President Obama says a Romney presidency would create 800,000 jobs–abroad
President Barack Obama blasted Mitt Romney's economic plan during a stop in the pivotal swing state of Ohio on Monday, saying the blueprint would create 800,000 jobs—just not in America.
"Today, we found out, there's a new study out by a nonpartisan economist that says Gov. Romney's economic plan would in fact create 800,000 jobs," Obama said at a town hall-style event in Cincinnati. "There's only one problem. The jobs wouldn't be in America."
"They would not be in America. They'd be in other countries. By eliminating taxes on corporations' foreign income, Gov. Romney's plan would actually encourage companies to shift more of their operations to foreign tax havens, creating 800,000 jobs in those other countries," the president added.
"This shouldn't be a surprise because Gov. Romney's experience has been investing in what were called pioneers of the business of outsourcing," Obama said, reprising one of his core arguments against the Republican standard-bearer. The president has been assailing Romney over allegedly encouraging businesses to ship jobs overseas.
Obama was referring to a study of Romney's proposals in the Tax Notes newsletter by Reed College economist Kimberly Clausing. But conservatives quickly pointed reporters to data showing that Clausing has given $492 to Obama's re-election effort. And ABC News reported that:
Romney is far from alone in endorsing a territorial tax system, which would allow the profits made by an American corporation in another country to escape U.S. taxation. In fact, a number of advisers to the president support the idea as well — including members of the President's Export Council, the commission the president set up to recommend ways to reduce the deficit, and members of his Council on Jobs and Competitiveness.
Meanwhile, the Obama campaign highlighted a victory against China at the World Trade Organization. Even before Obama touched down in Ohio, the White House trumpeted a new WTO ruling against China as a victory for his get-tough approach to unfair competition.
"Today's win shows our determination to go after China's efforts to distort global trade rules," said press secretary Jay Carney. "And it will benefit jobs and companies here at home.
"The president feels very strongly that taking action to ensure that American companies and American workers are able to compete on a level playing field with China and other countries is something that resonates across the country with Americans," Carney said. "The timing is not ours, but it is newsworthy today."
China is a perennial election-year punching bag—especially in Rust Belt battlegrounds like Ohio, where many blame what they consider Beijing's unfair trade practices for the loss of manufacturing jobs. Romney frequently accuses Obama of doing too little to take on China over its alleged cheating in global trade. The issue resonates powerfully in Ohio, whose Democratic and Republican senators, Sherrod Brown and Rob Portman, have frequently pushed the administration to take a harder line on Beijing.
When Obama visited Ohio earlier this month, his administration unveiled WTO action against Chinese duties on American-made cars and SUVs, including some made in the Buckeye State.
This time, a WTO dispute panel agreed with the Obama administration that China discriminates against American credit card companies and in favor of its state-owned China Union Pay.
"This decision will help U.S. companies and increase American jobs as a more efficient credit and debit payment system in China enables consumers to buy more goods, including quality, made-in-America products," U.S. Trade Representative Ron Kirk said in a statement heralding the decision. The USTR cited industry estimates that the economy could gain 6,000 jobs.
- Anti-Obama billboard in Colorado, blasted by GOP and Democrats, taken down amid death threats
- Obama fires acting IRS commissioner Steven Miller in bid to quell growing anger over Tea Party targeting
- Boy aged FOUR is elected mayor of Minnesota town after his name was picked out a hat
- President Obama says a Romney presidency would create 800,000 jobs–abroad
- Tennessee politician Barry West posts photo of man taking aim with a double-barreled shotgun with outrageous caption
- Teary Rep. Anthony Weiner admits he sexted, tweeted crotch pic in 'Weinergate' expose
- Provocative home-made anti-Obama billboards draws attention and controversy in Massachusetts
- George W. Bush raises more than $500 million for library
- Obama blames drugs for part of US-Mexico problems
- Donald Trump's 'gigantic' announcement: Tycoon offers $5m to charity if Obama releases college records
- Mock Hearing on aliens by former members of Congress
- Gabriel Gomez: Ex-Navy SEAL runs for Mass. Senate seat
- Obama CNN Joke & One-Liners: 2013 White House Correspondents’ Dinner (VIDEO)
- Sarah Palin’s Nerd Prom Tweet Mocks White House Correspondent's dinner
- ‘Rent is too damn high’ Candidate Running For NY Mayor
- Obama daughters tattoos: Obama threatens If daughters get tattoos, we will too
- Nude photos of married Chicago politician John Heidelmeier surface on cyber sex website - just as he's running for mayor
- Democrats abandon 12 House races before 2010 midterm elections, GOP widens influence: report
- Sports Illustrated model Jessica White arrested for allegedly assaulting another woman in NYC
- WATCH: Tea Party darling Christine O'Donnell is getting snappy
- Sarah Palin: 'Corrupt Bastards' In Media Tried To Find Child Molester In Joe Miller Crowd
- Obama holed up in the White House as Republicans look set to take control of Congress with gain of up to 50 seats
- Obama admits: I underestimated political cost of healthcare system overhaul
- State Rep. Bubber Epps Become Latest Ga. Democrat to Defect
- John Edwards-Rielle Hunter Lawyers back in court over sex tape
- Deal Signs $18.3 Billion Budget, Vetoes 9 Bills
- Florida gov bans students from wearing saggy pants
- Huma Abedin, perv pol Anthony Weiner's wife, spotted in Abu Dhabi with Hillary Clinton
- Anthony Weiner photos emerge showing congressman in bra and pantyhose
- Weiner pictured on make-up date with wife...but who is he texting?
- Rick Perry loses key test vote to Herman Cain in Straw Poll
- Romney Wins Puerto Rico Primary
- TWO radio stations drop Rush Limbaugh's show from airwaves as advertisers continue to desert him
- President Obama's Secret Service agents sent home amid prostitute scandal
- President Obama gets laughs for possibly risqué pushup joke
- Ohio cafe owner Josephine "Ann" Harris took this photo with Obama during breakfast visit; 3 hours later, she DIED
- Paul Ryan's black ex-girlfriend becomes a campaign issue
- Outrage over billboard comparing Obama to Dark Knight shooter
- Romney Heckled Over Libya Remarks
- 'Go to hell Barack': Row over Washington Metro ad 3
- Bill O'Reilly goes ballistic on Alan Colmes 3
- Former Ga. Representative Ed Jenkins Dies 2
- Chuck "Looney" Norris Offers Dire Warning For America 2
- Donald Trump's 'gigantic' announcement: Tycoon offers $5m to charity if Obama releases college records 2
Rate this article
|PHOTOS: Plastic Surgery Celebrity||Awkward family photos|
|UPDATED: Faces of Meth||PHOTOS: Celebrities all a-Twitter|
- Did the Pope perform excorcism on disabled man?
- This video of the Moore tornado was shot waaay too close for comfort
- Dutch TV host shocks viewers by drinking milk from woman's breasts on family show
- Russian soldier shot in the head by an AK-47 smiles for the camera as his comrade pulls it out using just PLIERS