President calls Romney remarks a "cow-pie of distortions"

[Bill USA]

Last edited Tue May 29, 2012, 04:46 PM - Edit history (1)

http://www.whitehouse.gov/the-press-office/2012/05/24/remarks-president-campaign-event-1


Now, let me tell you something. We believe in the profit motive. We believe that risk-takers and investors should be rewarded. That's what makes our economy so dynamic. But we also believe everybody should have opportunity. (Applause.) We believe -- we think everybody who makes the economy more productive or a company more productive should benefit.

And the problem with our economy isn’t that the American people aren’t productive enough -- you’re working harder than ever. Productivity is through the roof. It's been going up consistently over the last decade. The challenge we face right now -- the challenge we’ve faced for over a decade -- is that harder work hasn’t led to higher incomes. Bigger profits haven’t led to better jobs. And you can’t solve that problem if you can’t even see that it's a problem. (Applause.)

And he doesn't see it's a problem. And so this experience explains why he is proposing the exact same policies that we already tried in the last decade, the very policies that got us into this mess. He sincerely believes that if CEOs and wealthy investors are getting rich, then the wealth is going to trickle down and the rest of us are going to do well, too. And he is wrong.

You don’t build a strong economy by proposing more tax cuts for corporations that ship jobs and profits overseas. But that’s his plan. (Applause.) You don’t build a strong economy by repealing the rules that are designed to prevent another taxpayer bailout of Wall Street banks. But that’s what he pledges to do, roll those things back. You don’t build a strong economy by offering another budget-busting tax cut skewed to the wealthiest Americans, while raising taxes on 18 million working families. But that’s what he’s proposing. (Applause.)

And then, he and his folks, they’ve got the nerve to go around saying they're somehow going to bring down the deficit. Economists who have looked at his plan say it would swell our deficits by trillions of dollars, even with the drastic cuts he’s called for in things like education and agriculture and Medicare; even with the drastic cuts to the basic research and technology that have always been the strength of the American economy.

He promises to do that on day one. We don't need that.

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I’m running to pay down our debt in a way that’s balanced and responsible. Now, I know Governor Romney came to Des Moines last week; warned about a "prairie fire of debt." That’s what he said. (Laughter.) But he left out some facts. His speech was more like a cow pie of distortion. (Laughter.) I don’t know whose record he twisted the most -- mine or his. (Laughter.)
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another post on the speech here: http://www.democraticunderground.com/1002725994