FORTUNE: Mitt Romney's 5-point plan for the economy
August 15th, 2012
09:20 AM ET
10 years ago

FORTUNE: Mitt Romney's 5-point plan for the economy

(FORTUNE) - On the Friday after the Fourth of July, while the Romney clan was enjoying an extended midsummer break at the family manse on New Hampshire's Lake Winnipesaukee and photographers with telephoto lenses were snagging pictures of the candidate in swim trunks, real news was happening, unobserved, 100 miles away.

Nearly two dozen luminaries from the worlds of finance, government, and academe had gathered in secret behind smoked-glass windows in a three-story concrete office building on Commercial Street in Boston's North End - Romney campaign headquarters - for a meeting of the governor's recently assembled Economic Policy Steering Group. Some had only to cross the river from Cambridge. Others flew in from Chicago, D.C., and the West Coast. Tough duty in the middle of a holiday weekend, but as one participant says, anonymously, it was "for a good cause." Each had been requested by e-mail to "exercise discretion in keeping the contents of the discussion and the membership of the group private." Indeed, no one who was there will confirm for the record that the meeting even took place.


Filed under: Economy • Mitt Romney
soundoff (17 Responses)
  1. James Sheldon

    At last... someone with a plan. Obama has an abysmal record of nothing but failure after failure. Why isn't he talking about his accomplishments ??? There are none.

    August 15, 2012 09:25 am at 9:25 am |
  2. Bill, NY

    Mr. Romney's(Romney Grits) real five point plan for the economy is:
    1. Deregulate everything so that big business can do as it pleases no matter the consequences to the economy.
    2. Cut the tax rate for the richest to 2% so that they may trickle down on us peons.
    3.Allow industry to finish destroying the environment, hey who needs clean air to breath or water to drink?
    4. Change the gun laws so that even my 6 month old baby will be able to own semi auto matic weapons.
    5. Fill as many trains as possible with illegals no-stop to Mexico and south America invoking memories of Nazi Germany.
    Yes my friends a real plan for success!

    August 15, 2012 09:43 am at 9:43 am |
  3. g

    scary-like cheney and the oil companies every body knows how that turned out

    August 15, 2012 09:45 am at 9:45 am |
  4. enuff

    Romney is so secretive. How can he be trusted with anything? Secret meetings while he "vacationed"? I guess that is one way to keep the press entertained while he plots the demise of the U.S. Why does the press keep giving him a pass? Where are Woodward and Bernstein when we need them?

    August 15, 2012 09:47 am at 9:47 am |
  5. Larry L

    Romney's "economic plan" is much like his tax returns – something he just wants us to trust him on... He gives absoluteluly no specifics except his plan to repeal the health care law and reduce spending. So he'll try to eliminate the law passed to prevent health care costs from pushing millions of Americans into poverty and replace it with the exact same provisions – except no way to pay for it! He'll increase defense spending, lower everybody's taxes, make gas cheap, and create 12 million new jobs (most already destined for creation with the current economic progress). He refuses to tell us HOW he'll do any of these things. He does tell us he'll raise the retirement age – rather than simply remove the income cap of $106/year on Social Security contributions. We can't be trusted to see his tax returns but we're supposed to trust him with these empty promises?

    August 15, 2012 10:01 am at 10:01 am |
  6. Larry L

    Romney's plan to repeal Obamacare will help Social Security! As middle-class and poor people die at an earlier age from poor health care and the lack of preventive services, they won't be around to collect their benefits and drain the system. Romney will require them to work a few years longer to ensure they "die in the traces". The fat-cats will retire early, have great health care, live a long life and collect the money as "loose change" to spend on dressage horses. Win-win! What a plan!

    August 15, 2012 10:09 am at 10:09 am |
  7. Sniffit

    Oh look...a fluff piece from Fortune that pretends the 5 parts of his "plan" that Mittens stated are not just more nonsense vagaries, that his conservative think tank full of people who worked for presidents that raised the debt and deficit and helped redistribute the country's wealth upwards will somehow come up with egalitarian plans, and then ends by selling Mittens' campaign's attempt to distance himself from the budget and economic policies his newly-chosen running mate has championed and which Mittens promised to sign. Color me shocked!

    August 15, 2012 10:11 am at 10:11 am |
  8. Dominican mama 4 Obama

    Each had been requested by e-mail to "exercise discretion in keeping the contents of the discussion and the membership of the group private." Indeed, no one who was there will confirm for the record that the meeting even took place
    Anyone else notice how the Romney campaign has made a name for itself for thriving and excelling at secrecy, lying, flip-flopping, back-pedalling, foot-in-mouth disease, equivocating, denying, whining, and finger-pointing? But especially at secrecy and lying?
    As you campaign, they say, so shall you govern.

    Obama 2012. Because America deserves the very best.

    August 15, 2012 10:11 am at 10:11 am |
  9. Rudy NYC

    Mitt Romney and public service do not mix.

    August 15, 2012 10:12 am at 10:12 am |
  10. Dominican mama 4 Obama

    Speaking of high-level secrecy, show us your taxes Robmey.
    Confirm what most already know.
    No shame in your game? Good. Show us your taxes.

    August 15, 2012 10:12 am at 10:12 am |
  11. Lynda/Minnesota

    "And make the statement that this is a crossroads for America."

    Indeed it is. I saw the name Phil Gramm (and other top GW Bush advisers) and I shivered. I read about Paul Ryan's economic attachment (as recently as April 2012) to Russian Atheist Ayn Rand and I shiver. I read the Evangelical anti-Obama comments and I shiver. I hear Romney say "if you knew what my plans are, you won't vote for me" and I shiver. I read Paul Ryan double talking by trying to back step from his own budget already passed in the House of Representatives which absolutely does turn Medicare into a "individually owned health plan sans the Government restrictions" by suggesting it'll be a 10 year transition and I shiver. I know that both Mitt Romney CEO and Paul Ryan aka Ayn Rand absolutely want us to trust them ... and all the while their plans are exactly identical and exactly NOTwhat this country needs ... now or ever again. Their plan is to strip our working poor and Seniors of every last safety net it took decades to advocate for. Even George Bush knew that these steps were too drastic to ever contemplate.

    Trust Mitt Romney? I hardly think so. Not today. Not tomorrow. Not ever.

    August 15, 2012 10:13 am at 10:13 am |
  12. Sniffit

    Fortune Fluff:

    1. The 5 alleged points of Mittens plan are just more vagaries and this article pretends they're not.

    2. The economic team is full of conservative ideologues who helped prior GOP president raise the debt and deficit and enact economic policies that have demonstrably redistribbuted the nation's wealth, income and power upwards to the wealthy.

    3. The last sentence in the article might as well have been written by Mittens' campaign as part of the attempt to distance Mittens from the economic policies and legislation championed by his Lapdog running mate, passed en masse by the GOP and which Mittens himself promised to sign if elected.

    August 15, 2012 10:15 am at 10:15 am |
  13. Sniffit

    hahahahaha...Fortune is trying to sell those 5 points as "specifics" and then ending the article with a plea for people to believe that Mittens should be allowed to distance himself from the economic policies of his own running mate that he himself promised to sign if elected??? All based on the existence of an economnic team comprised of avowed conservatives and chock full of ideologues who helped past GOP presidents increased the debt and deficits and enact economic policies that redistribute the country's wealth upwards??? Gee...I wonder who Fortune endorses. Color me suprised.

    August 15, 2012 10:18 am at 10:18 am |
  14. BLKMANinAmerica way this so called "plan" will ever be implemented, he after all, (Robmey) has 40+ faces as do 99% of repuks and trust if he gets into office none of what he spus outta of his mouth will ever be 'law'.

    August 15, 2012 10:29 am at 10:29 am |
  15. Republicans - "The Not Intended to Be Factually Accurate" Party

    Let`s get real, first :

    Year 1- Let Bush tax cuts expire, Only restore them for people making under $200K. This will raise revenue & help reduce the deficit.

    Year 2.Close all tax loopholes, credits & deductions for Corporations and Individuals. Revenue will go up. Deficits will be reduced further.

    Cut defense Spending by 20% to close the budget deficit.

    Year 3: Reduce all rates to pull Revenue in line with spending.

    Tax all earnings [no upper cutoff] for FICA & Medicare] This restores/ bolsters these key programs.

    RETORE capital gains rates to the same top rate for ordinary income.

    Do THESE ThINGS and the deficit will be moved in the proper direction and people will see America as FAIR. When these things happen, consumers will spend, spur demand, and bolster the Economy.

    August 15, 2012 10:34 am at 10:34 am |
  16. rs

    Mr. Romney's plan sounds like something from the 1890s:
    * Use coal and pollute what is left of our environment- hottest Summer in history, and the GOP wants more greenhouse gasses so badly that Romney will stand shoulder to shoulder with the criminaly murderous Ohio coal mine owners. Imagine standing not with the coal miners, but their greedy, regulation hating owners!
    * Take down the remaining labor unions- more war on the middle class- equally regretable as it is also anti-teacher and anti police and firefighter. I guess when you're rich- you don't need em.
    * Predictably- more wealthy welfare. It hasn't made one job yet, but we'll keep larding the rich with huge tax breaks until something happens- even if we have to wreck the social safety net for our citizens.
    * Do away with regulations. Shoot, its only workers lives and the environment at stake.
    * Take on China- sure.

    August 15, 2012 10:45 am at 10:45 am |
  17. truth hurts

    Obama's 5 Point Plan for the Economy:

    1. Borrow another $4 TRILLION for another stimulus plan to send to his union buddies.
    2. Spend billions more on "green energy" companies that go bankrupt, but his campaign contributors make out just fine.
    3. Attack and demonize successful people and businesses until they cooperate with his demands
    4. Expand the federal government three fold because government is what drives the economy. (YOU didn't build that!)
    5. Take more and more from those that produce to "spread the wealth around" to those that do nothing by vote for Obama.

    August 15, 2012 10:50 am at 10:50 am |