Republican Presidential candidate Mitt Romney has released a book outlining what he intends to do on his first day in office. The book includes a section called “Five Bills for Day One” which sets forth Romney’s initial legislative priorities.
Firstly, Governor Romney, Day One is for dancing, watching a lame parade, dancing, shaking hands, dancing, and kissing big donors. Most of Congress will be drunk, anyway. Save the action for Day Two.
Let’s take a look at the bills Romney proposes for Day One.
The American Competitiveness Act
“Reduces the corporate income tax rate to 25 percent.”
When strapped for cash, reduce your cash flow. Always a good idea. Republican economic strategy is a broken record of tax cuts. When times are good, cut taxes; when times are bad, cut taxes.
This brings us back to the argument that corporate income taxes are destroying American industry. Yes, the combined federal and state corporate tax rate works out to about 39% or so. Even liberal me thinks that’s a tad high.
The problem is that so many corporations don’t pay tax thanks to all those handy loopholes. According to the Government Accountability Office, 66% of American corporations paid no federal income taxes between 1998 and 2005.
A 25% corporate income tax might work, but only if corporations actually pay it. Or corporations could just pay the individual income tax since Romney considers them to be people.
The Open Markets Act
“Implements the Colombia, Panama, and South Korea Free Trade Agreements.”
Free trade agreements tend to be political no-wins. Free trade is an issue that manages to anger half of liberals while pleasing the rest and also angers half of conservatives while pleasing the rest.
It’s a balancing act between America’s role as the world’s big brother, helping developing countries find their way, and the insular need to protect American jobs.
The Open Markets Act can be seen as a bit of a dig at the strict Constitutionalists like Rick Perry and Ron Paul who seem to want to go back to the olden days of Washington’s only income coming from importation duties. Free trade won’t pay for a single wig on a Founding Father’s head.
The Domestic Energy Act
“Directs 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.”
I assume this can be translated as “Drill, Baby, Drill.” Great, drill all you want. Foul up the Gulf of Mexico, destroy the Alaskan National Wildlife Refuge, sell our national parks to the highest bidder. But what happens when the oil reserves dry up?
Too many Americans see investment in green energy as an attack on big oil and American values. Rush Limbaugh found it hilarious when a solar panel company went bankrupt last week. American energy policy needs to embrace alternative sources. The wind is always blowing and the sun will be pumping out energy for another five billion years or so. How long will the oil last? We must be prepared.
The Retraining Reform Act
“Consolidates the sprawl of federal retraining programs and returns funding and responsibility for these programs to the states.”
Retraining America’s workers is important. Let’s face it, the old manufacturing base is not coming back. And, yes, the institutionalized federal bureaucracy needs to be reigned in. I’m pretty sure that school kids are being taught that the red stripes in the flag symbolize red tape.
The problem with funding state programs is that the federal government never gives the states enough money. Also, who decides what the retraining program will entail? When I see Kansas make it mandatory that all questions in science class be answered with “because God says so,” I worry what their retrained workers will be like. Business don’t need IT guys who close their eyes, pray that they won’t blow up the motherboard, and start randomly pounding buttons.
A retraining program requires some kind of structure or we’ll have 50 states creating workers of 50 different skill levels.
The Down Payment on Fiscal Sanity Act
“Immediately cuts non-security discretionary spending by 5 percent, reducing the annual federal budget by $20 billion.”
I love it when Republicans say they’ll cut everything by five percent. Absolutely no thought involved, just eliminate the first five percent you see. Who needs careful consideration? Why think about which programs Americans need most? Lop it off.
Wouldn’t it be great if doctors thought the same way? “You have cancer. I’m going to cut off five percent of you. I may possibly take off the bit with the cancer.”
I assume that this five percent will mainly affect social programs. The military is already off the board. If taking the food away from a starving child is what it takes to save America, then take away the food we must. But ethanol subsidies are great.
Also, wouldn’t a “down payment on sanity” mean more social spending? Think about it.
Good luck with your legislative priorities on January 20, 2013, Mitt Romney. I have a sneaking suspicion you’ll be yelling them at your TV while eating ice cream with a ladle.