December 3rd, 2009
10:26 AM ET
9 years ago

Romney lays out plan to fix economy

[cnn-photo-caption image=,gi.jpg caption="Romney lays out his plan to fix the economy in an op-ed Thursday.'"]
Washington (CNN) - Mitt Romney says that like other presidents, Barack Obama inherited a recession. But the former Massachusetts governor feels unlike his predecessors, Obama has made the recession he inherited worse, not better.

In an op-ed in Wednesday's USA Today, Romney says what he calls the president's inability to "stem" the rise in unemployment should not be a surpise.

"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," says Romney.

The op-ed's release comes hours before the president holds a jobs forum at the White House. The nation's unemployment rate stands at 10.2 percent, the highest level in 26 years. November's job report will be released Friday.

In the article, Romney, a Republican presidential candidate in the 2008 election and a possible contender for the 2012 GOP presidential nomination, lays out advice he terms a ten point plan to help reenergize the economy.

See Romney's "10-point plan" after the jump.

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.

• Tell the unions that job-stifling "card check" legislation is off the table. Laying new burdens on small business will kill entrepreneurship and job creation.

• Don't allow a massive tax increase to go into effect in 2011 with the expiration of the 2001 and 2003 tax cuts. The specter of more tax-fueled government spending and the reduction of capital available for small business will hinder investment and business expansion.

• New spending should be strictly limited to items that are critically needed and that we would have acquired in the future, such as new military equipment to support our troops abroad and essential infrastructure at home.

• Install dynamic regulations for the financial sector — rules that are up to date, efficient and not excessively burdensome. But do not so tie up the financial sector with red tape that we lose a vital component of our economic system.

• Open the doors to trade. Give important friends like Colombia favored trade status rather than bow to protectionist demands. Now is the time for aggressive pursuit of opportunities for new markets for American goods, not insular retrenchment.

• Stop frightening the private sector by continuing to hold GM stock, by imposing tighter and tighter controls on compensation, and by pursuing a public insurance plan to compete with private insurers. Government encroachment on free enterprise is depressing investment and job creation.

The 10% unemployment crisis hangs like an albatross around President Obama's neck. Eventually, as with every recession and recovery, the economy will improve and jobs will be created, but those who were unnecessarily unemployed due to the president's faulty economic program will not forget. In order to most rapidly re-employ all Americans and to speed a strong recovery, the president must change course. If he does not, Republicans will bring a change of their own to Washington in the 2010 elections.

UPDATE: In a statement, the Democratic National Committee scoffed at Romney's ideas and claimed that Republicans have refused to offer their own plans to fix the economy.

"Now, instead of acknowledging, as leading economists and the independent CBO have, that the President's Recovery Act rescued this country's economy from the brink of disaster and has already saved or created 1.6 million jobs, Republican leaders like Mitt Romney and Eric Cantor are now offering 'plans' that are nothing more than a laundry list of the failed Bush-era economic policies that nearly destroyed our economy in the first place," said DNC national press secretary Hari Sevugan. "Mitt Romney's allegiance to Bush economics is one policy position he'd do well to flip-flop on."

Filed under: Economy • Mitt Romney • Popular Posts
soundoff (146 Responses)
  1. Cole-Boston

    Yet another typical Republican response. They know that unemployment was going to skyrocket, & yet how quickly forget that it was Republican agenda that got us here in the first place. President Obama is working hard to turn things around. It will take time. There may be mistakes by both parties as we move to reverse a near depression. The parties may not agree on a lot of ideas but surely there some things that will help. The bickering needs to STOP NOW!! How about having corporate America doing something for the UNITED STATES & OPEN AT LEAST ONE PLANT HERE IN AMERICA, DO SOMETHING FOR YOUR HOME COUNTRY BECAUSE CONCERN FOR OUR COUNTRY!!! Both parties need to contact their corporate friends & START NOW!!! UNEMPLOYMENT IS A PROBLEM FOR ALL OF US!

    Concerned Independent Voter

    December 3, 2009 11:26 am at 11:26 am |
  2. Adalbert

    This rich guy has no clue. None what so ever.

    December 3, 2009 11:27 am at 11:27 am |
  3. Dixon

    Romney would suck the life out of our economy just like Bush did.

    December 3, 2009 11:27 am at 11:27 am |
  4. Emma

    Mr. Romney, you have distorted the truth about Obama having relied on Nancy Pelosi and Harry Reid regarding financial decisions. It is well documented that Obama had an expert team of economists and financial geniuses to guide him, just as you would need to use such a team if you were President because you have had "no experience in the world" of
    international relations and war/peace policy and many other pervasive
    governing issues for America.

    December 3, 2009 11:27 am at 11:27 am |
  5. ben

    he is crazy where were you when gop crashed our economy. just shut up looser.

    December 3, 2009 11:28 am at 11:28 am |
  6. John, Chicago

    Our Savior has spoken. blah blah I noticed part of the plan is to continue the tax cuts on the wealthy.

    I am Mitt Romney I was born with a silver spoon in my mouth I have never done any real physical labor in my life. I was fortunate enough to have plenty of money to make more money. I really don't know how the real economy operates but since I am considered a successful business man I am revered by stupid people just a moment a hair is out of place ok back to me I am rich and I want my rich buddies to pay as little in taxes as possible.

    What a fraud this Nimrod is.

    December 3, 2009 11:28 am at 11:28 am |
  7. Justin

    Some of the ideas are good, some are total garbage... Trickle down does not work... if you give big business tax incentives, the savings goes into management bonuses, not new jobs. Honestly, if trickle down worked and wall street and financial institutions didn't need regulations we would be doing very well as a country right now.

    December 3, 2009 11:28 am at 11:28 am |
  8. Independant Vet

    He should of added that , by giving 1.5 Billion ( Stimulus Dollars ) to China to build The Turbines for the Texas wind farm , that is going to creat only 20 permant jobs here , while in Chia it is going to create 2,000 jobs.

    December 3, 2009 11:29 am at 11:29 am |
  9. DanB

    What a goob.

    December 3, 2009 11:29 am at 11:29 am |
  10. Sam

    Then why didn't he offer to help the administration rather than just wait to criticize. There will never be unity in the USA. I remember those famous words of Churchill, United we Stand, Divided we fall. Politics is fast becoming a bore.

    December 3, 2009 11:32 am at 11:32 am |
  11. Bill NY

    In a nutshell he means more for the rich, less for the poor and a Dominos Pizza on every block.

    December 3, 2009 11:33 am at 11:33 am |
  12. amlcpamaine

    Romney can ramble all he wants. But both his professional life and his political life prove that, if he gets the power, he will "fix the economy" for the top 2%. That's what got us into this mess in the first place but people listen to his blathering like he's the "next coming."

    Romney's success was built on exporting jobs when he ran Bain. It made him a multimillionaire and he just wants to do more and more. The heck with the middle class that suffers.

    December 3, 2009 11:33 am at 11:33 am |
  13. Anush Raj

    Romney has the experience and pragmatic approach needed in a President. Obama will lose in 2012 if he keeps up his brainless policies.

    December 3, 2009 11:33 am at 11:33 am |
  14. SY

    So typical. I could have recited Mitt's plan in my sleep. It's the same plan they have used for the past decade and here they are trying to push it up out of its grave again. If his plan worked we wouldn't be where we are today. This plan helps the rich, the corporations, and business. This plan takes away from the sick, the elderly, the middle class and the poor. Spend on the military, spend on private business, minimal regulation, and you know the rest of the story.

    December 3, 2009 11:35 am at 11:35 am |
  15. Paul

    Interesting that the story two down from this one is "Jobless claims slide to near 15-month low."

    Day late and a dollar short, Mitt. And remember, it's private sector corporates like him that landed us in this mess in the first place. And he's claiming his business-elite connections are a plus? Please. He shares the mindset of the fools that very nearly crashed the economy.

    December 3, 2009 11:36 am at 11:36 am |
  16. don abel

    Mitt you are fantastic I like it very much , I will tell the trueth now, you don't have to be to smart for that this is just COMMON SENCE " for normal americans , but this is a big sign OUT OF JOBS for this idiot's in washington we have to vote them out as soon as we can !

    December 3, 2009 11:36 am at 11:36 am |
  17. LacrosseSon

    Some good points, but he left out a few:
    11. Impose a 100% tariff on all Chinese imports.
    12. Aggressively pursue and punish employers who knowingly hire illegal immigrants.
    13. Free public education should be only provided to those who can prove residence.

    December 3, 2009 11:36 am at 11:36 am |
  18. nomorepoliticsplease

    wow.........sounds like some good ideas mixed with some typical republican b.s.......and topped off with a big ol' helping of threats! That was completely unnesscessary.

    December 3, 2009 11:38 am at 11:38 am |
  19. single mom

    Yeah, it's too early to place bets, but I'd say it would be fairly safe to say that Romney will run in 2012. His main problem might be the Massachusetts health care plan that forced small businesses to cut back on employees or go out of business and nearly bankrupted the state.

    December 3, 2009 11:38 am at 11:38 am |
  20. Dar

    I thought you Dems said that rebublicans wern't helping?????

    If Odumbo will listen (if he will shut up for a second) to someone who knows what they are taking about.......................what am I thinking, Odumbo thinks he is God and so do his followers. It will be the Odumbo way all the way or no way.

    Odumbo has put us on a highway of no return and the damages are just going to get worse.

    I can't beleive we hired a unexperianced community leader to run the country, what were you fools thinking.

    December 3, 2009 11:39 am at 11:39 am |
  21. George

    Romney's plan is a prescription to restart the Great Depression. You do not create jobs by cutting spending, nor can you revive confidence in the dollar by cutting taxes! I would also question how even more "free trade" is going to create jobs in the United States.

    Romney is just another guy like Skilling or Madoff who made huge amounts of money off of the gullible in the boom years. The "smartest guys in the room" are the guys who got us into this mess.

    Obama gets no credit for staving off what looked like it was going to be a total economic collapse. It is good that we are at the point where people can whine about unemployment near %10 instead of worrying that their bank accounts will go to zero. The economy seems to be on the mend, jobs will follow. Romney and the other over inflated egos can go stuff it. (Maybe he should get a real job.)

    December 3, 2009 11:39 am at 11:39 am |
  22. Thomas

    Not one of Mitt's five sons did any military service in Iraq or Afghanistan.

    So why would anybody respect his insight on the economy .

    Mitts's part of the problem , not the solution !

    December 3, 2009 11:39 am at 11:39 am |
  23. RAG

    This is news? It should be grouped with these stories:

    "Dog Discusses Solutions to Differential Equations"
    "Pope Announces Corrections to the Bhagavad Gita"
    "Artist Discusses Plan to Paint Sky Green"

    Romney is speaking above his ability, out of his realm of knowledge, and has no hope of executing.

    This story is In a word: "Irrelevant".

    December 3, 2009 11:39 am at 11:39 am |
  24. don abel

    Raro raro raro , you want that limbaugh the golfer should like you , ha ? Mitt you are trying to fool us again about where you stands on conservative issues , you are beter then mccain but not good ,

    December 3, 2009 11:40 am at 11:40 am |
  25. Jimmy

    Romney is far more knowledgeable about this than the President.

    Mitt 2012!

    December 3, 2009 11:41 am at 11:41 am |
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