The paper, authored by four conservative economists, projects that the Romney plan would add between 0.5% and 1% per year in gross domestic product growth over the next decade.
The estimates, the economists write, are "conservative." Growth could be even stronger if hard-to-model gains from more effective regulation and decreased policy uncertainty could be captured.
Yet 12 million new jobs over just four years would be one of the strongest periods of employment growth in recent history, and require the economy to consistently add 250,000 jobs every 30 days for 48 straight months.
According to the position paper, the quick turnaround would be spurred by the lower tax rates and drastic spending cuts that are the hallmark of Romney's plan.
The implementation of Romney's plan will of course require the cooperation of Congress, and it should be noted that presidential campaigns often make promises that fail to materialize.
The paper's authors -- Glenn Hubbard of Columbia, Greg Mankiw of Harvard, John Taylor of Stanford and Kevin Hassett of the American Enterprise Institute -- also include a boilerplate critique of the Obama administration's policies.
"America took a wrong turn in economic policy in the past three years," the authors write. "The United States underperformed the historical norm shown in the administration's own forecasts, and its policies are to blame."
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