In the current (2.23.09) issue of Human Events, Newt Gingrich address the ‘stimulus’ package, calling it an anti-stimulus package:
KUDLOW OUTRAGED: Study after study over the past several decades has shown how countries that spend more produce less, while nations that tax less produce more. Obama is doing it wrong on both counts.
Gingrich fought for 12 American Solutions for Jobs and Prosperity
“It’s almost an anti-stimulus package. They begin to repeal the 1996 welfare reform, they dramatically increase the amount of government spending, they turn more power over to big government, they turn money over to state and local officials without any reforms, and, frankly, they also begin to set all sorts of interference in the private market which will make it much harder for Americans to compete with foreign companies. So you’re setting the stage for American businesses to begin to behave like bureaucracies.” Gingrich
Instead of what has been done with bailouts and ‘stimulus’ packages, Gingrich was advocating the following:
12 American Solutions for Jobs and Prosperity, by Newt Gingrich Feb. 2009
1. Payroll Tax Stimulus. With a temporary new tax credit to offset 50% of the payroll tax, every small business would have more money, and all Americans would take home more of what they earn.
2. Real Middle-Income Tax Relief. Reduce the marginal tax rate of 25% down to 15%, in effect establishing a flat-rate tax of 15% for close to 9 out of 10 American workers.
3. Reduce the Business Tax Rate. Match Ireland’s rate of 12.5% to keep more jobs in America.
4. Homeowner’s Assistance. Provide tax credit incentives to responsible home buyers so they can keep their homes.
5. Control Spending So We Can Move to a Balanced Budget. This begins with eliminating congressional earmarks and wasteful pork-barrel spending.
6. No State Aid Without Protection From Fraud. Require state governments to adopt anti-fraud and anti-theft policies before giving them more money.
7. More American Energy Now. Explore for more American oil and gas and invest in affordable energy for the future, including clean coal, ethanol, nuclear power and renewable fuels.
[Obama's Salazar cutting domestic energy exploration Looks like Obama administration is working to increase our dependence on foreign oil.]
8. Abolish Taxes on Capital Gains. Match China, Singapore and many other competitors. More investment in America means more jobs in America.
9. Protect the Rights of American Workers. We must protect a worker’s right to decide by secret ballot whether to join a union, and the worker’s right to freely negotiate. Forced unionism will kill jobs in America at a time when we can’t afford to lose them.
10. Replace Sarbanes-Oxley. This failed law is crippling entrepreneurial startups. Replace it with affordable rules that help create jobs, not destroy them.
11. Abolish the Death Tax. Americans should work for their families, not for Washington.
12. Invest in Energy and Transportation Infrastructure. This includes a new, expanded electric power grid and a 21st Century air traffic control system that will reduce delays in air travel and save passengers, employees and airlines billions of dollars per year.
Input from Ollie North:
“ . . . the Obama administration and their supporters on Capitol Hill need to understand that when it comes to spending, there are few things government can do that has a more immediate, positive effect on jobs and the overall the economy than expenditures on national defense. Ronald Reagan knew that. In his first 100 days in office, he took his arguments for cutting taxes and rebuilding the U.S. military — including a 600-ship Navy — to the American people. He persuaded them and they in turn convinced the liberals running Capitol Hill that these measures were essential for the country. The result was a dramatic rebound in jobs and economic growth from the “malaise” and “stagflation” of the Carter years and significant improvements in the quality, capabilities and readiness of our Armed Forces. Regrettably, this lesson appears to have been missed by Obama and his advisers. The administration has now made it clear that they intend to cut defense spending — even though we are at war and despite the job losses it will entail. Just days before the inauguration, White House chief of staff Rahm Emanuel stated in televised interviews that “on an annual basis we have about $300 billion in cost overruns” from the Defense Department. The interviewers — on NBC and PBS — failed to ask him to identify where he found these “overruns” in a $527 billion wartime budget. It apparently doesn’t matter. This week, the Office of Management and Budget (OMB) ordered the Pentagon to show how it can cut $55 billion from the Fiscal Year 2010 defense program.”
BACKLASH & COUNTER REVOLUTION
There are a number of signs the American people are getting increasingly fed up with this administration, its creeping socialism, and the concentration of power at the federal level.
MALKIN ON TAX REVOLT
RICK SANTELLI PROTEST THAT SPARKED AND FOCUSED OPPOSITION AND PROTEST
Cesca at HuffPo says the growing protest movement opposed to Obama is comprised of ‘wingnuts.’
What Bob Cesca and others here fail to realize is the issue does not distill down to economics exclusively even though growing numbers are seeing through the lies concerning Reaganomics, ‘tax cuts for the rich,’ and the rest of the Leftist propaganda designed wholly to encourage class warfare, envy and a repudiation of economic liberty. No, rather people are deeply concerned about the concentration of power in D.C., the centralized exercise of such power, the likelihood of tyranny with the attendant shrinkage of liberty. There are indeed two Americas: one embraces hard work, individual responsibility, small central government, low taxes, strong national defense and maximum freedom; the other embraces the welfare state, dependence on government, collective responsibility, enormous federal government, weak national defense, and the relinquishing of freedom in deference to ‘experts’ managing everything cradle to grave via bureaucracy. We shall see which side wins out, but one thing is for sure: we are in for battles royale from here on out.
For a clearer picture of the benefits of Reaganomics and the benefits derived for all, plus an explanation of how government created the current crisis, consult these articles:
CAUSE OF THE MELTDOWN
THE CLINTON CONTRIBUTION
KEYS TO PROSPERITY