For seemingly the umpteenth time in the last 3 years, Barack Obama will present an economic plan before Congress on Thursday evening. Advisers to Obama indicate that he will call for $300 billion more in spending, which he terms ‘creating jobs.’ He also plans unspecified targeted tax cuts.
But the details so far have been few. We do know, however, that the country does not have $300 billion to spend, particularly since Obama demanded and got an increase in the debt ceiling, which sent the national debt soaring once again.
How many times over the past 3 years have Americans heard Obama promise ‘shovel ready’ jobs if only he could get his proposals passed by Congress?
The thing is, he got ALL of his proposals passed by a Democrat-controlled Congress that was all too willing to give Obama anything he asked for. Yet there are still no jobs.
It goes without saying that if the Obama Administration and a Democrat-controlled Congress spent nearly a trillion dollars in tax funds to ‘stimulate the economy and create jobs,’ and yet no ‘stimulation’ was observed and no jobs were provided, then their plan is nothing less than one colossal failure. And an in-depth analysis by the Heritage Foundation shows that the actual cost of Obama’s stimulus plan was 3.2 TRILLION.
Listening to more of the same from Obama and the Democrats is a lesson in futility. In fact, in 2010 Obama admitted that despite his great fanfare a year earlier about the subject, there is actually no such thing as ‘shovel ready jobs.’
With all credibility now lost, Obama deserves absolutely no consideration at all from Republicans in Congress.
There is, however, a sensible, conservative economic plan that is actually quite simple. It has been proposed before by this writer, and yet the elitist politicians in Washington will have none of it.
The plan has been tweaked slightly to include another provision, indicated by the 2nd plank in the proposal below, that will immediately create jobs and provide a real stimulus to the economy.
First, immediately implement a series of across-the-board tax cuts, and more importantly, a reduction in tax RATES. No one in this nation should be paying more than 25% in income taxes no matter how ‘rich’ they may be. These are the people who create the jobs. Government does not and cannot create permanent jobs. Private enterprise does that.
Second, totally eliminate the corporate tax. Drop it to ZERO. Sarah Palin proposed this last week, and she was immediately slammed by RINO John Huntsman. But people like Huntsman and Obama are woefully ignorant of the way a nation stays competitive in a world that has grown considerably smaller due to technology, travel, and the Internet.
Currently, the U.S. has the 2nd highest corporate tax rate in the world. In order to draw the jobs we have lost to other countries back into the United States, the government should place the corporate tax rate at ZERO. That way we make the U.S. the absolute most job-friendly nation on earth. When corporations pay no taxes, they have money to spend on jobs. And further, any tax placed on business is immediately passed on to consumers in higher prices–a no-win scenario.
Third, cut federal spending to the bone. Eliminate unnecessary agencies and programs. The Department of Education should be the first to go given that education is a local endeavor. Its existence represents needless duplication of local services along with the control that goes with any program Washington offers. But the Education Department is but one of the many agencies of the federal government that should be given the ax. There are others.
Fourth, eliminate all ‘corporate welfare.’ ALL of it. No more tax funds to ‘green industries.’ No more tax funds to ANY private enterprise. And no more bailouts. No corporation is ‘too big to fail.’ If they are dumb enough to engage in practices that run their businesses into the ground, then they deserve nothing less than total collapse and obliteration. That is what small business owners experience on a daily basis in this country. Why should large corporations be any different?
And that’s it. A simple four-pronged approach–not a complicated 59-point plan that Mitt Romney is rolling out or more of the failed Keynesian nonsense Obama and the Democrats hold as sacrosanct.
Sarah Palin has proposed most if not all of the concepts contained in the four-part plan described above. But guess who else not only proposed it but implemented it. Warren G. Harding and Calvin Coolidge, who inherited a Depression in 1920. In less than 2 years that Depression had ended (which is why we hear very little about it although it was severe) and the economy was booming in what was known as ‘the roaring 20s’–the period of the greatest economic expansion and prosperity in American history.
How did they do it? By cutting taxes and government spending to the bone.
Be sure to catch my blog at The Liberty Sphere.
Visit my ministry site at Martin Christian Ministries.
Subscribe by clicking the links at the top of the page, or below, and you will receive free notifications of new articles plus a free newsletter.
I will be joining WFHT-AM 1390 in Orlando-Avon Park, Florida this month as a regular contributor on the weekly program ‘A Voice for Freedom.’ Join Lori Hendry, Ginger Carlisle, and Lin DiCesare each Saturday morning from 11 AM to 12 Noon for interesting guests and news of vital importance to conservatives. Those living outside the station’s listening area can tune in via Livestream on the Internet.