In August, the NY Times' Catherine Rampell wrote what was probably the least appreciated economics story of the year. "Last week," she began, "Mitt Romney declared that if his new, one-page economic policy plan were implemented, the country would add '12 million new jobs by the end of [his] first term.' "
Romney's Big Promise created a stir not only on the left, but in the mainstream media. Twelve million? No way. That's preposterous. Just another outrageous, characteristically Romneyesque Big Lie.
This morning, Romney is repeating his promise: "If I’m elected, we will have a real recovery with pro-growth policies that will create 12 million new jobs."
Yet as Rampell observed two months ago, "Romney’s promises may actually be a little underambitious, in that his promised job growth is pretty close to what’s already expected." She continued:
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....
Moody’s Analytics, another forecasting firm, projects similar job growth.
Other forecasts weren't as optimistic, nonetheless the underlying premise was, and remains, that we have already turned the corner under President Obama's policies--and now some serious coasting is virtually guaranteed.
So for once, Romney wasn't lying. He probably would create 12 million news jobs. But so will Obama. Both, because of Obama.
Romney just forgot to mention that last part.