Mitt Romney's Economic Priorities

While Barack Obama’s American Jobs Plan is the most detailed document by a presidential candidate to date, Mitt Romney laid out significantly more detail than Jon Huntsman or Herman Cain in an e-book: Believe in America: Mitt Romney's Plan for Jobs and Economic Growth announced during a speech given at the McCandless International Trucks Company in North Las Vegas, Nevada. Here are his "day one" priorities.

Day One
Introduce Legislation to:

1. Reduce the corporate income tax rate to 25 percent.
2. Implement the Colombia, Panama, and South Korea Free Trade Agreements.
3. Direct the Department of the Interior to undertake a comprehensive survey of American energy reserves in partnership with exploration companies and initiates leasing in all areas currently approved for exploration.
4. Consolidate the sprawl of federal retraining programs and return funding and responsibility for these programs to the states.
5. Immediately cuts non-security discretionary spending by 5 percent, reducing the annual federal budget by $20 billion.

Sign Executive Orders to:

1. Direct the Secretary of Health and Human Services and all relevant federal officials to return the maximum possible authority to the states to innovate and design health care solutions that work best for them.
2. Direct all agencies to immediately initiate the elimination of Obama-era regulations that unduly burden the economy or job creation, and then cap annual increases in regulatory costs at zero dollars.
3. Direct the Department of the Interior to implement a process for rapid issuance of drilling permits to developers with established safety records seeking to use pre-approved techniques in pre-approved areas.
4. Direct the Department of the Treasury to list China as a currency manipulator in its biannual report and direct the Department of Commerce to assess countervailing duties on Chinese imports if China does not quickly move to float its currency.
5. Reverse the executive orders issued by President Obama that tilt the playing field in favor of organized labor, including the one encouraging the use of union labor on major government construction projects.

President Obama's American Jobs Act: How the Money is Spent

On Thursday, President Obama addressed a joint session of Congress to introduce his “American Jobs Act.”

Rather than giving a speech stressing core principles, the plan is concrete and actionable and Obama urged its passage.



The $447 billion program breaks down like this:

Fact Sheet and Overview (scroll to bottom for larger print of table)

President Obama asked Congress to come up with additional spending cuts over the next ten years to cover the cost of the program and promised a more ambitious deficit plan to cover the cost of the jobs bill and stabilize debt in the long run on September 19.

Ron Paul: Freedom, Liberty, the Constitution, Limited Government and a Balanced Budget

Ron Paul made it onto the August 28 edition of Fox News Sunday.

Some highlights: 

On FEMA:
Save a billion dollars from overseas warmongering, bring half that home, put it against the deficit and tide people over.

Unconventional Libertarian Views:
Isn’t it strange that we can apply that term (unconventional) to freedom and liberty and the Constitution, limited government, a balanced budget?

More Interested in Influence or Political Power?
I’m in it to win it and I’m more interested in influence and power. As president I would reduce the power of government. I would not go to war without Congressional approval.

Libya
We should be dealing for national security in defense of our country and not pretending that we can pick the dictators around the world. Military people want to defend this country but they don’t want perpetual war when it’s undeclared and they don’t see the end and you don’t know who the enemy is. Guard units should be here taking care of us when we have floods.

How Austrian School of Economics Would Boost Economy and Deal with National Debt
Let bankruptcy and liquidation occur. Give country a sound currency. Free up the markets. Property rights. Enforce contracts.

Ben Bernanke
All he needs to do is quit monetizing debt. Interest rates would go up and Congress would be forced to cut. Gold backing of currency restrains big government.

Jon Huntsman's American Jobs Plan

On Wednesday, Jon Huntsman came out with his American jobs plan "Time to Compete."

Some highlights submitted for your approval:

Tax Reform:

Introduce a revenue-neutral tax plan that eliminates all deductions and credits in favor of three drastically lower personal tax rates of 8%, 14% and 23%.

Eliminate the Alternative Minimum Tax, which is not indexed for inflation.

Eliminate taxes on capital gains and dividends.

Reduce corporate rate from 35% to 25%.

Regulatory Reform

Repeal existing regulations, including Obamacare (Affordable Care Act) and Dodd-Frank (Wall Street Reform).

Dramatically rein in the EPA. Oppose new ozone rule that would effectively halt new construction. On Friday, White House asked EPA administrator Lisa Jackson to withdraw the draft of the National Ambient Air Quality Standards plan. 

Ensure that NLRB and other agencies abandon their “job-destroying” policies.

Reform the FDA by streamlining the testing and approval process.

Enact comprehensive patent reform to weed out rent seeking and foster invention. "This American Life" episode "When Patents Attack" illustrates some flaws of current patent system.

Privatize Fannie Mae and Freddie Mac.

Energy Independence

Expedite the process for reviewing and approving safe, environmentally sound energy projects, including the development of North American oil and gas reserves; oil and gas in the Gulf of Mexico and Alaska; shale gas and oil in the U.S.; and Canadian oil sands.

Eliminate the subsidies and regulations that support foreign oil and inhibit domestic alternatives such as compressed natural gas (CNG), electricity, biofuels, and coal-to-liquids, which are not price-controlled by OPEC.

Free Trade

Make trade agreements with South Korea, Colombia and Panama a priority. Pursue new trade opportunities with Japan, India, and Taiwan.