Hey, Remember the '80s? Gingrich Wants to Bring 'Em Back. [and this is a bad thing?]

The Atlantic ^ | Dec 12, 2012 | Jim Tankersley

[Jim Robinson]

Newt Gingrich promises to revive the Gipper's economic plan -- and then some

Newt Gingrich's economic plan is not Reaganesque. It is not, as so many of his Republican presidential rivals' claim their plans to be, inspired by Reaganomics. It is Reaganomics, cryogenically frozen in 1981, thawed 30 years later, and pumped full of Newt-style steroids in order to save the American people from slow growth. The plan features massive tax cuts (which would largely benefit businesses and the wealthy), less government spending (through the privatization of entitlement programs), interest-rate hikes, and rampant deregulation.

The foundation is classic supply-side, trickle-down, Laffer-curve economics, which Gingrich's economic advisers predict will unleash a boom that will eventually generate enough tax revenue to balance the federal budget. How big will that boom be, you ask? What do the campaign's projections show? "If you go back to the Reagan years, from 1983, that's our projection of what the boom would look like--exactly," says Peter Ferrara, a former Reagan aide who helped draft the Gingrich plan.

~~snip~~

What does appear is a package of tax cuts much deeper than Romney or Perry propose. Like Perry, Gingrich would let taxpayers choose between the current income-tax system or a flat rate. Perry's rate is 20 percent; Gingrich's is 15 percent. Romney would eliminate taxes on capital gains, dividends, and interest for taxpayers who earn less than $200,000 a year; Gingrich eliminates them entirely. Romney's plan cuts the corporate income-tax rate to 25 percent, while Perry's would be 20 percent. Gingrich would drop the corporate rate all the way to 12.5 percent--lower than even Ron Paul has proposed.

[Jim Robinson]

Gingrich, who blames excessive regulation for the 2008 financial crisis, also wants to advance Reaganomics by repealing the Dodd-Frank and Sarbanes-Oxley laws governing the financial sector and by replacing the Environmental Protection Agency and the National Labor Relations Board. He would reorient the Federal Reserve entirely toward taming inflation, axing the pursuit of full employment from its congressional mandate. He would cut spending by fundamentally restructuring safety-net programs, turning Medicaid into block grants to states and allowing Americans to opt into privatized accounts for Medicare and Social Security, eventually phasing out payroll taxes in the process.

[2ndDivisionVet]

Yes, please. I made it into the 10% for several years back then after leaving the Army. Laissez les bons temps rouler.

[Bobalu]

I long for the 80s to return...sigh
I sure miss Reagan.

[ri4dc]

Indeed, another 80s boom would greatly improve my overall mood and outlook for my kid’s future. Lower taxes and massive fedzilla program cuts would produce a such a boom. Newt would need a new Senate composition to succeed. I hope Newt is more than just talk. Time to right this ship is running out quickly.

[Jim Robinson]

Well, I think we the tea party should work our butts off next year to ensure Obama is voted out and that we retake the senate and increase our majority in the house and continue taking over state and local governments all across this great land.

[hosepipe]

Noot says he wants less Federal government BUT More State government..

Thats a pretty good shuffle of shells and hiding of the "pea"..

Whats needed is LESS Federal government AND LESS State government..
NooT is a good barker at the political circus..

Any smart voter will notice the ruse and the gambit..
Unfortunately there are few smart voters.. we MAY BE SCREWED..

ONLY Paul and Bachmann sees this.. but are afraid to actually "say it".. pity..
Poor old Santorum is all googawed up...

Noot, Rick and Myth are "Used America Salesmen"...

[Jim Robinson]

I used to long for a return to the 50’s but could easily settle for a return to the 80’s. Go, Newt!! Let’s win one for the Gipper!!

[Jim Robinson]

Per the tenth amendment. All powers not delegated to the federal government by the constitution are reserved to the states and the PEOPLE. The people have a much better chance of controlling their state and local governments than they do the feds.

And I believe both Paul and Bachmann... and Perry support the constitution AND the tenth amendment.

Nothing wrong with returning all these functions to the states and the people. It’s what the founders intended and what the federales usurped and stole from us since the 1913 progressive coup de tat.

[bigoil]

That’s downright Sam Wainright.

HEE-HAW!!

[’It’s A Wonderful Life’ reference]

[mmanager]

Newt Ping!

[Jim Robinson]

Now, I don’t like the idea of block grants to the states. I think the feds should not be raising revenues for anything other than to pay the costs of their own legal and constitutionally authorized functions. The states and local governments should raise the tax revenues (or finance) the costs of their own programs. No money should flow from individuals or corporations to the federal government and then be parceled or redistributed back to the states after being filtered, filched, and strings attached by the congress.

Also, the federales don’t rule over the states or the people. The federal government was never intended to be that powerful or so huge. Article 1, section 8 enumerates and restricts the feds to about 18 specific items. All else is reserved to the states and the people.

But other than that, I think Newt is on the right track.

The best track, IMHO, would be to repeal the 16th and the 17th and return control over the senators back to the state governments. If they don’t do their jobs, don’t defend the constitution, the state legislators should recall the bastards. And completely neuter and reel in the Fed. Hell, no one knows how much money they create out of thin air or where in the world (literally) it goes. We find out some of it way too late. Congress should put a short leash on these guys or abolish it altogether. The income tax should be strictly a flat tax. Abolish the IRS altogether other than some bean counters and a few knee cappers for the hard cases.

[mmanager]

I’m on board with this! Obama has sucked the wealth out of this country. We need another 80’s boom so people will have the means to retire.

[PhilDragoo]

Per the tenth amendment. All powers not delegated to the federal government by the constitution are reserved to the states and the PEOPLE. The people have a much better chance of controlling their state and local governments than they do the feds.

And I believe both Paul and Bachmann... and Perry support the constitution AND the tenth amendment.

Nothing wrong with returning all these functions to the states and the people. It’s what the founders intended and what the federales usurped and stole from us since the 1913 progressive coup de tat.

There's that pesky Constitution thing again. Obama long before running for president sounded off that the Founders failed to redistribute the wealth. They knew economic freedom was essential to liberty; Barry Hussein is the apple-polishing pupil of Karl Marx.

Indeed state governments are on the whole in better shape financially. Especially those that require balanced budgets, and those who do not feed the union monster.

The Federal Reserve and the Income Tax have resulted in a 7.2 trillion-dollar theft, and a Fed Chair and tax-cheat Treasury Secretary stonewalling Congress.

The role of the regulators (EPA, FDA, NOAA et al) is to crush growth and grind the people down, to mill the millionaires until the nation is a rust belt from sea to shining sea.

The people elected a traitor destroying the America created in the sequential crucibles of the past two hundred thirty-six years.

Newt wants to be Reagan-bold in regulation-cutting. Something's got to give: at 35%, any businessman will move globally to the 17% norm.

With all the regulation and permitting, nothing is built, nothing is drilled, energy is dear, and jobs disappear.

Let the Left let loose with the wailing and gnashing of teeth.

A new nation is born: the original plan emerges from the prison of crypto-Communism aka Obamanomics.

[Melas]

As long as he’s not bringing back hair metal, I’m fine with bringing the 80’s back. That’s a deal breaker though.

[Celtic Conservative]

Yes, bring the 80's back, all of it! (except new Coke)

CC

[hosepipe]

[ Nothing wrong with returning all these functions to the states and the people. It’s what the founders intended and what the federales usurped and stole from us since the 1913 progressive coup de tat. ]

State rights have been on the decline since the Civil War..
Shame... Abe got hizself murdered.. he may have fixed it..

But theres been those sneaking around after a central bank from the beginning..
1913 may have been pre-cursor to WWI.. and WWII and the Korean debacle, and Vietnam too.. Those wars only increased and cemented progressive power centers..

Amazing that socialism is still legal.. since its known and has been known socialism(in all its forms) number one agenda is over throwing our government..

When young I figured it could never happen.. but I had no idea how advanced the progressives were in taking over the Unions.. and that education in America was in for marked change.. The progressives have indeed been brilliant..

And to think Newt is STILL enamored by its ideology..
Probably Myth and Rick too.. Ron Paul sees thru it all probably.. but he is such a flawed champion..

My only hope is that Bachmann has the gravitas to fix it all.. That is if she gets anywhere near winning the primary.. Looks doubtful.. even with the TpCaucus..

[Jim Robinson]

The primary and authorized responsibilities of the federal government is to defend the nation (army, navy, militia, etc), put down rebellions, pirates, counterfeiters, hang traitors, secure the borders, and settle disputes among the states via the federal court system. Also establish uniform naturalization and bankruptcy rules. They also mint and set the value of the coin, establish standards of measurements, run a patents and copyright office, the post office and postal roads. Regulate foreign trade, tariffs, duties, etc,. Regulate interstate commerce, ie, make sure it flows freely and regularly among the states — not to be confused with controlling, blocking, restricting or prohibiting it. Raise, borrow and appropriate money and pay the legal debts of the US. Oh, yeah, and regulate the Indian tribes. That was a dumb idea. How can you have nations within a nation?

Anyway, all else is reserved to the states and the people.

[hosepipe]

You have a pretty fair wish list..
Many others here have their wish lists..
Including me..

Theres a thousand things that could be done maybe even should be done..
Maybe a thread of wish lists would be beneficial..
With a bean counter of consolidate them..

[Caipirabob]

Newt had me at “Repeal Obamacare and SOX...”

[Jim Robinson]

Progressive? I see Newt wanting to return as many functions as possible back to the states, deregulate, tort reform, neuter the fed, ELIMINATE the EPA, privatize social security and medicare (and return them to the states and the people), cut taxes, reduce the deficit, and balance the budget. All look like great plans to me.

http://www.newt.org/news/gingrichs-plan-restore-american-manufacturing-far-bolder-romneys