August 3rd, 2012
12:31 PM ET

Romney promises 12 million jobs; Does this 'tall order' add up?

Mitt Romney’s top economic advisor Glenn Hubbard recently wrote in the Wall Street Journal that as president Romney would create about 12 million jobs in his first term and millions more after that.

Which means, just to get to 12 million in the first term, Romney would have to create 250,000 jobs each and every single one of his 48 months in office. He says he’s going to do that by cutting regulations and by cutting taxes, but does it add up?

The United States has never had four straight years where job creation was above a quarter million a month. The longest stretch was only 11 months, during the Reagan years.

Plenty of jobs were created in the 1990s, but of course that was in the middle of the internet boom which was not sustainable. Since 1939 only 27% of monthly jobs reports have shown growth of 250,000 jobs or more.

The reality is that even if Romney created 12 million jobs, climbing out of the job loss hole would still be tough. Just to keep up with population growth at least 125,000 jobs need to be created each month. J.P. Morgan estimates that we need up to 8 million jobs over 4 years to make up for those lost during the financial crisis.

The bottom line is that Mitt Romney needs to create 14 million to get us back to even. In the end it may not even matter who is president come January. Great jobs booms come with great moments. The good news? We are on the cusp now of possibly a massive boom in energy jobs and wealth.


Filed under: 2012 Election • Economy • OutFront Deconstruct
August 3rd, 2012
12:28 PM ET

The history of losing to win

CNN's Erin Burnett talks about the eight athletes disqualified at the Olympics and say she is on their side.

Filed under: E-Block • Olympics
August 3rd, 2012
12:19 PM ET

Stop watching the Olympics at work!

CNN's Erin Burnett takes a look at the cost of watching the Olympics.

Filed under: Olympics • The Number
August 3rd, 2012
11:28 AM ET

Ugandan Official: Ebola outbreak can increase

In Uganda, where five prisoners are the latest suspected cases of the Ebola virus. One hospital in Kigadi has become ground zero for the outbreak.
David Mckenzie is there and we asked him how doctors are trying to help.

Filed under: International • News • OuterCircle
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