Mitt Romney’s campaign adviser Glenn Hubbard penned a highly misleading op-ed for the Wall Street Journal in which he claims that President Obama’s budget—that in reality reduces the deficit by $4 trillion and lowers taxes for the middle class—will somehow do the opposite.
Obama for America’s Policy Director James Kvaal explains exactly why Hubbard’s fabricated argument rings hollow and how Romney’s economic plan is the real budget-buster:
“Not content to attack President Obama’s actual budget plan, Glenn Hubbard fabricates one out of thin air. Mitt Romney and his advisers should address the multi-trillion budget gap created by their own promises, not debate imaginary straw men.
“In reality, President Obama’s budget reduces the deficit to sustainable levels for the foreseeable future, cutting it by more than $4 trillion. It includes $2.50 in spending cuts for every $1 in new revenue. It details exactly how he will bring annual domestic spending to its lowest level since the 1950s. And it reduces the deficit further by asking everyone—including millionaires and large corporations—to pay their fair share.
“President Obama’s plan would stabilize and reduce the national debt as a share of the economy, according to the independent Congressional Budget Office. And it would allow him to cut taxes for families making less than $250,000 and make key investments in education, clean energy, and infrastructure. A typical family has already saved $3,600 under the tax cuts President Obama has signed into law.
“Mitt Romney takes the opposite approach. His $5 trillion tax plan showers tax breaks on wealthy Americans and big corporations, but actually raises taxes on 18 million working families. He claims to have trillions of dollars in spending cuts and tax increases to pay for this budget-buster, but keeps these plans secret from regular voters. Even Mitt Romney admits that his own plan has too many missing pieces to know what its impact on the deficit would actually be.
“The Romney campaign apparently believes that large middle-class tax increases are the way to fill large budget gaps—a deeply troubling view given the gaping holes in their own plan. President Obama could not disagree more, and he has a plan to bring the deficit under control to protect middle-class families.
“Glenn Hubbard helped George Bush turn record budget surpluses into record deficits with massive tax cuts for the rich, and he’s ready to do the same for Mitt Romney. It’s time for Mitt Romney to stop hiding behind deceptive attacks and be honest with the American people about what he’d do as president.”