Asked By: CK - 8/30/2012

Best Answer - Chosen by Asker

A closer look at some of Mitt Romney's claims in his speech Thursday closing the Republican National Convention:

ROMNEY: "To assure every entrepreneur and every job creator that their investments in America will not vanish as have those in Greece, we will cut the deficit and put America on track to a balanced budget."

THE FACTS: Romney promised to cut $500 billion per year from the federal budget by 2016 to bring spending below 20?f the U.S. economy, and to balance it entirely by 2020. But he's remarkably vague on how he would do that. He has offered ideas such as repealing President Barack Obama's health care law, which actually is projected to save money overall, and cutting smaller areas of government spending such as foreign aid and Amtrak subsidies.

Some of his priorities, such as increasing military spending and reversing $716 billion worth of Obama's cuts to Medicare, would make the job more difficult. Romney has steered clear of proposals to touch Medicare and Social Security in the short run; that leaves a relatively limited portion of the $3.6-trillion federal budget to cut.

He also proposed to cut tax rates while ending some deductions and exemptions, but he hasn't detailed which ones.

ROMNEY: "And let me make this very clear -- unlike President Obama, I will not raise taxes on the middle class."

THE FACTS: Obama enacted several laws that could raise taxes for some middle-class families. Other Obama laws, however, reduced taxes for many more such families.

A 2009 law increased the federal cigarette tax to pay for expanding a health insurance program for low-income children. Also, the massive new health care law imposes fines for not getting health insurance. The Supreme Court called the fines taxes in the ruling that found the law constitutional.

However, the 2009 economic stimulus package contained tax cuts for middle- and low-income families. One, the Making Work Pay tax credit, gave millions of working families up to $800 a year in 2009 and 2010.

Obama also signed a temporary reduction in the Social Security payroll tax for 2011 and 2012. The payroll tax cut shifts $1,000 a year to a worker making $50,000 in wages.

Romney says he wouldn't raise taxes on anyone. However, his tax plan would let the temporary tax cuts in Obama's stimulus package expire, resulting in higher taxes for some low- and middle-income families.

ROMNEY: "I have a plan to create 12 million new jobs. It has five steps."

THE FACTS: No one says he can't, but economic forecasters are divided on his ability to deliver. He'd have to nearly double the anemic pace of job growth lately.

That's conceivable in a healthy economy. Moody's Analytics, one financial research operation, expects nearly that many jobs to return over the next four years no matter who occupies the White House -- provided there are no more economic bumps. Other analysts questioned Romney's rosy job promises.

Romney's steps call for deficit cuts that he has not spelled out, and a march toward energy independence that past presidents promised but didn't deliver. Unlike Obama, he does not support curbs on demand; namely the much higher mileage standards that are coming into effect. Romney proposes boosting supplies, with freer access to development of oil, gas, coal and more. Independent energy analysts say supply and demand both have to be in the equation for energy independence to be achieved.

ROMNEY: "His $716-billion cut to Medicare to finance Obamacare will both hurt today's seniors, and depress innovation -- and jobs -- in medicine."

THE FACTS: The cuts in Obama's health care law hit hospitals, insurance companies and other service providers -- not seniors directly. Those cuts are being phased in over several years, and as yet they do not appear to have harmed the program.

Answered By: EvilChild101 - 8/31/2012