Republican presidential candidate Mitt Romney promised August 30 to create millions of jobs — 12 million of them, in fact — if he is elected president in November. He said:

What America needs is jobs. Lots of jobs.…

I am running for president to help create a better future … a future where everyone who wants a job can find a job.…

His five-point plan consists of attaining energy independence by the year 2020, strengthening the educational system, forging new trade agreements with foreign countries, cutting the deficit with the ultimate goal of balancing the budget, helping small businesses, and repealing ObamaCare. With the possible exception of “helping small businesses” — whatever that means — nothing in his plan addresses the issue of job creation.

The key issue isn’t job creation but wealth creation. Nothing in his platform talks about making it easier for employers to create more value by making it easier for them to make profits. As Dwight Lee, business school professor at Southern Methodist University, wrote:

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Photo of Mitt Romney at Republican National Convention: AP Images