In contrast, Obama said, a Romney agenda “will be simple and straightforward” -- roll back regulations on banks, insurance companies, polluters, and oil companies; retain the Bush-era tax cuts, and add $5 trillion more in tax cuts. “That may be their plan to win the election, but it’s not a plan to create jobs,” Obama said.
“The Romney plan is going to slow down the economy, worsen the jobs deficit and significantly increase the likelihood of a recession,” Nobel Prize-winner Economist Joseph Stiglitz said, according to Bloomberg News.
Mr Obama has said he wants to keep the high rates for upper income taxpayers and to raise total taxes on corporations and other businesses.
Looking ahead to 2012, Obama could replicate the 243,000 jobs created in January over each of the next 11 months and still not approach Reagan's total for 1984 of 3.9 million.
When President Obama entered office in January, 2009, the recession was already in its 13th month. His responsibility was to manage a timely, robust recovery to get America back on track again.
Instead of a recovery,America has suffered the longest period of unemployment above 8% since the Great Depression, under President Obama’s public policy malpractice. Even last month, 52 months after the recession started, while supposedly 115,000 new jobs were created, the labor force shrank by another 342,000 workers, which is the only reason the unemployment rate reportedly declined from 8.2% to 8.1%. Without the decline in the labor force, unemployment would have risen last month to 8.3%.
In the last six months of 2008, while we were campaigning, nearly three million of our neighbors lost their jobs. Eight hundred thousand lost their jobs in the month that I took office. And it was tough. But the American people proved they were tougher.
President Barack Obama’s $447 billion jobs plan would help avoid a return to recession by maintaining growth and pushing down the unemployment rate next year, according to economists surveyed by Bloomberg News.
President Obama has often remarked that the Great Recession (2008–10) is the greatest economic crisis since the Great Depression.
“The deficit was on track to top $1 trillion the year I took office,” said Obama. “To make matters worse, the recession meant that there was less money coming in, and it required us to spend even more -- on tax cuts for middle-class families to spur the economy; on unemployment insurance; on aid to states so we could prevent more teachers and firefighters and police officers from being laid off. These emergency steps also added to the deficit.”
"The problem with Mitt Romney is he's forgotten what sank our economy into the worst recession in our lifetimes and who got us there," said Brad Woodhouse, communications director for the Democratic Party. "What else," he said, "could explain why he wants to go back to the same failed policies that nearly sank our economy or why he'd surround himself with the Bush political and economic team that ran our economy into the ground?"
During a fundraiser yesterday in Seattle, Obama said the economy four years ago "collapsed in the most destructive, worst crisis that we've seen since the Great Depression. And sometimes people forget the magnitude of it, you know? ... Sometimes I forget."