Obama's Plan Will Kill Jobs and Increase the Debt
President Obama's speech today shows he has learned nothing about how to win the future. He continues to operate with a left wing worldview that will hurt seniors, kill jobs, raise gas prices, and increase our crushing debt.
America needs an honest conversation about saving Medicaid and Medicare by providing citizens with more choices, better care, and more control at lower costs; not emotional demagoguery designed to create a climate of fear and inaction.
America needs tax cuts not tax increases to create jobs. Creating jobs and getting back to 4% unemployment is the most important step to a balanced budget. The president’s proposal to raise taxes will kill jobs and increase the deficit by putting more people on unemployment, food stamps and welfare.
America needs an American Energy Plan that makes full use of all our resources here at home – oil, natural gas, wind, clean coal, nuclear, biofuels, and more. The president is ideologically wedded to a limited view of America’s energy potential that will continue to raise gas prices and further increase our reliance on foreign sources of energy.
In his speech, the president lauded the effort of Republicans and Democrats to work together to balance the budget in the 1990s. Yet the solutions he proposed today are precisely the opposite of what we did.
When I was Speaker, we passed the first tax cuts in sixteen years to encourage the private sector to create jobs, including what Art Laffer called the largest capital gains cut in history. This led to a drop in unemployment from 5.6% to below 4%.
We successfully reformed welfare to lift the poor out of poverty in much the same way Paul Ryan proposes to save Medicaid.
We increased defense and intelligence spending to defend freedom.
Through those pro-growth measures we balanced the budget and paid off over $405 billion in debt.
To win the future today, I have proposed six steps for the United States to rebuild the economy and rescue the next generation from a dangerous and potentially crushing national debt.
1. Promote stability in the economy by permanently extending the current tax relief. Job creation moved from stagnant to improving in the two months after Congress extended tax relief for two years.
2. Guarantee the United States will continue to be the center of economic activity by making it the most desirable location for new business investment. The United States should match the Chinese capital gains tax rate of zero; dramatically reduce the corporate income tax (the highest in the world) to 12.5%; allow for 100% expensing of new equipment to spur innovation and American manufacturing; and permanently end the death tax.
3. Repeal Sarbanes-Oxley. Remove burdensome financial regulation that is holding companies back from taking risks and making new investments.
4. Implement an American energy policy that creates jobs in the United States versus the Obama plan which borrows money from China to give to Brazil to drill for oil and then sell it to Americans.
5. Enforce the fiscal responsibility Americans deserve, control spending, and implement money saving reforms and replace destructive policies and agencies with new approaches.
6. Repeal and replace Obamacare.