Romney Campaign Press Release - Obama For America AD Fact Check: The Choice

"President Obama believes that government creates jobs, not hard-working entrepreneurs and small-business owners. Not only are his 'you didn't build that' comments insulting to job creators, but they also reflect how unqualified he is to lead our country toward an economic recovery. Instead of meeting with his Jobs Council, he is busy holding fundraisers, playing golf and trying to tear down Mitt Romney. Mitt Romney will never be too busy to focus on jobs and the economy and it will be his top priority as president." — Amanda Henneberg, Romney Campaign Spokeswoman

President Obama Has Promised To Help The Middle Class, But His Policies Have Left Middle-Class Families Struggling:

More Than Twenty-Three Million Americans Are Unemployed, Underemployed, Or Have Stopped Looking For Work. (Bureau Of Labor Statistics, www.bls.gov, 7/7/12)

"The Ranks Of America's Poor Are On Track To Climb To Levels Unseen In Nearly Half A Century..." "The ranks of America's poor are on track to climb to levels unseen in nearly half a century, erasing gains from the war on poverty in the 1960s amid a weak economy and fraying government safety net." (Hope Yen, "US Poverty On Track To Rise To Highest Since 1960s," The Associated Press, 7/22/12)

"The American Job Machine Has Jammed" And Has Settled Into A "Summer Slump For The Third Year In A Row." "The American job machine has jammed. Again. The economy added only 80,000 jobs in June, the government said Friday, erasing any doubt that the United States is in a summer slump for the third year in a row." (Paul Wiseman, "US Economy Adds 80,000 Jobs In Another Weak Month," The Associated Press, 7/7/12)

"The Weakest Job-Adding Quarter In Two Years..." CNBC's JOHN HARWOOD: "Just 80,000 jobs added in the month of June, Michelle. 8.2% unemployment rate, unchanged, 12.7 million unemployed people, also unchanged. That makes the second quarter the weakest job-adding quarter in two years, an average of 75,000 jobs added in the second quarter of this year." (CNBC's "Squawk Box," 7/6/12)

Since President Obama Took Office, Median Household Income Has Declined By $4,300. "Yet real median household income in March was down $4,300 since Obama took office in January 2009 and down $2,900 since the June 2009 start of the economic recovery, according to an analysis of census data by Sentier Research, an economic- consulting firm in Annapolis, Maryland." (Mike Dorning, "Obama Fails To Stem Middle-Class Slide He Blamed On Bush," Bloomberg, 4/30/12)

Median Family Net Worth Has Hit A Two-Decade Low. "The Great Recession shrank Americans' wealth so much that in 2010 median family net worth was no more than it had been in 1992 after adjusting for inflation, the Federal Reserve reported Monday. Median net worth declined from $126,400 in 2007 to $77,300 in 2010, a Fed survey of family finances found. The median marks the point where half had more and half had less." (Martin Crutsinger, "Fed Report: Middle Class Net Worth Tumbles," The Associated Press, 6/12/12)

President Obama Has Promised To Reform Taxes, But His Tax Plan Will Harm Small Businesses And Middle-Class Workers:

President Obama's Tax Plans Would Come "At The Expense Of Smaller Businesses That File As Individuals" By Hiking Their Marginal Rates To "41% Or More." "By contrast, President Obama's proposal yesterday (see below) to cut the corporate rate to 28% from 35% wouldn't apply to this 'pass-through' business income. It would thus favor big corporations at the expense of smaller businesses that file as individuals and would see their marginal rate rise to 41% or more under Mr. Obama's plan to raise individual tax rates." (Editorial, "Romney's Tax Reboot," The Wall Street Journal, 2/23/12)

• President Obama's Massive Tax Hikes "Would Mean Higher Taxes On 53 Percent Of Business Income Reported On Individual Returns." "President Barack Obama's plan to raise tax rates for the top 2 percent of U.S. households would mean higher taxes on 53 percent of business income reported on individual returns, according to the Joint Committee on Taxation. The nonpartisan analysts prepared the data at the request of Republicans on the Senate Finance Committee." (Richard Rubin, "Obama Plan Means Higher Taxes On 53% Of Business Income: Study," Bloomberg, 6/19/12)

A Report Published By Ernst & Young Shows President Obama's Tax Increases "Would Hurt Small-Business Job Creators In Particular." "New research, released today by the National Federation of Independent Business, shows that allowing tax relief on the top individual rates to expire will hurt job creation and the economy. The report, published by top accounting firm Ernst & Young, shows raising top individual rates would hurt small-business job creators in particular." (NFIB, Press Release, 7/17/12)

• "Over Time The Economy Would Be 1.3 Percent Smaller And There Would Be 710,000 Fewer Jobs." "The study ... finds that over time the economy would be 1.3 percent smaller and there would be 710,000 fewer jobs. More than 72 percent of S corporation income is earned by the half-million S corporation owners who pay the top two rates. Increasing individual rates directly impacts small businesses organized as S corporations, partnerships, LLCs and sole proprietors, also known as 'pass-through' businesses. NFIB research shows around 75 percent of all small businesses are organized in such a manner." (NFIB, Press Release, 7/17/12)
• "Together With The New 3.8 Percent Tax On Investment Income Introduced In The Health Care Reform Law, The Study Finds That The Top Tax Rate On Pass-Through Business Income Would Skyrocket From 35 To Nearly 45 Percent." (NFIB, Press Release, 7/17/12)

President Obama Has Promised To Invest In Manufacturing, But The Manufacturing Sector Is Still Struggling After Nearly Four Years Of President Obama's Policies:

Under President Obama, The Nation Has Lost 590,000 Manufacturing Jobs. (Bureau Of Labor Statistics, bls.gov, 7/17/12)

"Manufacturing In The U.S. Unexpectedly Shrank In June For The First Time In Almost Three Years." "Oil fell after manufacturing in the U.S. unexpectedly shrank in June for the first time in almost three years. Prices dropped 1.4 percent as the Institute for Supply Management's U.S. factory index fell to 49.7 in June from 53.5 a month earlier." (Moming Zhou, "Oil Drops As U.S. Manufacturing Shrinks In June," Bloomberg, 7/2/12)

Manufacturing Will Likely Remain "Weak For The Next Few Months." "Manufacturing will likely stay weak for the next few months. The ISM's gauge of new orders, a measure of future activity, plunged from 60.1 to 47.8. That's the first time it has fallen below 50 since April 2009, when the economy was still in recession." (Christopher S. Rugaber,  "US Manufacturing Shrinks For First Time In 3 Years," The Associated Press, 7/2/12)

President Obama Has Promised To Utilize Our Domestic Energy Sources, But His Policies Will Increase Energy Costs At Home And Drive Coal Power Plants Out Of Business:

President Obama "Has Said That The Most Important Policy He Could Address In His Second Term Is Climate Change." "Obama has an ambitious second-term agenda, which, at least in broad ways, his campaign is beginning to highlight. The President has said that the most important policy he could address in his second term is climate change..." (Ryan Lizza, "The Second Term," The New Yorker, 6/11/12)

• At A San Francisco Campaign Event, President Obama Hinted He Would Revive His Cap-And-Trade Plan After The 2012 Elections. OBAMA: "We have to have an even more robust energy policy if we're going to create the kind of jobs in this new energy sector that are needed and we're going to deal with climate change in a serious way." (President Barack Obama, Remarks in San Francisco, CA, 2/17/12)

President Obama's Previous Attempts At Cap-And-Trade Would Have Enacted "The Biggest Tax In American History." "House Speaker Nancy Pelosi has put cap-and-trade legislation on a forced march through the House, and the bill may get a full vote as early as Friday. It looks as if the Democrats will have to destroy the discipline of economics to get it done. ... Americans should know that those Members who vote for this climate bill are voting for what is likely to be the biggest tax in American history. Even Democrats can't repeal that reality." (Editorial, "The Cap And Tax Fiction," The Wall Street Journal, 6/26/09)

President Obama's EPA Regulations Will Ensure Coal-Fired Plants "As They Exist Now Will Not Be Built In The Future." "But beyond that, the rule means that coal-fired power plants as they exist now will not be built in the future. The standard will generally require that new power plants emit CO2 at a rate no greater than that of a natural-gas-fired power plant. Such plants emit about 60 percent less greenhouse gases than coal plants." (Erica Martinson, "EPA Hits Greenhouse Gas Emissions From Power Plants," Politico, 3/26/12)

The Plain Dealer: "These Plant Closures Will Be A Punch In The Gut For Communities Already Battling Sour Unemployment Numbers." "These plant closures will be a punch in the gut for communities already battling sour unemployment numbers. Three of the plants are in Cleveland, Eastlake and Ashtabula, which stand to lose millions in property taxes as well as many jobs." (Editorial, "Coal Plants' Loss Will Hurt Ohio," The Plain Dealer, 1/29/12)