Romney won't help economy

11/03/2012 6:33 PM

11/03/2012 6:35 PM

Mitt Romney good for the economy? Don't believe it.

He clings to the erroneous belief that sharp government spending cuts will revitalize economic growth and create new private sector jobs. Data actually shows the opposite to be true: states that cut public spending saw on average 1 percent more unemployment, 2.1 percent less private employment, and 2.9 percent economic contraction. For every 10 percent cut in state spending, states also lost 1.6 percent of their private-sector jobs.

States that resisted cuts or increased spending decreased unemployment 0.2 percent, increased private employment 1.4 percent and 0.5 percent increase in economic growth.

Romney says his tax breaks won't add to the deficit. Don't believe it.

Over the 32-year deficit debacle (except for the last two Clinton years), tax breaks have not increased growth. Instead, tax those who sit on trillions of dollars of unproductive wealth and eliminate tax loopholes that benefit large, profitable corporations and Wall Street.

Overwhelmingly the majority of Americans believe that deficit reduction must be about shared sacrifice, not the Republican savage cuts to desperately needed programs for the elderly, the sick, working families, the poor and our children, while not asking the wealthiest of us to contribute one penny.

STEVE HAY

Modesto

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