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Romney Campaign Press Release - Memorandum - President Obama's $5 Trillion Falsehood

October 06, 2012


To:                  Interested Parties

From:              Gail Gitcho, Communications Director

Date:               October 6, 2012

Re:                  President Obama's $5 Trillion Falsehood

There was wide agreement on Thursday morning that Mitt Romney won the first presidential debate of the general election. Why? Because he laid out the clear choice voters face this November between a real recovery or four more years like the last four years.

Middle-class families have been devastated in the Obama economy. Twenty-three million Americans are struggling for work. Median incomes have declined by more than $4,500 since President Obama took office. Today, nearly one in six Americans is living in poverty. That's clearly not the real recovery our nation needs. And since President Obama has an indefensible record on the issue voters care about most — the economy — he's been forced to resort to diversions, distractions, and outright deceptions about both his own record and Governor Romney's proposals.

The most glaring example was his accusation that Mitt Romney is proposing a "$5 trillion tax cut." But Jim Lehrer had barely thanked the audience for watching Wednesday's debate before the fact checkers swooped in and declared President Obama's claim to be false. By Thursday night, even the Obama campaign itself had to admit its charge was untrue. Deputy Campaign Manager Stephanie Cutter admitted the falsehood saying, "Well, okay, stipulated, it won't be near $5 trillion." In fact, multiple independent studies confirm that Mitt Romney's tax reform plan will stimulate economic growth. This growth together with a broader tax base — these studies conclude — mean we can lower tax rates without increasing the deficit.

But what is even worse than President Obama's deception about Gov. Romney's proposal is the truth about his own. To be clear: the President has already raised taxes 21 times during his first term in office. And his only plan for a second term is to raise even more taxes — $2 trillion worth, in fact. Middle-class families and small-business owners will suffer most as a result, since his tax plan will subject nearly one million business owners to higher taxes, threaten more than 700,000 jobs, and cost the United States $200 billion in economic output. A study conducted by the independent and nonpartisan American Enterprise Institute (AEI) calculated that the annual cost of the debt President Obama has already racked up and the new spending he has proposed would amount to $4,000 per year in higher taxes on the middle class. And nearly five million middle-class Americans will be subject to a tax hike once Obamacare's individual mandate is fully implemented.

Clearly, the Obama campaign was in full damage control mode at the end of this past week. Given such a devastating record, it's no surprise Barack Obama will say and do anything to avoid talking about his middle-class tax-hike plan. And with 31 days to go until Election Day, we fully anticipate Mitt Romney will be hit by many more baseless attacks in the weeks to come as President Obama continues to avoid talking about his failed policies.

All we can do is fight back with the truth, plain and simple: Our country can't afford another four years like the last four years. Mitt Romney has a plan to create 12 million jobs and turn our economy around, and he is the candidate who will deliver meaningful reforms to achieve the real recovery Americans need and deserve.

Mitt Romney, Romney Campaign Press Release - Memorandum - President Obama's $5 Trillion Falsehood Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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