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Businesses Created 172,000 New Jobs in July; Romney’s Budget and Middle-Class Tax Hike Would Slow Economic Growth and Job Creation

Businesses created 172,000 new jobs in July for a total of 4.5 million new jobs over the past 29 straight months of private-sector growth. We could do more if Romney and Republicans in Congress stopped blocking the President’s jobs plan to create 1 million jobs now and took immediate action to prevent a tax hike on middle-class families. Romney’s plan would make middle-class families pay more in taxes so millionaires like Romney can pay less.

Continuing Our Recovery: Businesses created 172,000 new jobs in July, continuing our recovery from the worst economic crisis since the Great Depression. The private sector has added a total of 4.5 million new jobs over the past 29 consecutive months of growth.

  • Manufacturers are consistently creating jobs for the first time since the late 1990s, adding more jobs last month and more than 530,000 jobs since January 2010. That’s the strongest growth for any 30-month period since June 1989.
  • The auto industry is back, adding a quarter of a million new jobs since President Obama rescued it. Mitt Romney wanted to “let Detroit go bankrupt.”
  • Please see this chart showing that President Obama’s policies helped the private sector not only stop the free fall, but reverse the trend.

We could do more if Mitt Romney and Republicans in Congress stopped blocking the President’s plans to create jobs and strengthen the middle class. They need to:

  • Pass the President’s jobs plan to create 1 million jobs now and put teachers, police, firefighters and construction workers back on the job.
  • Immediately prevent a tax hike on middle-class families. If Congress doesn’t act, taxes will go up by $2,200 for the typical middle-class family of four.

The Romney Tax Hike: Romney’s plan for the middle class requires a tax hike to pay for tax cuts for millionaires and billionaires like himself. Nonpartisan tax experts found that the Romney Tax Hike would cost middle-class families with children an average of $2,000 a year.

  • Please see this new clickable map that shows how many middle-class families in each state would be hit with the Romney Tax Hike.

Romney’s budget wouldn’t create any jobs. According to independent economists, his severe spending cuts – which would slash education, infrastructure, and research and development – would slow economic growth and could lead to another recession.

Romney’s economic policies failed before and would fail again. We were promised over the past decade that tax breaks for the wealthiest would unleash job creation, but
they led to the slowest pace of job creation we have seen since World War II.

Forward vs. Backward: Americans face a critical choice in this election. We can keep moving forward to an economy built to last and built from the middle class out, or we can go back to the same top-down economics that eroded security for the middle class.