Romney Gives Speech on the Economy
By jbonham76 Comments (4) / Email this page » / Leave a comment »
Today Romney gave a speech to the Detroit Economic Club. Here are some excerpts as found on his official site:
MAKING THE 2001 AND 2003 TAX CUTS PERMANENT: "Which course is better for America? A European model of high taxes and regulations? Or, low taxes and free trade - the Ronald Reagan model? That's the choice the next President will make. Some are already fighting to implement a massive tax increase. Instead, we should make the tax cuts permanent."
- REFORMING THE TAX CODE: "However, making the tax cuts permanent is only the first step. We also need reform of the tax code that moves towards a tax system that encourages growth, fairness, and simplicity."
TAX FREE SAVINGS: Governor Romney Proposes Allowing People To Save Tax Free. "It is time to make saving easy in America. I believe people should be allowed to earn interest, dividends and capital gains up to a certain amount a year, tax free and without restrictions on how or when their savings and investments are spent. As an example, let's say we chose $5,000 for joint filers as the annual tax free figure for dividends, interest and capital gains. This would help middle class families to be able to save and to invest - and spend their savings the American way: any way they want."
FISCAL DISCIPLINE: Unless Given The Line-Item Veto, Governor Romney Would Veto Any Appropriations Bills If They Exceed Spending Targets. "I have a fairly simple idea for keeping spending in check. Give Congress a spending target and then insist that it is met. If Congress does not meet the spending targets, then its appropriations bills should be vetoed. I regularly exercised my veto power while governor. The alternative is for the Congress to vest the President with a power held in some form by 43 governors, including this Governor - the line-item veto."
REGULATORY RELIEF: Governor Romney Would Reinstitute A Regulatory Relief Board To Cut Back Regulations That Choke Off Growth. "Our regulatory burden is also overbearing. I'd re-institute a regulatory relief board to cut back the regulation weeds that choke off growth. One that deserves pruning is Sarbanes Oxley - it's driving away IPO's, depressing jobs, and requiring billions of unnecessary cost. Executives who violate the law should go to jail, but the entire economy shouldn't have pay an inordinate price for the sins of the few bad actors."
NATIONAL TORT REFORM: Governor Romney Believes America Needs National Tort Reform, Not Reform State-By-State. "Another burden on our economic future is our out-of-control tort system. Last year, U.S. corporations spent more money on tort claims than they did on R&D. If innovation is the key to our long term leadership, then some tort lawyers are cashing out our country's future. I spoke with one member of the plaintiff's bar the other day. He said that the tort lawyers are ok with state reform, but not national reform. You know what state level tort reform means - it means that as long as there is one lawsuit-friendly state, they can sue almost any major, deep-pocketed company in America. No thanks, America needs national tort reform."
FUEL EFFICIENCY: Governor Romney Would Evaluate Reforms To CAFE Standards To Develop A Better Way To Get Higher Fleet Mileage Without Market Distortions. "What does this mean for Detroit? Well, it means that the automotive fleet will have to become more fuel efficient. CAFE improved mileage initially, but the consumer has gotten around it over the last couple of decades. CAFE has some real problems. It distorts the market. It penalizes the domestic automakers. It can ignore technical realities. So before I would change the CAFE standards, I want to sit down with every major knowledgeable party and evaluate each of the alternatives. A good number have been proposed; let's decide which is the best course by looking at the data and analysis, rather than by playing to the TV cameras Let's not forget that a far more fuel efficient fleet must be part of our energy future. The issue is which is the least distorting way to achieve it."
I can sum it up simply for those without the time to read the whole thing: Less Taxes, Less Spending.
Some important points are Romney's willingness to use the Veto pen. I believe he will, not just because I am a Mitthead, but because as he has a record of doing so. Along these lines today Rep. Feeney, who is now in the Romney camp, asked his fellow congressmates to pledge to uphold any veto by Bush against new legislation that raises taxes. Vetoing, Cutting Taxes and Spending will be the priority of the Romney Admistration.
The Club for Growth had this to say:
The Club’s President, Pat Toomey, highlighted Governor Romney’s call for permanent tax cuts, tax reform, spending discipline, regulatory relief starting with the reform of Sarbanes-Oxley, and tort reform as “solidly pro-growth.”
“Governor Romney outlined today an economic platform that is, generally speaking, very pro-growth despite the surprising limit he suggests for tax-free savings,” Toomey said. “As the governor develops the specifics of his economic policies, we hope he will boldly build upon the limited government, free-market policies he discussed today.”
“The other presidential candidates should follow Governor Romney’s lead and propose similar, if not more extensive, measures to protect American taxpayers and promote continued economic expansion.”
Lastly, here is video of Romney on Kudlow talking about his speech in Detroit today:
that would probably do a lot to help the smaller saver/investor grow their accounts.
Two thirds of the world is covered by water, the other third is covered by Champ Bailey
One of the things that makes Romney an attractive candidate is that he is able to come off as knowledgeable and articulate about a wide range of issues rather than just sound bites. I like what I’ve seen him present so far although I’m wondering if it might have been a good idea to talk about health care reform in the context of the economy as well.
One of the way that Democrats are tying to market themselves to the business community is by focusing on the increased cost to employers in providing health insurance to their employees (particularly in the case of sectors like the automobile, airline, and steel industry where they have “legacy” costs from contracts that were negotiated in better times with their unions). Democrats have also been trying to make the argument that because of the high cost of providing health care, it makes American companies less competitive than they otherwise would be because in most other countries that cost is “socialized” through the government.
IMO it would be a good idea for Romney, McCain or Giuliani to contrast that with their own plans for health care reform. I know that Romney has some good ideas with things such as making it easier for patients to electronically transfer their medical records (which could reduce not only the number of medical errors but medical malpractice cases and costs as well) and creating a “clearinghouse” so that lower income people who aren’t eligible for Medicaid can purchase subsidized health insurance rather than relying on more expensive emergency room treatment. I know also that he has said he would be in favor of letting individuals or employers purchase cheaper health insurance policies that cover catastrophic illnesses rather than more expensive pre-paid health care as required by State mandates (similar to Congressman Shaddegg’s plan). Also has he gone on record regarding President Bush’s proposal to put the self-insured on the same tax footing as those who get their insurance from their employers?
This is an important issue and it’s one that Democrats have been pretty successful on. I hope that whoever our nominee is will be able to take and hold ground on it.
I'm not a South Park Republican, I'm a King of the Hill libertarian.
Jeff Fuller
http://iowansforromney.blogspot.com/
See my disclaimer of Romney Support at my blogsite line above (essentially I'm an unpaid grassroots supporter/blogger).