December 2, 2009

Mr. President, here's how to lift our economy

Posted: 11:51 PM ET

Note: Mitt Romney will be on Larry King Live Thursday, 9pm ET to discuss his 10 point plan

By Mitt Romney via USA Today

Mitt Romney ran for president during the 2008 election season.

Today's White House jobs summit comes too late for millions of Americans who through no fault of their own have lost their jobs, their homes, their savings and, in many cases, the self-esteem and self-respect that come from work. Like other presidents before him, Barack Obama inherited a recession. But unlike them, he has made it worse, not better.

His failure to stem the unemployment tide should not have been a surprise. With no experience whatsoever in the world of employment and business formation, he had no compass to guide his path. Instead, he turned over much of his economic recovery agenda to House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid, themselves nearly as inexperienced in the private sector as he. Congress gave him and them everything they asked for, including a history-making three-quarters of a trillion dollar stimulus.

But it did little to stimulate the real economy – where jobs are created. Studies, initiatives and programs that liberal think tanks had long pined for were given life even as the private economy was on life support. The president's team assured us that their massive stimulus would hold unemployment below 8%. So with unemployment now at 10.2%, it is clear that their stimulus was a miscalculated failure.

In an attempt to disguise the truth, the administration has touted inflated figures of jobs "created."But every month, in good times and bad, jobs are created and jobs are lost. What matters is the net difference between the two numbers. Focusing solely on jobs created while ignoring the far greater numbers of jobs lost is Harry Houdini economics.

Growing government, as was done with the stimulus, inevitably depresses the private sector and job creation. Shrinking government and reducing government jobs is healthier for the economy, but this option was never seriously considered. That's no wonder: As White House guest logs for the first half of the year reveal, the most frequent visitor to the executive mansion was Andy Stern, the head of the Service Employees International Union, which represents government workers.

My 10-point plan

The president's economists insist that technically, the recession is over. But double-digit unemployment was neither prevented nor has it ended. To get people back to work as rapidly as possible and to restore America's economic vitality, the nation must change course. Here's the advice I would give:

•Repair the stimulus. Freeze the funds that haven't yet been spent and redirect them to immediate, private sector job-creation priorities.

•Create tax incentives that promote business expansion and hiring. For example, install a robust investment tax credit, permit businesses to expense capital purchases made in 2010, and reduce payroll taxes. These will reignite construction, technology and a wide array of capital goods industries, and lead to expanded employment.

•Prove to the global investors that finance America's debt that we are serious about reining in spending and becoming fiscally prudent by adopting limits on non-military discretionary spending and reforming our unsustainable, unfunded entitlements. These are key to strengthening the dollar, reducing the threat of rampant inflation and holding down interest rates.

•Close down any talk of carbon cap-and-trade. It will burden consumers and employers with billions in new costs. Instead, greatly expand our commitment to natural gas and nuclear, boosting jobs now and reducing the export of energy jobs and dollars later.

(Read More)

Filed under: Larry King Live • Mitt Romney • Politics

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ckelly   December 3rd, 2009 12:58 am ET

I find it interesting that ON The Same day that Natalie Maines (Dixie Chicks) is found innocent in her civil charges, that the Arkansas government now has decided to "be very careful" in its clemency charges....

What does this mean for the West Memphis Three and the politics of State and Federal politics??

sammy   December 3rd, 2009 1:10 am ET

Romney wants the Presidency very badly..because his Dad wanted it & never made it ...

pandita   December 3rd, 2009 1:28 am ET

Romney is just very jealous of Obama's presidency. Keep doing your job Obama, and continue to ignore them.

pandita   December 3rd, 2009 1:31 am ET

Larry King, you are the best!!

A. Smith, Oregon   December 3rd, 2009 1:59 am ET

The Republican Solution:

Gut all labor unions

Move all family wage jobs overseas

Employ cheap child labor in India

Lower Corporation Taxation

Stop all health reform

Stop all attempts to lower drug company's profits

Stop all attempts to lower big oil company's profits

Stop all attempts to hold energy company's responsible

A. Smith, Oregon   December 3rd, 2009 3:30 am ET

Larry King, I wonder what Ole Morman Mitt thinks about the Reagan Legacy in Bhopal, India?

Many American Corporations got huge breaks by Republican lawmakers, one in particular under then President Ronald Reagan resulted in the horrific mass deaths in Bhopal, India.

Larry, I hope the CNN staff discusses and commemorates the 25th anniversary of the greatest disaster and loss of life ever to take place in modern history by a American Corporation in Bhopal, India by Union Carbide Inc.

Twenty five years and several thousand dead (over 3,700) and disabled men, women and children later, answers to most of the thorny questions about the world's most horrific industrial tragedy are still blowing in the wind in Bhopal, India.

Have any of the Union Carbide officials have been brought to court or charged with mass involuntary manslaughter of well over 3,700 people?

If NOT in 25 years, then why not?

Does the US Justice Dept. simply issue a pass to American Corporations operating overseas which kills 3787 people?

Are Republican lawmakers in the pocket of Union Carbide?

The Dirt Poor Bhopal, Indian family's deserve justice Larry, I hope you and the CNN Staff do a 25 year anniversary of the Bhopal tragedy.

Lori - Justice For Michael   December 3rd, 2009 4:21 am ET

What happened to the Tohme Tohme interview??

Bea Raymond   December 3rd, 2009 7:02 am ET

I think all of you news media people should get off Tiger's Back. Leave him alone. What crime has he committed. The public and the media have no place in Tiger's Bedroom.
Your country likes too much trash gossip. Is this what you call news? Will you all get a life. You are all a dangerous set of people. Tiger should have kept his mouth shut. Do you all listen in to people's private conversations? Shame on you all.

thomas   December 3rd, 2009 10:57 am ET

because Romney has TONS of money,,he feels POWER & feels he is entitled to the Presidency..big ego strong ego not think he did well as the Gov of MA ...WHY aren't any of his 5 sons in the military ?.a BIG question when he was running for the presidency..& how many homes does he own ?..

Ted   December 3rd, 2009 1:28 pm ET

Yes Mitt, we should always depend on the experience of people who worked in a private enterprise.

Like the managers of GM, AIG, Lehman Brothers, Bank of America, etc., etc. They though us the value of sound decision making!

I call Boston home and we do not sing Hellaluja to praise our ex governor, so get off the high horse.

Dodie   December 3rd, 2009 2:06 pm ET

@ A. Smith, Oregon

Well stated and thought out! I only wish more Americans would have the insight you have!

I have often wondered, why people of other countries see clearly what is happening to the US, while 40% of the people here do not even have a clue! It still continues to amaze me!

Dodie   December 3rd, 2009 2:10 pm ET

@ Ted

I completely agree! Let him have it! At least some of us can see through their deceptions!

peter   December 3rd, 2009 2:25 pm ET

Romney is from a VERY wealthy family in Michigan..did he spent about 70 million on his presidential campaign? sad..he could have given it to the poor..worked in a soup kitchen, helped the homeless 2 blocks from the white house..people in Detroit /where he's from/ are eating dog food & will freeze to death this coming winter....he's going down the wrong path....bec. he's big & strong & has $$ he feels powerful.

luckybee   December 4th, 2009 10:18 am ET

Matt Romney is a Mormoon;Idon't think he is a good choice as a president of the USA.Only with God the USA will prefail, from all it's problems. Choose a Presbiterian as a president and God will be back again, just as before.Think of George Whashington , en Abraham Lincoln.

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