This was presented by the Governor to the House GOP, right after they said “Thanks, but no thanks!” to B.O.’s & the Donk Congs’ bloated bailout bill.
Just a few highlights:
This is a time of hardship and uncertainty for millions of Americans. The question is: whose leadership and ideas will turn things around. And in such a moment, it’s our job to offer the clear answers, the proven solutions, and resolute leadership that will make this country strong again.
The new President and the Congressional majority are having a difficult time doing that. After all, they have a lot of campaign rhetoric to make good on. And they’ve got plenty of special interests to pay back. As the opposition party, we’re entirely free to do what is right for the country. There are certain advantages to that kind of freedom, and I suggest we make the most of them….
That begins with a clear analysis of what’s needed to get the economy moving again. Predictions that we are almost out of the woods, based on the length of prior recessions, are wishful thinking. Americans have lost some 11 trillion dollars in net worth. That translates into about 400 billion dollars less annual consumer spending in the economy.
There’s something else people don’t talk much about: The pool of investment capital—all the money available for new investments, business start-ups, business expansions, capital expenditures, and new hiring. The size of that pool has shrunk by trillions of dollars. This was a huge loss in value, and the effect could be felt for years—in businesses that don’t start up or grow, in jobs that don’t get created….
We’re on an economic tightrope. That’s why it is so important to exercise extreme care and good judgment. So far, the Democratic leadership hasn’t shown a great deal of that. They’ve passed 355 billion in infrastructure spending, 60% of which won’t be spent by the end of 2010. Billions for electronic medical health records—it’s a fine idea, but it won’t produce jobs for years and years.
Even worse are the liberal payoffs—50 million dollars for the National Endowment for the Arts, hundreds of millions of dollars to the states for STD prevention and education. Until your loud protests got it dropped from the bill, there even was 200 million dollars for the DC Mall. That might have grown some grass, but it wouldn’t have grown the economy. And they’re doing this when the economy is on a tightrope….
We need to stimulate the economy, not the government. (emphasis added) A true stimulus package, one that respects the productivity and genius of the American people, could lift this country out of recession. And experience shows us what it should look like.
First, there are two ways you can put money into the economy, by spending more or by taxing less. But if it’s stimulus you want, taxing less works best….
Second, any new spending must be strictly limited to projects that are essential. How do we define essential? Well, a good rule is that the projects we fund in a stimulus should be legitimate government priorities that would have been carried out in the future anyway, and are simply being moved up to create those jobs now….
Third, sending out rebate checks to citizens and businesses is not a tax cut. The media bought this line so far, but they’ve got it wrong. Checks in the mail are refunds, not tax cuts. We tried rebate checks last year and they did virtually nothing to jump-start the economy….
Fourth, if we’re going to tax less and spend more to get the economy moving, then we have to make another commitment as well. As soon as this economy recovers, we have to regain control over the federal budget, and above all, over entitlement spending. This is more important than most people are willing to admit….
Fifth, we must begin to recover from the enormous losses in the capital investment pool. And the surest, most obvious way to get that done is to send a clear signal that there will be no tax increases on investment and capital gains….
And finally, let’s exercise restraint in the size of the stimulus package. Without restraint, it may grow as the days go by. Last year, with the economy already faltering, I proposed a stimulus of 233 billion dollars. The Washington Post said, and I quote: “Romney’s plan is way too big.” So what critique do they have for the size of the Democrat’s package? I’m afraid they’ve caught a bad case of liberal laryngitis. It’s everywhere these days.
In the final analysis, we know that only the private sector—entrepreneurs and businesses large and small—can create the millions of jobs our country needs. The invisible hand of the market always moves faster and better than the heavy hand of government.
The difference between us and the Democrats is this: they want to stimulate the government, and we want to stimulate the economy.
Sounds a LOT better to the Chief than most of what spews forth from the banks of the Potomac these days.
The Governor goes on and also comments on other issues…healthcare, the union card-check scam, abortion funding, and the status of GITMO and the war on Islamoterrorism.
Too bad that Romney wasn’t carrying the banner in November instead of The Manchurian Candidate.