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- Jane Ginn’s Resume
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In a recent interview, the President made the astounding claim he could solve the no-growth in jobs problem during this very prolonged recession by listing what was needed to be done to reverse this economic conundrum on the back of an envelope.
Obviously, he was attempting to compare this momentous initiative of his to the Civil War historic address by his predecessor, Abraham Lincoln, our 16th President of the United States. Only this President would even dare to make such a comparison. Regardless, since making such a claim, details of what the President characterizes as new initiatives have been leaked and reported to the news media. Apparently, his new initiatives are identical to his previous initiatives, none of which worked and will simply repeat the identical outcome, that is, no net growth in the number of jobs notwithstanding his claim that our economy is now in recovery. Here is the essence of what he apparently is about to propose on the back of his envelope: 1) deferral in payroll taxes; 2) another massive stimulus of Government spending amounting to $300 billion dollars or possibly more for infrastructure repairs and improvements (what he refers to as shovel-ready projects); 3) another extension in unemployment benefits; 4) targeted tax breaks for business; and 5) an increase in revenue from other sources generally known as tax increases.
Here is my list on the back of an envelope all of which eliminate barriers to job growth and provide long-term assurances to the business community to ease its widespread uncertainty : 1) repeal the Patient Protection Affordable Care Act, also known as ObamaCare[i]; 2) completely scrap other job killing legislation such as the Dodd-Frank Financial Reform and Sarbanes-Oxley that impose undue burden on financial institutions to comply; 3) reduce and or eliminate all job killing Agency rules and regulations too numerous to list such as, for example, radical and additional onerous changes to older legislation (read: the Clean Air Act and Clean Water Act by the Environmental Protection Agency); 4) a complete overhaul of the tax code otherwise known as Tax Reform, as opposed to the short-term initiative of targeted tax breaks for business; and 5) lower the corporate tax rate to 25% from 35% and eliminate the capital gains tax, the minimum alternative tax, and the death tax altogether.
In other words, take any and all initiatives to encourage innovation and growth in the private sector as opposed to growing and enlarging government which intrudes and retards free market capitalism. As President Reagan pointed out, Government is not the solution, it’s the problem. President Obama’s approach is to spread the wealth by redistribution of wealth from the rich to the poor. What he fails to understand is, that if wealth is not created in the private sector, there will not be any wealth to redistribute and the entire economy will come crashing down on all of us. The irony is that the super-rich, the millionaires and billionaires that the President continues to bash will feel pain but they will still have sufficient resources to sustain themselves in a no-growth economy that will last for a very long time, perhaps even a generation or longer.
Dr. George Larney served as Executive Director and Federal Officer of the National Commission for Industrial Peace in the Nixon Administration; As a Labor Economist in the Labor Department; and was a former Congressional Candidate in 1994 from District 9, IL.
[i] The President asserts that when it comes to negotiating solutions to economic problems, Republicans are intractable and won’t consider options particularly raising revenue by increasing taxes. The President refuses to recognize his own intractability by refusing to discuss any option to modify or radically make changes to ObamaCare that has injected a great unease in the business community and among the general public.