Fact Check: 12 Million Jobs

With more than 4.6 million private sector jobs added over the past 30 months, the economy is working its way back from the worst economic recession since the Great Depression. But as President Obama has made clear, there’s more to do—and he has a real, achievable plan to strengthen the economy. In fact, he has a plan to create 1 million jobs now by keeping teachers and first responders on the job, putting construction workers back to work, and cutting taxes for small businesses that hire and invest in their business. However, the House GOP continues to block the President’s jobs plan.

Meanwhile, Mitt Romney and Paul Ryan are under fire for failing to provide any specifics about their economic plan. Instead, they’re trying to claim that their plan will create 12 million jobs in their first term. But here’s the thing: As ABC’s George Stephanopoulos pointed out, independent economists project that the economy is already on track to add 12 million jobs under current policies.

Here’s what independent fact checkers had to say:

Washington Post fact checker:

“Moody’s Analytics, in an August forecast, predicts 12 million jobs will be created by 2016, no matter who is president. And Macroeconomic Advisors in April also predicted a gain of 12.3 million jobs.”

Washington Post’s Ezra Klein:

“Romney’s target of 12 million jobs over the next four years happens to be the same number of jobs that economic forecasting firm Moody’s Analytics expects us to add even without major policy changes.”

New York Times:

“Mr. Romney’s promises may actually be a little underambitious, in that his promised job growth is pretty close to what’s already expected. In its semi-annual long-term economic forecast released in April, Macroeconomic Advisers projected that the economy would add 11.8 million jobs from 2012 to 2016.

The bottom line is that President Obama’s plan—including support of the American Jobs Act—is the only one that will actually create a substantial number of jobs—two million more than the Romney-Ryan plan.

In fact, while the President’s plan would create 1 million jobs next year based on outside estimates, analysts say the Romney-Ryan economic plan could cost over 1 million jobs next year. Mark Hopkins, senior adviser at Moody’s Analytics, said, “If we implemented all of [Romney’s] policies, it would push us deeper into recession and make the recovery slower.” Nobel Prize-winning economist Joseph Stiglitz said, “The Romney plan is going to slow down the economy, worsen the jobs deficit, and significantly increase the likelihood of recession.”