Nobel Prize-Winning Economist Calls Romney Plan " a Snow Job on the American People"
In his Oct. 18 op-ed, Nobel Prize-winning economist and columnist Paul Krugman says that Romney doesn’t have a jobs plan; he’s just faking it.
Krugman argues----
“Mr. Romney’s campaign is telling lies: claiming that its numbers add up when they don’t, claiming that independent studies support its position when those studies do no such thing. “
...“As many people have noted, the plan has five points but contains no specifics. Loosely speaking, however, it calls for a return to Bushonomics: tax cuts for the wealthy plus weaker environmental protection. And Mr. Romney says that the plan would create 12 million jobs over the next four years.
Where does that number come from? When pressed, the campaign cited three studies that it claimed supported its assertions. In fact, however, those studies did no such thing.”
".....when the campaign says that these three studies support its claims about jobs, it is, to use the technical term, lying — just as it is when it says that six independent studies support its claims about taxes (they don’t).
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---Update 10/19 -------
Per Huffington Post:
" Romney has promised to cut marginal tax rates by 20 percent and slash taxes on investment income without raising taxes on the middle class or increasing the deficit. The Tax Policy Center analyzed his plan in August and concluded that it was mathematically impossible."
"Romney modified his tax plan during the presidential debate on Tuesday, when he said that he would consider capping deductions at $25,000 per household. But the Tax Policy Center found that Romney's tax plan, even with that change, still would increase the deficit by $3.7 trillion over the next 10 years."
"Harvard economist Larry Summers says that Mitt Romney's tax plan fails the basic test of arithmetic.
"It's just not possible to do what he says," Summers, who served as a top economic advisor to President Barack Obama, told CNNMoney in a recent interview.
"The reality is that every expert who's looked at it has found that cutting taxes by 20 percent costs $5 trillion," Summers said. "If you take away every exemption, every tax expenditure for people with high incomes, you don't get anything like $5 trillion."
