Calling it like it isJanuary 23rd, 2008 | 4 Comments | Posted in Bush Tax Cuts, Business and Economic Expansion, Congress, Economics, Fiscal Conservatives, Florida, George Will, Jobs, John McCain, John McCain, Leadership, Mitt Romney, Reagan, economy
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Mitt Romney stands head and shoulders above McCain when it comes to the economy.
End of story. Well, okay, here’s some background.
McCain and the Bush Tax Cuts
John McCain is constantly being asked about why he voted against the Bush tax cuts (twice), an act Mitt called “failing Reagan 101.” His explanation is that the cuts needed to be accompanied by cuts in spending. He continues to justify his actions with this rationale, prompting George Will to encourage Governor Romney to make the following question central to his campaign: “When the Bush tax cuts expire in 2010, who do you want to be President: Mitt Romney or John McCain?” I personally am hoping to keep my taxes low, thanks, so I’m voting for Mitt. But it’s clear: tax cuts help the economy, and restraining spending in the short term will harm the economy. McCain gets an F for his first (and second) tries at Reagan 101.
Mitt vs. McCain on Today’s economic issues.
But there’s more to this story. The economy is teetering on the brink of potential disaster. We’ve all seen the signs: financial markets tumbling; oil prices surging; a mortgage market meltdown; banks writing down huge amounts of assets; American manufacturing jobs being lost to overseas competitors who aren’t playing fair; the trade deficit; the weak dollar. The list goes on and on, prompting the head of the Federal Reserve to nearly use the R word (recession) in front of Congress a few days ago, and prompting the Fed to slash rates early yesterday. But hope is not lost: we have a presidential candidate with experience in the economy, having made his investors hundreds of millions of dollars. And he has a few good ideas.
Mitt’s Economic Stimulus Package
To these troubling economic signs Mitt Romney has responded with a stimulus package of nearly a quarter of a trillion dollars. It includes rebates like President Bush’s plan, but also exempts seniors from paying social security taxes. And in a stroke of pure genius that’s truly Reagan-esque, highlighting why we need a man of Mitt’s expertise and intellect in the White House, Mitt’s plan also includes a proposal that would give the economy the kick in the shorts it needs: it would allow companies to expense capital purchases for two years.
