Mitt Romney : A Republican Stimulus Plan

What is Washington waiting for? The inauguration is less than five weeks away: At the rate we’ve been going, another 500,000 jobs will be lost by then. The downward spiral is deepening and accelerating: Congress and the president must act now.

American families have lost about $11 trillion in net worth as securities and home values have plummeted. This translates into about $400 billion less annual consumer spending, net of government safety-net funding. Exports won’t grow to make this up, as the dollar has strengthened with investors worldwide clamoring for its relative security. Investments won’t make up the gap either, as bank loans and secondary-market financing have shrunk and as fresh equity is virtually non-existent.

So this is surely the time for economic stimulus. But — and this is the crucial point — the government can’t just make itself bigger and more oppressive in the guise of stimulating the economy. That would make matters worse. Nor should we forget that fiscal stimulus is but one part of the solution. As Christina Romer, Barack Obama’s designee as chairperson of the Council of Economic Advisors concluded from her study of the Great Depression, bad monetary policy was its greatest cause and good monetary policy was its most effective cure. The Fed should continue to expand the money supply. And, it should confirm that it will not tolerate deflation — the pain of inflation pales in comparison.

That being said, a stimulus plan is needed without further delay, and there are some things that Republicans should insist on.

The first is that tax cuts are part of the solution. Harvard professor and economist Greg Mankiw points out that recent research confirms that tax cuts have a greater multiplier effect than new spending — more economic bang for the federal buck. We should lower tax rates for middle-income families and eliminate their tax on savings altogether — no tax on interest, dividends or capital gains. Let’s also align our corporate tax rate with those of competing nations. These actions will rapidly expand consumption and investment, and right now, time is of the essence.

On the spending front, infrastructure projects should be a high priority. But because infrastructure projects involve engineering, environmental studies, permitting and contracting, they can take a long time to actually boost the economy. Spending to refurbish and modernize our military equipment is urgently needed, and it has a more immediate impact on the economy. A great deal of our armament was damaged or lost in the Middle East, and the rest is long overdue for maintenance.

We should also invest to free us from our dependence on foreign oil, not by playing venture capitalist, but by funding basic research in renewables, material science, combustion, nuclear reprocessing, and the like. During the 2008 campaign, virtually every candidate agreed on the need for an “Apollo-like mission” to achieve energy independence. Now is the time to start.

Cities and states will clamor for government dollars. Like the Big Three automakers, states should first take advantage of the downturn to do some needed cost cutting and restructuring. State employee numbers, pensions, and health-insurance premium sharing — as well as duplicate and ineffective agencies and programs — should be high on the hit list. State budgets should be brought in line with those of the most efficient of their comparables. And the federal government should look to ease the burden of mandates on states, like Medicaid.

Republicans should also lay down a gauntlet: All new spending projects should be selected by the responsible federal agency according to published criteria, not by congresspersons and senators based upon favors and politics. Republicans should commit to vote no on any stimulus bill with earmarks that have not been voted upon by their entire body.

There is a danger that new spending and deficits will lead to runaway inflation, flight from the dollar, and another economic crisis. It is essential, therefore, that Congress and the president commit to reform entitlement spending as soon as the economy recovers. With the footing of our long term economy at risk, with entitlements already reaching 60 percent of federal spending and with baby boomers nearing retirement, this can be delayed no longer.

We must also be careful to avoid burdening the economy with excessive regulation in response to the need to reform regulatory oversight of the financial sector. Going too far could cripple the entire industry, further tightening the credit markets. And we should make it clear that Washington will not act to virtually impose unions on small business by eliminating the right of workers to vote by secret ballot in the workplace. This “card check” payback for the AFL-CIO’s support of the Democrats would devastate business formation and employment.

The Democrats may want to wait for Obama, but the country needs action now. Republicans can — and must — play an important role in shaping a stimulus bill that makes sense for America and lays a foundation for future prosperity and growth.

RomneyBOT cultist broncobilly: "The only way that has any meaning is if the state got better
when Romney left. Or did it get worse.
If it got worse, then Massachusetts is the problem, not Romney."

ROTFLOL This ignores that Romney tanked the state economically, as he did the GOP.
Here are two examples: Judges and the GOP itself.

"Governor Mitt Romney, who touts his conservative credentials to out-of-state Republicans,
has passed over GOP lawyers for three-quarters of the 36 judicial vacancies he has faced,
instead tapping registered Democrats or independents -- including two gay lawyers who
have supported expanded same-sex rights, a Globe review of the nominations has found.
Of the 36 people Romney named to be judges or clerk magistrates, 23 are either registered Democrats
or unenrolled voters who have made multiple contributions to Democratic politicians
or who voted in Democratic primaries, state and local records show.
In all, he has nominated nine registered Republicans, 13 unenrolled voters,
and 14 registered Democrats."
- Boston Globe 7/25/2005

and this

Romney Rewards one of the State's Leading Anti-Marriage Attorneys by Making him a Judge
Romney told the U.S. Senate on June 22, 2004, that the "real threat to the States is not the
constitutional amendment process, in which the states participate,
but activist judges who disregard the law and redefine marriage . . ."
Romney sounds tough but yet he had no qualms advancing the legal career of one
of the leading anti-marriage attorneys. He nominated Stephen Abany to a District Court.
Abany has been a key player in the Massachusetts Lesbian and Gay Bar Association which,
in its own words, is "dedicated to ensuring that the Massachusetts Supreme Judicial Court decision
on marriage equality is upheld, and that any anti-gay amendment or legislation is defeated."
- U.S. Senate testimony by Gov. Mitt Romney, 6/22/2004 P>

and then this.....

"Romney announces he won't fill judicial vacancies before term ends
Despite his rhetoric about judicial activism, Romney announced that
he won't fill all the remaining vacancies during his term - but instead
leave them for his liberal Democrat successor!
Governor Mitt Romney pledged yesterday not to make a flurry of lame-duck
judicial appointments in the final days of his administration . . . David Yas,
editor of Lawyers Weekly, said Romney is "bucking tradition" by resisting the urge to
fill all remaining judgeships. "It is a tradition for governors to use that power to appoint judges
aggressively in the waning moments of their administration," Yas said.
He added that Romney has been criticized for failing to make judicial appointments.
"The legal community has consistently criticized him for not filling open seats quickly enough
and being a little too painstaking in the process and being dismissive of the input of the
Judicial Nominating Commission," Yas said.
- Boston Globe 11/2/2006

Romney wiped out the Massachusetts GOP.
This is a warning to those who support RINOs, everywhere.

“The Massachusetts Republican Party died last Tuesday.
The cause of death: failed leadership.
The party is survived by a few leftover legislators
and a handful of county officials and grassroots activists
who have been ignored for years.
Services will be public and a mass exodus of taxpayers will follow.
In lieu of flowers, send messages to New Hampshire Republican voters
warning them about a certain presidential candidate named Romney.”
- Boston Herald, 11/12/2006

"In 2006, while Romney was chairman of the National Republican
Governors Association - a group dedicated to electing more
Republican governors - his own hand-picked Republican successor
as governor lost badly to the Democrat, despite the fact that Republicans
have held the governorship in Massachusetts since 1990. Romney largely
ignored the Massachusetts elections and spent most of the time
during the campaign out of state building his presidential campaign.
He came back and publicly campaigned for the Republican candidate
the day before the general election!
“Locally, this is a rebuke to Mitt Romney and checking out within six months
after being elected and having accomplished almost nothing,”
[Jim] Rappaport [former chairman of the state Republican Party]."
- Boston Globe, 11/8/2006

Let us let Mitt Romney destroy the GOP, just like he did in Massachusetts. [/s]

"Drink that Koolaid!
"All new spending projects should be selected by the responsible federal agency according to published criteria, not by congresspersons and senators based upon favors and politics." --Mitt Romney
Willard explicitly proposed that new spending should be selected by the federal agencies. Handing the Congressional power of the purse over to the bureaucrats is both idiotic and unconstitutional."

Well, YOU can see that this just dumps on Republican Senators and Congressmen. But, that's the Mitt I know from living in Massachusetts. The old Mitt song of I can buy myself in, and F the low rent, scruff Republicans that have been getting shelled for years.

Mitt is a vampire for Republicans in general. He shows up, everybody starts dying off. We've already gone through two GOP big tent, no new taxes, compassionate conservatives and had our nation's finances trashed. We don't need another RINO to coup de grace what ever little brand image being a Republican has.

Wish Mitt was our President ... he makes SENSE. The other Republicans running for President were LOSERS.

Romney would have made Obama look like a fool.

As it turned out, Obama made McCain look like a fool.

Which is why so many powerful conservative thinkers went apoplectic during the 2008 primaries when McCain fooled enough Republicans into believing HE would campaign as a conservative.

What a joke McCain is... was... and always will be.

Thanks for your Vietnam service, Mac, but please just go back to Arizona and hang out around the high-fallutin country club with your liberal buddies... which is where your brain has been the past 20 years.

No wonder Romney was supported or endorsed by nearly every strong conservative thinker in America during the primary. He's the only one with the balls to at least put forth proposals, be they perfect or not.

Romney may not be 100% correct in everything (who is?) but at least he has the gonads to fight the good fight with ideas>

All those on FR who are gonna flame me and/or Romney have NO solutions... only hatred and bitterness toward a man with a plan.

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