—the highest in the world—to 25%. In addition, he would broaden the tax base to ensure that tax reform is revenue-neutral." (Glenn Hubbard, Op-Ed, "The Romney Plan For Economic Recovery," The Wall Street Journal, 8/1/12)

• According To An Independent, Nonpartisan Analysis, Mitt Romney's Tax Reforms Alone Will Create Nearly 7 Million New Jobs. "The simulations show that such a base-broadening, rate-reducing reform would have significant positive economic effects on the U.S. economy, including increases in investment, the capital stock, employment, and real wages. These gains are in addition to increases in GDP, investment, consumption, and employment that will occur as the U.S. economy continues to recover from the recent recession and as the population grows. Specifically, I find that the reform would, if passed immediately, increase GDP relative to baseline by 5.4 percentage points over the next decade, while creating 6.8 million jobs." (John W. Diamond, "The Economic Effects Of The Romney Tax Plan," Rice University, 8/3/12)