Mitt Romney's Mass. Economic record questioned

Reuters reports:

Republican Mitt Romney is touting his revival of the Massachusetts' economy in a pitch to voters in Florida, a state that could make or break his White House bid, but some experts dispute that record.

The former Massachusetts governor issued a statement on Sunday titled "creating jobs" that focuses on 57,600 jobs added to the Massachusetts economy during his single term as governor from 2003 to 2007.

But Northeastern University economist Andrew Sum, who has researched Romney's record, said the state lagged the U.S. average during that period in job creation, economic growth and wage increases.

"As a strict labor market economist looking at the record, Massachusetts did very poorly during the Romney years, he said. "On every measure you've got, the state was a substantial under-performer."

At a campaign rally here on Saturday, Romney's supporters handed out flyers promoting the candidate's economic credentials, a central theme in his campaign, saying he had "closed a nearly $3 billion budget deficit without raising taxes" during his term in Massachusetts.

But the $3 billion deficit projected by Romney and state legislators in January 2003 at the start of his administration never rose that high because a surge in capital gains taxes more than halved the shortfall to $1.3 billion.

While Romney and the state legislature cut $1.6 billion from the 2004 budget, analysts noted he also generated more than $500 million by raising fees and by closing corporate tax loopholes -- actions considered tax rises by some businesses.

"There's never been under his watch an economic turnaround to speak of," Michael Widmer, president of the independent Massachusetts Taxpayers Foundation, told Reuters.

"We added a few jobs over the last three years of his tenure but very few. He also raised corporate taxes and fees and the (deficit) gap turned out to be less than $3 billion."

Maybe,Thomas Franks could write a book on why Mitt Romney's state is losing jobs and population to the rest of the country.