Romney Campaign Press Release - The Romney Record: Governor Romney And The Massachusetts Economy

FOR IMMEDIATE RELEASE

CONTACT: Kevin Madden (857) 288-6390

"Governor Romney's has an extraordinary record of fiscal discipline, lower taxes and pro-growth economic policies. Governor Romney was applauded for cutting wasteful spending and insisting upon more efficiency in government. His record of balanced budgets and smart management is quite different from the fiscally irresponsible budget deficits that Mayor Giuliani left in New York City." - Kevin Madden, Romney for President national spokesman

Governor Romney's "Policies Are Credited With Improving The State's Competitiveness":

The Boston Globe: "Romney's Policies Are Credited With Improving The State's Competitiveness." "Nonetheless, Romney's policies are credited with improving the state's competitiveness. His administration promoted high-density development to increase housing production, got a fast-track permitting law enacted by the Legislature to help businesses expand, and revived an agency to help firms move to the state." (Brian C. Mooney, Stephanie Ebbert And Scott Helman, "Ambitious Goals; Shifting Stances," The Boston Globe, 6/30/07)

- The Club For Growth: "As Massachusetts Governor, Mitt Romney's record on economic issues was generally good. He demonstrated a willingness to take on his Legislature and deserves credit for the many pro-growth measures he advocated and the modest reforms he was able to achieve." (The Club For Growth, "Mitt Romney's Record On Economic Issues," Press Release, 8/21/07)

In Three Years, The Number Of Companies In The State's Development Pipeline Went From 13 To 288. "Under Ranch C. Kimball, who became Romney's secretary of economic development in 2004, the number of companies in the Massachusetts development pipeline jumped from 13 to 288 in three years." (Brian C. Mooney, Stephanie Ebbert And Scott Helman, "Ambitious Goals; Shifting Stances," The Boston Globe, 6/30/07)

- The Boston Globe : "Last year, Bristol-Myers Squibb Co. chose an 89-acre site at the former Fort Devens over one in North Carolina for a $660 million complex that will create 550 jobs. The deal required a customized tax credit, a $34 million infrastructure bond, and an unusual show of teamwork by Romney and the Legislature." (Brian C. Mooney, Stephanie Ebbert And Scott Helman, "Ambitious Goals; Shifting Stances," The Boston Globe, 6/30/07)

Economic Data On Governor Romney's Term:

Massachusetts Added 57,600 Jobs Since The Recession Ended In December 2003 And Until The End Of Governor Romney's Term. "Massachusetts has added 57,600 payroll jobs since December 2003." (Massachusetts Department Of Workforce Development, "Jobs In Massachusetts Up By 1,700 In December," Press Release, 1/18/07)

- Boston Business Journal: "Thousands Of People Are Re-Entering Massachusetts' Work Force As Its Jobs Engine ... Continues To Gain Traction." (Craig M. Douglas, "The Massachusetts Job Creators," Boston Business Journal, 1/1/07)

From 2003-2005 Massachusetts Led All New England States In Economic Growth. "Massachusetts' economic growth accelerated 2.9 percent last year, best in New England..." (Robert Gavin, "Mass. Economy Grew 2.9% In '06, Best In New England," The Boston Globe, 6/8/07)

During Governor Romney's Term, Massachusetts Per Capita Personal Income Grew By 14%, Outpacing Per Capita Personal Income Growth For The Entire United States. In 2003, Massachusetts per capita personal income was $39,442 and rose to $45,877 in 2006. (Department Of Commerce, Bureau Of Economic Analysis, "State Annual Personal Income," www.bea.gov, Accessed: 7/29/07)

In 2005, Massachusetts Had A Per Capita Personal Income (PCPI) Of $43,501. This PCPI Ranked 3rd In The United States And Was 126 Percent Of The National Average, $34,471. (Department Of Commerce, Bureau Of Economic Analysis, "State BEARFACTS 1995 – 2005: Massachusetts," www.bea.gov, Accessed: 7/29/07)

Governor Romney "Imposed Some Much-Needed Fiscal Discipline" In Massachusetts:

Governor Romney Closed The Nearly $3 Billion Shortfall Without Raising Taxes. "When Mitt Romney became governor of Massachusetts in 2003, the state had a budget gap of almost $3 billion and was losing thousands of jobs a month. In Mr. Romney's four-year tenure, the deficit was eliminated without raising the sales tax or the income tax, and since the labor slump hit bottom in December 2003, the state has gained 81,000 jobs." (Pam Belluck, "Romney Candidacy Puts Massachusetts Economy In Spotlight," The New York Times, 3/16/07)

The Club For Growth: Governor Romney "Imposed Some Much-Needed Fiscal Discipline On A Very Liberal Massachusetts Legislature." (The Club For Growth, "Mitt Romney's Record On Economic Issues," Press Release, 8/21/07)

- To Close The Budget Gap, Governor Romney Forced The Legislature To Pass "Tremendous Spending Cuts." "Governor Romney receives credit for actual spending in FY 2003, even though he entered office halfway into the fiscal year, because of the tremendous spending cuts he forced down the Legislature's throat in January of 2003. Facing a $650 million deficit he inherited from the previous administration, Romney convinced the unfriendly State Legislature to grant him unilateral power to make budget cuts and unveiled $343 million in cuts to cities, healthcare, and state agencies. This fiscal discipline continued in 2004, in which Romney continued to slash 'nearly every part of state government' to close a $3 billion deficit." (The Club For Growth, "Mitt Romney's Record On Economic Issues," Press Release, 8/21/07)

- The Weekly Standard's Terry Eastland: "As governor, Romney has scored another turnaround, conservative in both ends and means. Told during the campaign that he would inherit a deficit of between $500 million and $1.5 billion, Romney discovered upon taking office a $650 million deficit in fiscal 2003 and an anticipated one of $3 billion in fiscal 2004. Romney balanced the 2003 budget, and he finished 2004 with a $700 million surplus. A reviving economy helped, but Romney didn't tax or borrow, and he reduced spending through government consolidation and reform." (Terry Eastland, "In 2008, Will It Be Mormon In America?" The Weekly Standard, 6/6/05)

Governor Romney Successfully Consolidated And Restructured Several Government Agencies. "To his credit, Romney attempted to cut down on government spending by streamlining many duplicative and wasteful elements of Beacon Hill. ... Governor Romney successfully consolidated the social service and public health bureaucracy and restructured the Metropolitan District Commission. Romney even eliminated half of the executive branch's press positions, saving $1.2 million. " (The Club For Growth, "Mitt Romney's Record On Economic Issues," Press Release, 8/21/07)

Governor Romney Left Office With A $2 Billion Rainy-Day Fund. "'I cut out of the budget over $425 million in spending I thought the state couldn't afford,' Romney said of his final budget as governor. He left office with a $2 billion rainy-day fund." (Philip Elliott, "Romney Hammers Anti-Tax Message," The Associated Press, 10/7/07)

Governor Romney "Vetoed Hundreds Of Millions Of Dollars In Spending":

For All Four Of The Fiscal-Year Budgets That Crossed His Desk, Governor Romney Used The Line-Item Veto Power More Than 800 Times. Over the course of four budgets, Governor Romney made over 300 line-item reductions, 350 line-item eliminations and struck language 150 times. (Chapter 26 Of The Commonwealth Of Massachusetts Acts Of 2003, Governor's Veto Message, 6/30/03; Chapter 149 Of The Commonwealth Of Massachusetts Acts Of 2004, Governor's Veto Message, 6/25/04; Chapter 45 Of The Commonwealth Of Massachusetts Acts Of 2005, Governor's Veto Message, 6/30/05;Governor Mitt Romney, Memo To The Senate And House Of Representatives Of The Commonwealth Of Massachusetts; Fiscal Year 2007 General Appropriations Act Veto Items: Line Item Accounts, 7/8/06)

- Beacon Hill Institute Executive Director David Terck: "He Vetoed Hundreds Of Millions Of Dollars In Spending." WALL STREET JOURNAL'S PAUL GIGOT: "One of the criticisms of President Bush is that's he's been unwilling to use his veto pen to reign in spending. Was Governor Romney willing to use his veto pen to do that in Massachusetts?" BEACON HILL INSTITUTE EXECUTIVE DIRECTOR DAVID TERCK: "He most certainly was. He vetoed hundreds of millions of dollars in spending." (Fox News' "Journal Editorial Report," 3/31/07)

Governor Romney Has A Record Of Fighting For Lower Taxes In Massachusetts:

The Club For Growth: Governor Romney's Record Includes "Solid Efforts To Promote Pro-Growth Tax Policy." "That said, Governor Romney's single term contained some solid efforts to promote pro-growth tax policy." (The Club For Growth, "Mitt Romney's Record On Economic Issues," Press Release, 8/21/07)

- Massachusetts Citizens For Limited Taxation Executive Director Barbara Anderson: "There was no one else out on the horizon and with the legislature almost entirely Democratic, we felt it was necessary to have a grown-up in the corner office. ... And we were right to back him. He's been a really good friend to the taxpayers." (Shawn Macomber, "Mighty Mitt Romney," The American Spectator, 3/06)

- Beacon Hill Institute Executive Director David Terck: Governor Romney Did "Hold The Line On Taxes In Every Significant Sense." (Fox News' "Journal Editorial Report," 3/31/07)

INCOME TAX CUT: Governor Romney Fought To Cut The Income Tax Rate In Massachusetts From 5.3% To 5%. (Scott Greenberger, "Tax Revenue Slowdown In Forecast," The Boston Globe, 12/13/05)

CAPITAL GAINS TAXES: Governor Romney Turned The Legislature's $250 Million Retroactive Capital Gains Tax Increase Into A $250 Million Tax Refund. (Governor Mitt Romney, Remarks At The Conservative Political Action Conference, Washington, D.C., 3/2/07)

INVESTMENT TAX CREDIT: In November 2003, Governor Romney Signed An Economic Stimulus Package Making The Investment Tax Credit (ITC) Permanent. (Office Of Governor Mitt Romney, "Romney Signs Economic Stimulus, Supplemental Budget Bills," Press Release, 11/26/03)

PROPERTY TAX RELIEF: Governor Romney Proposed And Signed Legislation Providing Property Tax Relief To Senior Citizens, Enabling Them To Keep Their Homes. (Governor Mitt Romney, "Romney Signs Bill To Give Seniors Tax Relief," Press Release, 11/20/05)

SALES TAX HOLIDAYS: Governor Romney Extended Sales Tax Holidays. (Michael Levenson, "Governor Drums Up Business For State's Tax-Free Weekend," The Boston Globe, 8/12/05)

VETERANS TAX RELIEF: Governor Romney Signed Legislation Providing Disabled Massachusetts Veterans With Extensive Tax Exemptions. (Office Of Governor Mitt Romney, "Romney Expands Tax Benefits For Disabled Veterans," Press Release, 8/14/06)

COMMUTER TAX RELIEF: Governor Romney Signed Legislation Allowing Commuters To Deduct Transportation Costs From Their Income Taxes. (Office Of Governor Mitt Romney, "Governor Romney Signs $25.2 Billion FY 2007 State Budget," Press Release, 7/8/06)