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.
- Pizza delivery man 'caught on hidden camera having sex with family dog'
- A man having sex with a goat and a naked woman straddling a statue: Ancient Roman frescoes get a modern artistic makeover
- Girl, 15, tries to commit suicide after naked picture of her is posted online
- Student posted 'revenge porn' nude pics of his ex-girlfriend because she 'gave evidence to cops about a burglary he was involved in'
- Loving Family: Man 'had sex with his sister-in-law so that she could get pregnant rather than getting IVF treatments'
- Born into brothels: Behind the scenes of Kolkata's notorious red-light district where thousands of girls are forced into sex work
- Jennifer Nettles Baby Announcement: Sugarland Singer Welcomes Son Magnus Hamilton
- Serena Williams tops Victoria Azarenka to win U.S. Open title
- Sex maniac doctor who used medical images as porn, sent naked selfies to patient ... and sexted DURING C-sections
- Six injured in fire at Top of the Rock observation deck after security camera exploded
- Deputies: Couple Kurt Vineis, Katrina Palmer Arrested After Toddler Ingests Pills
- English teacher, 34, arrested for having sex with 17-year-old student seven times
- Neymar takes selfie with girlfriend Gabriella Lenzi after Brazil World Cup win
- Deputies: Guyton man had sex on video with underage boy and dog
- Toddler suffered third-degree burns after nurse put her in scalding bath - then dressed her in clothes that had to be CUT off
- Pastor Samuel Chapman jailed on child sex charges
- Police launch all-out search for amorous couple filmed having sex on public fountain in Russia
- lagos nigeria 23401 ( Nigerian Dating Scam )
- The great celebrity shoe's who: Yes, those vertiginous YSL heels are Kate Winslet's. But, as stars donate their favourite pairs to charity, can you match the other celebrities to their footwear?
- Meet the seven women of Bravo's 'Ladies of London' whose drinking, cat fighting, royal name dropping and even labor scenes are coming to TV
- Hormiz David, Ninos Yacoub, Ramina Badal Presumed Dead From Yosemite Fall
- Was flight MH370 lost in an aeronautical black hole or did catastrophic power failure prevent air traffic control plotting its every move?
- Justin Bieber's Super Bowl weekend off to rocky start as car is towed and sniffer dogs search private jet
- Brazilians blowing up over 2014 FIFA World Cup song
- Cooking with gas! New pan heats food 40% faster thanks to its 'fins' - and is designed by a rocket expert
- Obama, Cameron discuss foreign policy hot spots
- Parent Linnea Wynn Accused Of Pointing Gun At Day Care Owner
- Local man fighting flesh-eating bacteria
- 104 NY Men Charged with patronizing a prostitute
- Lacoste salesman fired for posting paycheck on Instagram
- Cop Brandon Carter allegedly Tasered woman for not showing breasts
- 'He started following me - and so did his WIFE': TV presenter reveals how she was stalked for eight years by crazed couple
- 11-year-old boy beaten by grandmother and mother who then POST VIDEO of abuse on Facebook
- David Nabhan can 'predict earthquakes' and says next one in US will be on July 12
- Former airport worker Luis Marroquin pleads guilty in drug plot
- Dan Bilzeran, the poker playboy crowned Instagram King, reveals 'lunatic lifestyle'
- Jordan Davis hoax: Mother who claimed armed thugs 'stole Christmas' was LYING
- GOP state House candidate Jordan Haskins trying to move past sex fetish convictions
- Festival-goer dies at 'Utah's Burning Man' after running into burning 30-foot-tall effigy in apparent suicide
- Georgia NAACP commemorates Freedom Summer with voter registration efforts
- Kari Lynn Bryan: Educator accused of having sex with special needs student
- Inside the tiny 300sq ft apartments that are set to become legal in San Francisco
- Exterminator Jason Smith charged with killing Philly pediatrician Melissa Ketunuti because 'she belittled him'
- Condition of child who almost drowned in mall fountain improves
- Breaking Amish's Kate Stoltz, 23, continues with her racy lingerie modeling career
- Argentine World Cup celebration marred by violence
- Scientists discover the new black: British researchers devise material so dark it looks like a black hole
- Forsyth County fugitive Kenneth Dustin Grant arrested in Mexico
- Bruce Lee didn't drink, but CGI Bruce Lee is in this liquor ad
Rate this article
|PHOTOS: Plastic Surgery Celebrity||Awkward family photos|
|UPDATED: Faces of Meth||PHOTOS: Celebrities all a-Twitter|