DNC - Fact Checking Romney's Remarks at Carroll County, NH Lincoln-Reagan Dinner

Please see below for a fact check of Mitt Romney's remarks at today's Carroll County Republican Committee Lincoln-Reagan Dinner in Bartlett, NH:


ROMNEY RHETORIC: "He created a deeper recession, and delayed the recovery. The consequence is soaring numbers of Americans enduring unemployment, foreclosures and bankruptcies.”


Private Employers Added 1.5 Million Jobs In The Last 12 Months And The Unemployment Rate Dropped .9% Points Over The Last Three Months, The Largest Such Decline Since 1983. “Today’s employment report shows that private sector payrolls increased by 222,000 in February, marking 12 consecutive months of growth that has added 1.5 million jobs at private firms. The unemployment rate fell for the third straight month to 8.9 percent. The 0.9 percentage point drop in the unemployment rate over the past three months is the largest such decline since 1983, and it has been driven primarily by increased employment, rather than falling labor force participation.” [White House Council Of Economic Advisers Blog, 3/4/11]

CBO Said The Recovery Act Increased The Number Of People Employed By Up To 3.6 Million. "CBO counts them differently than the Recovery Act, but concludes based on economic models that in just the third quarter, July through September, stimulus spending 'increased the number of people employed by between 1.4 million  and 3.6 million.'" [ABC News, 11/24/10]

USA Today: “Obama Budget Plan Could Create Millions Of Jobs.” “President Obama's proposed fiscal 2012 budget is potentially a massive job-creation engine, with plans to generate millions of them by repairing and expanding highways, bridges and railways. … The plan calls for $53 billion to build a high-speed rail system, $336 billion for highways and a ‘national infrastructure bank’ that would combine public and private money to build national or regional transportation systems. Associated General Contractors (AGC), a trade group for the construction industry, estimates the plan could create about 5.4 million construction jobs and 10 million more jobs in related industries and the broader economy. … The blueprint is certain to set off political battles. Mark Zandi, chief economist of Moody's Analytics, says infrastructure improvements not only create construction jobs but improve transportation systems to increase U.S. economic competitiveness. A study co-authored by Zandi concluded the economic stimulus, which included $135 billion in infrastructure spending, generated 8 million additional jobs in 2009 and 2010.” [USA Today,2/15/11]


Romney: The Democrats Stimulus “Will Accelerate The Timing Of The Start Of The Recovery.” According to the Boston Phoenix, Romney wrote in his book that “A stimulus package ‘was called for’ after the late-2008 economic downturn, and the Democrats’ stimulus ‘will accelerate the timing of the start of the recovery.’” [Boston Phoenix, 2/10/10]


  Romney Said Obama Should “Move Quickly” On The Proposed $750 Billion Stimulus Package And Include Middle Class Tax Cuts, Infrastructure Projects, And Investment In Energy Technologies. “BLITZER: He’s talking about a $750 billion economic stimulus package. He wants it to be passed as soon as possible. It’s unclear if whether it can be passed before he’s inaugurated on January 20th. What do you think about this proposal? ROMNEY: Well, I frankly wish that the last Congress would have dealt with the stimulus issue and that the president could assign that before leaving office. I think there is need for economic stimulus. Americans have lost about $11 trillion in net worth. That translates into about $400 billion a year less spending that they’ll be doing, and that’s net of additional government programs like Medicaid and unemployment insurance. And government can help make that up in a very difficult time. And that’s one of the reasons why I think a stimulus program is needed. I’d move quickly. These are unusual times. But it has to be something which relieves pressure on middle-income families. I think a tax cut is necessary for them as well as for businesses that are growing. We’ll be investing in infrastructure and in energy technologies. But let’s not make this a Christmas tree of all of the favors for various politicians who have helped out the Obama campaign, giving them special projects. That would be wrong. You’ll see Republicans fight that tooth and nail if that happens. Let’s do what’s right for the economy, and let’s not do what’s a political expedient move.” [CNN, Late Edition, 1/4/09]


During Romney’s Tenure As Governor Massachusetts’ Economic Performance Was “One Of The Worst In The Country” On “All Key Labor Market Measures.” “As Mitt Romney pursues his bid for the presidency, his record as Massachusetts governor will come under scrutiny, including how the state’s economy performed during his administration. Our analysis reveals a weak comparative economic performance of the state over the Romney years, one of the worst in the country. On all key labor market measures, the state not only lagged behind the country as a whole, but often ranked at or near the bottom of the state distribution.” [Boston Globe, 7/29/07]

Factcheck.org: “Romney’s Jobs Record Provides Little To Boast About” As Massachusetts Only Gained 1% In Payroll Jobs Over His Term Compared To 5.3% In The Nation As A Whole. “Payroll jobs in Massachusetts hit their low point in December 2003 at the end of Romney’s first year in office. And the number of jobs declined in seven of the remaining 36 months of his term, as measured by total nonfarm employment, seasonally adjusted, which is the standard measure of payroll employment used by economists and journalists. The claim that jobs increased "every single month" is false… Furthermore, Romney’s job record provides little to boast about. By the end of his four years in office, Massachusetts had squeezed out a net gain in payroll jobs of just 1 percent, compared with job growth of 5.3 percent for the nation as a whole.” [Factcheck.org, 1/11/08]

In Romney’s Four Years As Governor Massachusetts Ranked 47th Out Of 50 In Jobs Growth.  “The Republican contender was the governor of Massachusetts from January 2003 to January 2007. And during that time, according to the U.S. Labor Department, the state ranked 47th in the entire country in jobs growth. Fourth from last.  The only ones that did worse? Ohio, Michigan and Louisiana. In other words, two rustbelt states and another that lost its biggest city to a hurricane. The Massachusetts jobs growth over that period, a pitiful 0.9%, badly lagged other high-skill, high-wage, knowledge economy states like New York (2.7%), California (4.7%) and North Carolina (7.6%). The national average: More than 5%.” [Marketwatch, 2/23/10]

ROMNEY RHETORIC: “Instead of lowering taxes, he raised them.”


AP: “Many Taxpayers Are Seeing Their Bills Drop Under Obama” Thanks To More Generous Tax Credits, The Extension Of The Bush Tax Cuts, The Making Work Pay Tax Credit And The Cut In Payroll Taxes. “Income tax rates remain unchanged. But many taxpayers are seeing their bills drop under Obama because of more generous tax credits for college students, working families, homebuyers and the working poor. Many of the changes were enacted as part of the big economic stimulus package passed in 2009. Congress also extended Bush-era tax cuts through 2012. Lawmakers let Obama's Making Work Pay tax credit expire at the end of 2010, but they replaced it with a one-year cut in Social Security payroll taxes that is already showing up in workers' paychecks.” [AP, 2/7/11]

Obama Has Signed 17 Small Business Tax Cuts Into Law.  “Here's the list of 17 small business tax cuts that President Obama has signed into law --From the Recovery Act, HIRE Acts, and Affordable Care Act: 1. A New Small Business Health Care Tax Credit 2. A New Tax Credit for Hiring Unemployed Workers 3. Bonus Depreciation Tax Incentives to Support New Investment 4. 75% Exclusion of Small Business Capital Gains 5. Expansion of Limits on Small Business Expensing 6. Five-Year Carryback of Net Operating Losses 7. Reduction of the Built-In Gains Holding Period for Small Businesses from 10 to 7 Years to Allow Small Business Greater Flexibility in Their Investments 8. Temporary Small Business Estimated Tax Payment Relief to Allow Small Businesses to Keep Needed Cash on Hand From the Small Business Jobs Act: 9. Zero Capital Gains Taxes on Key Investments in Small Businesses 10. The Highest Small Business Expensing Limit Ever– Up to $500,000 11. An Extension of 50% Bonus Depreciation 12. A New Deduction for  Health Care Expenses for the Self-Employed 13. Tax Relief and Simplification for Cell Phone Deductions 14. An Increase in The Deduction for Entrepreneurs’ Start-Up Expenses 15. A Five-Year Carryback Of General Business Credits 16. Limitations on Penalties for Errors in Tax Reporting That Disproportionately Affect Small Business And from the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act: 17. 100 Percent Expensing” [White House Blog, 2/25/11]


Factcheck.org: Romney’s Fee And Tax Increases Were “Between $740 And $750 Million Per Year.” “As we’ve noted before when the subject of Romney’s fee vs. tax increases has come up, the Massachusetts Department of Administration and Finance says that fee increases during Romney’s tenure added up to $260 million per year, with another $174 million raised from closing some corporate tax "loopholes." The independent Massachusetts Taxpayers Foundation puts the revenue total of fee hikes and tax loophole-closings at between $740 and $750 million a year.” [Factcheck.org, 1/31/08]

During Romney’s Tenure The Massachusetts Tax Burden Increased From 10% To 10.6% Of Per Capita Income. “Data compiled by The Tax Foundation, a nonpartisan research group in Washington, shows that during Romney’s four years as governor, the state and local tax burden in Massachusetts increased from 10 percent to 10.6 percent of per capita income.” [Boston Globe, 6/29/07]