Mitt Romney lays out economic vision
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/ AP"These are conservative, pro-growth policies that will not only jumpstart our economy, but they'll stop the dangerous slide into a society where values of entitlement are esteemed higher than the values of opportunity," the former Massachusetts governor told the Detroit Economic Club four days ahead of Tuesday's crucial Michigan primary.
Romney is calling for a 20 percent reduction in marginal, individual income tax rates across the board; a ten percent reduction in the corporate tax rate; the elimination of the "job killing repatriation tax" on income earned abroad and invested in the United States; the end of the Alternative Minimum Tax and estate (or "death") tax; the elimination of capital gains taxes for those earning less than $200,000; and to make permanent the tax research and development tax credit.
"These changes I will not allow to raise the deficit," Romney said, arguing that the loss in income will be offset in part by a reduction in unspecified deductions and exemptions for high income Americans. He said the tax cuts would substantially spur economic growth and thus tax receipts, a notion dismissed by most economists. Any tax hikes, Romney said, are "off the table."
According to the Committee for a Responsible Federal Budget, Romney's proposals would increase budget deficits.
Romney is vowing significant spending cuts in order to reduce spending to 20 percent of the economy by 2016. Without cutting military spending, Romney said he would balance the budget by cutting "Obamacare," ending subsidies to Amtrak and Planned Parenthood, reducing the federal workforce and sending Medicaid and other programs - including food stamps, housing subsidies and job training - "back to the states." He would also make a number of as-yet-unspecified cuts to spending programs.
Over the long run, Romney would also raise the Social Security retirement age and the Medicare eligibility age, and offer Americans a choice between traditional Medicare and private sector plans. (Americans now at or approaching retirement age would not be affected by these changes.)
"By making bold cuts in spending and commonsense reforms, we're going to make our government simpler, smaller, and smarter," Romney said. "Through pro-growth policies, we will get our economy back on track - and get our citizens back to work. And taken together, the plan I'm offering represents the biggest fundamental change to the federal government in modern history."
Romney said Americans are "are suffering as a result of the Obama economy," arguing that the president has shown a failure to lead and is "trying to transform America into something we wouldn't recognize." He said he would be a leader who would be unafraid to call for sacrifice and who can "restore America's promise."
In response to the speech, Obama campaign Press Secretary Ben LaBolt said that "Romney has proposed a fiscally irresponsible plan that would increase the deficit by $5 trillion over the next decade, provide millionaires with tax breaks 800 percent larger than those for the middle class, hollow out retirement security and allow the wealthiest who earn their income off of investments to pay a lower tax rate than middle class Americans."
Polls show Romney in a fierce battle with Rick Santorum for victory in Tuesday's Michigan primary. A loss for Romney in the state where he was born - and where his father served as governor and was a prominent auto executive - would be a significant blow. Romney reached out to his Detroit audience on Friday in part by referencing his past ownership of U.S.-made automobiles.
"I love this country. I actually love this state. It just feels good, being back in Michigan," Romney said during a question and answer period after his remarks. "You know, the trees are the right height, the streets are just right, I like the fact that most of the cars I see are Detroit made automobiles. I drive a Mustang and a Chevy pickup truck. [Wife] Ann [Romney] drives a couple of Cadillacs actually, and I used to have a Dodge truck, so I used to have all three covered."
Outside the stadium, 250 auto workers and Democrats demonstrated against Romney, spotlighting his onetime call to "let Detroit go bankrupt."
Romney's decision to make the speech to about 1,200 people at cavernous Ford Field, the Detroit Lions stadium which holds 65,000 people, made for some questionable optics. The stadium was mostly empty during the speech, prompting Romney to joke, "I want to thank Ford Field for making room for us."
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How many screen names do you have? Is this all you do all day long... every day???
What a loser!
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Instead of calling names, answer the question retard. I dare you. Answer the question.
js2212 doesn't work at home idiot, so I made another one.
And you accuse me of sitting on this site all day long? You are demented. I can't scroll one revolution of the mouse wheel without seeing some kind of vitriol directed at Republicans by you and Occupy.
Reagan insider: 'GOP destroyed U.S. economy'
David Stockman, President Ronald Reagan's director of the Office of Management and Budget, wrote in "Four Deformations of the Apocalypse," how the economic decisions of the GOP the past 40 years has destroyed not just the economy and capitalism, but the America dream.
It is not surprising, then, that during the last bubble (from 2002 to 2006) the top 1 percent of Americans -- paid mainly from the Wall Street casino -- received two-thirds of the gain in national income, while the bottom 90 percent -- mainly dependent on Main Street's shrinking economy — got only 12 percent. This growing wealth gap is not the market's fault. It's the decaying fruit of bad economic policy.
"Four Deformations of the Apocalypse" -- By DAVID STOCKMAN
by Bruce Bartlett
"The most pernicious fiscal doctrine in history"
http://www.forbes.com/2010/05/06/tax-cuts-republicans-starve-the-beast-columnists-bruce-bartlett.html
Mitt, the economy isn't Obama's fault. It's the fault of people like you, and GW Bush. Let's not go back there again.
David Stockman, President Ronald Reagan's director of the Office of Management and Budget, wrote in "Four Deformations of the Apocalypse," how the economic decisions of the GOP the past 40 years has destroyed not just the economy and capitalism, but the America dream.
In that text, Stockman is equally critical of Demand-Side economics, or Keynsian theory, where the government spends money to create demand, and thus increase supply. Neither Supply side or Demand side works in and of itslf. The answer is a blend of the two and lies somewhere in the middle.
You think you can get away with your weak arguments, and you can mostly because most people don't have the intelligence to look things up.
When asked by a reporter in 2009 what he thought about the stock market tanking, he told the reporter that he didn't watch the stack market - that to him it was like watching a political poll. The collapse of the stock market is nothing like a political poll. Millions of Americans (not just the rich, but every American with a 401K) lost large portions of their life savings and retirements. Either President Obama was completely stupid, or he simply didn't care about what was happening to millions of Americans.
Just before becoming President, Barrack Obama state that Americans could build coal fire power plants - but his policies would make it so expensive that the power plants would go bankrupt. Does this sound like a President that is concerned with people out of work?
In an interview Barrack Obama did with the San Francisco Chronicle editorial board very early in the presidential campaign, January 2008 - he said the following:
"Under my plan of a cap-and-trade system, electricity rates would necessarily skyrocket. Coal-powered plants, you know, natural gas, you name it, whatever the plants were, whatever the industry was, they would have to retrofit their operations. That will cost money. They will pass that money on to consumers."
Does this sound like someone who is concerned with Americans suffering under the weight of high energy costs? NO. President Obama is a radical extremist with a consuming ideology that outweighs any concern that he has for suffering Americans. He has a dreamed up personal "vision" that he wants for America, and he does not care who gets hurt - as long as he can bring his own personal vision to pass.
We need a practical leader, with proven practical solutions, to turn this nation around economically. I am SO ready for a new President
Get over it robbie, your 2012 GOP circus full of delusional far-right extremist clowns have zero vision for the future and have zero chance of being elected by the Independent voters that will decide this election in 2012.
In the wake of Wednesday night's Republican presidential debate in Arizona - the 20th of the season - former Florida Gov. Jeb Bush is expressing concerns about the nature of Republican discourse in the current election cycle.
According to the Committee for a Responsible Federal Budget, Romney's proposals would increase budget deficits.
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Of course the Committee for a Responsible Federal Budget and MOST ECONOMISTS are correct -- this is just MORE OF THE SAME failed GOP "supply side economics" (SSE), that will lower federal revenue further, raise deficits even higher and has never been proven to create one job.
Enough already of MORE OF THE SAME failed GOP economic insanity!
"Time to let supply side economics R.I.P." -- Bruce Bartlett