SEN. RON JOHNSON: “FOLLOW MITT ROMNEY’S PLAN TO RESTORE ECONOMIC GROWTH”
“There are many differences between Obama and Romney. But perhaps none is starker than their two plans for restoring economic growth. Obama is high on rhetoric but low on specifics and low on new ideas. Romney’s proposals are bold and precisely what this country needs.” – Sen. Ron Johnson
Follow Mitt Romney’s Plan To Restore Economic GrowthPolitico
Sen. Ron Johnson
September 16, 2012
Jobs. The economy. Growth. These are the issues that should define this election.
For almost four years, President Barack Obama has pursued his plan — the plan he claims he will continue if he is reelected. That plan has focused on expanding government. We’ve seen a roughly $800 billion stimulus. We’ve seen billions invested in “green energy” companies, many of which the president’s campaign donors either ran or invested heavily in. Despite these efforts — or perhaps because of them — unemployment has remained above 8 percent for 43 months, and the growth of our economy has slowed to less than 2 percent. With no relief in sight.
Now the president is calling for more of the same. He wants to pass a jobs plan — a second stimulus paid for by higher deficits or more taxes on small business. It’s curious that he is willing to increase taxes on small businesses when the economy is slowing because in 2010, he said that raising taxes “would be a mistake when the economy has not fully taken off.”
These are bad ideas — not the sort of proposals that anyone hoping to return our nation to prosperity should support.
It doesn’t have to be this way. We have an alternative, a plan based on the things that have made our country prosperous in the past. It’s Republican presidential nominee Mitt Romney’s plan — and it’s one that deserves a chance.
Romney’s plan is based on several pillars: reducing wasteful federal spending, reforming the nation’s Tax Code, developing trading opportunities, restoring the viability of entitlement programs and reining in needless regulation. These reforms are critical if we are to end the spiral of uncertainty and bloated government that has kept our economy from recovering.
His plan begins with stopping the runaway spending and debt that is increasing market uncertainty and mortgaging our future. Romney aims to reduce federal spending as a share of gross domestic product to 20 percent by 2016.
His critics will, no doubt, howl that these are draconian cuts that will lead to a parade of horrible outcomes. But in fact, they are merely reductions in the rate of spending growth, and 20 percent is the 40-year average spending level prior to the Obama administration’s four-year spending spree.
Still, taking this simple step will not only help to lift uncertainty; it will eliminate the need for job-killing tax increases like the one Obama is now pushing.
But it doesn’t end with reducing the rate of spending growth. Our Tax Code has been in need of reform for decades. Romney will finally make that a reality. He plans to reduce individual marginal income tax rates across the board by 20 percent. He will keep current low rates on dividends and capital gains. And he will reduce our corporate income tax rate — now the highest in the developed world — to 25 percent. Because he will also broaden the base, this reform will not only simplify the code and reduce the tax burden on average Americans, it will do so in a revenue-neutral way that will not increase the deficit.
One major drag on our economy has been our entitlement programs. Social Security and Medicare are increasing in cost and, without reform, both will go bankrupt. Romney plans on gradually reducing growth in Social Security and Medicare benefits for wealthy seniors while giving more choice in Medicare programs and benefits. Saving Social Security and Medicare doesn’t have to mean reduced benefits for middle-class Americans. But it will require leadership.
In addition, we must reduce the weight of government that burdens our job creators. We can do this by eliminating ineffective, harmful and costly regulations. Romney will review the cost of every regulation and get rid of those that cost more than they are worth. He will remove regulatory barriers to energy production and job creation.
Most important, he plans to repeal “Obamacare.” Instead of expanding government, Romney will empower market-oriented, individual-based reform.
There are many differences between Obama and Romney. But perhaps none is starker than their two plans for restoring economic growth. Obama is high on rhetoric but low on specifics and low on new ideas. Romney’s proposals are bold and precisely what this country needs.
We have had enough talk, and we’ve heard enough speeches. It’s time for change. That’s what Obama promised four years ago. He didn’t deliver.
Obama didn’t keep his promises. Romney will. That’s change we can believe in.