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Credit Card Applications » News » Other » Wet Noodle Economics of Mitt Romney

Wet Noodle Economics of Mitt Romney

September 01, 2010 | Updated on September 01, 2010
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The content is accurate at the time of publication and is subject to change.

Mitt Romney is being smart enough to stay away from the efforts of Sarah Palin and Newt Gingrich, in their efforts to launch a presidential bid with the proposed mosque construction at Ground zero issue. In fact, Gingrich has gone to the extent of comparing Muslims with Nazis by saying that the Nazis do not have a right to put up a sign right next to the Washington holocaust museum. Sarah Palin on the other end has called upon the New Yorkers to repudiate the plan of the construction although she has had to rephrase her message later. Mitt Romney is taking a more conservative stance offering an economic plan.

This seems to be a wise choice because most Americans don`t care much about mosques in Manhattan area. What they really care about is really money in their own accounts. Romney looks really keen to sell himself as the businessman who can turn around the country as reports sadly enough, reflect that the unemployment is likely to remain higher until 2012 November. Romney, unlike Palin and Gingrich, has indeed run a firm which bought and sold companies, and lay off a lot of people too in the process, although that was considered part of the business.

Romney`s economics can indeed be taken seriously. In Wednesday`s Boston Globe op-ed, Romney has attacked Obama`s economic policies calling them ineffective and instead has suggested for an agenda including growth and jobs. The main points include matching the corporate taxes in the country with that of other developed economies. The plan also includes preserving the tax cuts of Bush for everyone including small businesses. The plan proposes allowing businesses to write off the capital investments of 2010 and 2011 rather than over time. Taxes, according to the plan should be eliminated, on investment dividends. Taxes on capital gains, interest for household earnings less than 250,000 dollars should also be eliminated. The federal budget should be balanced according to the proposed plan of Romney.

However, Romney`s policies raise a fundamental problem. On one side it is relatively impossible to simultaneously cut taxes and balance the budget without cleaving allocations to Medicare, Social Security and spending on defense. Romney has carefully deviated from these conundrums by calling for reshape of government programs and restructuring entitlements. According to Romney, the key to growth lies in cutting taxes on businesses and people who invest in those businesses. More jobs will be created if businesses will get at lesser cost at more capital.

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