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Report: Romney’s plan would cost nearly 2 million jobs in 2013

What’s the difference between President Obama’s jobs plan and Governor Romney’s? Nearly 2 million jobs next year, according to a new study by independent economists.

President Obama

The Economic Policy Institute (EPI) took a look at each candidate’s plan and found that President Obama’s jobs plan would create 1.1 million jobs in 2013 and about 1.4 million total over the next two years combined. That’s for a simple reason: His plan includes measures that provide some of the best “bang for the buck” policies that get people back to work—from keeping teachers on the job to putting construction workers back to work through new infrastructure investments.

Governor Romney

Governor Romney’s plan? His deep spending cuts would actually slow the economy over the next two years and cost jobs. If Romney pays for his tax plan—as he has promised to do—his plan would cost 608,000 jobs in 2013 and another 1.3 million in 2014. Of course, independent economists have found that paying for his tax plan would also require raising taxes for middle-class families—meaning Romney’s plan would result in both fewer jobs and higher taxes. But even if Romney didn’t pay for his tax cuts, EPI finds that his plan would cost jobs over the next two years while adding substantially to the deficit.

Governor Romney’s plan costs jobs because it prioritizes policies—like tax cuts for the wealthy—that do little to strengthen the economy now over those that could help people get back to work. And that doesn’t even take into account the fact that these proposals would weaken our economy over the long-term—including by cutting investments in education, research, and clean energy.

The Bottom Line

As independent economists have pointed out, Governor Romney’s promise to create 12 million jobs only reflects what independent economists project will already occur over the next four years under current policies. But EPI’s analysis suggests Romney may still be too generous in describing his plan, since it will actually cost almost 2 million jobs over the next two years alone.