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Romney Campaign Press Release - Real Change Starts On Day One: A Stronger Middle Class

November 05, 2012

"For four years, President Obama's failed economic policies have crushed the middle class — leaving families with stagnant unemployment and declining incomes. And another four years of Barack Obama would deliver more of the same, with higher taxes and over 700,000 fewer jobs. Beginning on day one, Mitt Romney will deliver real change by cutting taxes for middle-class families and by creating millions of good-paying jobs for American workers." — Andrea Saul, Romney Campaign Spokesperson

For The Last Four Years, Middle-Class Families Have Been Crushed With Declining Incomes, Record Poverty, And Lower Wages:

Americans Are Struggling With "A Shrinking Middle Class." "The findings highlight concerns about a shrinking middle class and pose another obstacle to getting the economy back on track, said Annette Bernhardt, policy co-director at the National Employment Law Project, which conducted the study." (Jim Puzzanghera, "Majority Of New Jobs In Recovery Are Low-Paying, Study Finds," Los Angeles Times, 8/31/12)

Since President Obama Took Office, Median Household Incomes Have Declined By Over $4,000. ("Household Income Trends Series: September 2012," Sentier Research, 10/24/12)

"Almost Every Group Is Worse Off Than It Was Three Years Ago, And Some Groups Had Very Large Declines In Income." "‘Almost every group is worse off than it was three years ago, and some groups had very large declines in income,' Green, who previously directed work on the Census Bureau's income and poverty statistics program, said in a phone interview today. ‘We're in an unprecedented period of economic stagnation.'" (Jeff Kearn, "U.S. Incomes Fell More In Recovery, Sentier Says," Bloomberg, 8/23/12)

Lower-Paying Jobs Account For Nearly 60% Of The Jobs Added Since The Recession Ended In 2009. "Lower-paying jobs, with median hourly wages from $7.69 to $13.83, accounted for just 21% of the job losses during the recession. But they've made up about 58% of the job growth from the end of the recession in late 2009 through early 2012." (Jim Puzzanghera, "Majority Of New Jobs In Recovery Are Low-Paying, Study Finds," Los Angeles Times, 8/31/12)

"The Gap Between Rich And Poor Americans Grew In 2011 As The Poverty Rate Remained At Almost A Two-Decade High." "The gap between rich and poor Americans grew in 2011 as the poverty rate remained at almost a two-decade high. The U.S. Census Bureau released figures today that showed household income fell, underscoring a sputtering economic recovery that's at the heart of the presidential campaign." (Catherine Dodge and Frank Bass, "Rich-Poor Gap Widens To Most Since 1967 As Income Falls," Bloomberg, 9/12/12)

Pew Research: "The Middle Class Has Shrunk In Size, Fallen Backward In Income And Wealth..." "Since 2000, the middle class has shrunk in size, fallen backward in income and wealth, and shed some—but by no means all—of its characteristic faith in the future." ("The Lost Decade Of The Middle Class," Pew Research, 8/22/12)

Vice President Biden, On The Middle Class In The Obama Economy: "A Middle Class That Has Been Buried The Last Four Years..." BIDEN: "All kidding aside, all the boos, stop all the malarkey. Look guys, this is deadly earnest man. This is deadly earnest. How they can justify — how they can justify raising taxes on a middle class that has been buried the last four years? How in Lord's name can they justify raising their taxes with these tax cuts?" (Vice President Biden, Remarks, Charlotte, NC, 10/2/12)

And A Second Obama Term Would Mean Even More Struggles After Middle-Class Families Are Hit With Higher Taxes:

President Obama Raised Taxes On Nearly 5 Million Middle-Class Americans In Obamacare. ("Payments Of Penalties For Being Uninsured Under The Affordable Care Act," Congressional Budget Office, 9/12)

An Analysis By The Congressional Budget Office Found That "Nearly 80 Percent Of Those Who'll Face" Obamacare's Mandate Tax Are In The Middle Class. "Nonetheless, in his first campaign for the White House, Obama pledged not to raise taxes on individuals making less than $200,000 a year and couples making less than $250,000. And the budget office analysis found that nearly 80 percent of those who'll face the penalty would be making up to or less than five times the federal poverty level." ("Tax Penalty To Hit Nearly 6M Uninsured People," The Associated Press, 9/19/12)

And President Obama's Current And Looming Debt Could Result In $4,000 Per Year In Higher Taxes On The Middle Class. "In a new paper, AEI's Matt Jensen looks at the real annual cost of servicing the debt for households at various levels of income — including a potentially higher tax burden. As the table below illustrates, a household making between $100,000 and $200,000 a year could find its tax liability higher by roughly $2,400 every year. Over ten years, that works out to $24,000. And when you add in the debt already accrued the past four years under President Obama (the second table), that's another $1,600 a year. So now we are now talking about $4,000 a year, $40,000 over ten years." (James Pethokoukis, "Study: Obama's Big Budget Deficits Could Mean A $4,000 A Year Middle-Class Tax Hike," American Enterprise Institute, 10/2/12)

Mitt Romney Will Deliver Real Change By Delivering 12 Million New Jobs, Higher Take-Home Pay, And Lower Taxes For The Middle Class:

Mitt Romney Will Cut Taxes On The Middle Class To Help Promote Savings, Investment, And Economic Growth. "I will promote savings and investment by maintaining the 15% rate on capital gains and dividends. I will eliminate the tax entirely for those with annual income below $200,000. These low tax rates will encourage Americans to save and invest — and they will encourage business investment and economic growth. I will repeal the Alternative Minimum Tax, and I will abolish the death tax." (Mitt Romney, Op-Ed, "Restoring The American Promise," CNBC, 3/5/12)

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 Work To Create A Stronger Middle Class Will Start On Day One, With Five Bills And Five Executive Orders To Create Jobs And Induce Hiring 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." (Emily Friedman, "Romney's Job Plan Promises 11.5 Million Jobs In First Term," ABC News, 9/6/11)

Mitt Romney, Romney Campaign Press Release - Real Change Starts On Day One: A Stronger Middle Class Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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