Archive for August 3rd, 2012

Ron Paul Fed Lecture Series–Videos

Posted on August 3, 2012. Filed under: American History, Banking, Blogroll, College, Communications, Economics, Education, Federal Government, government, government spending, history, History of Economic Thought, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Raves, Resources, Strategy, Taxes, Technology, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , |

“What is Money?” with Joseph T. Salerno — Ron Paul Money Lecture Series, Pt 1/3

“What is Constitutional Money?” with Edwin Vieira — Ron Paul Money Lecture Series, Pt 2/3

“What About Money Causes Economic Crises?” with Peter Schiff – Ron Paul Money Lecture Series, Pt 3/3

“Why Was the Fed Created?” with George Selgin — Ron Paul Fed Lecture Series, Pt 1/3

“What Does the Fed Do?” with James Grant — Ron Paul Fed Lecture Series, Pt 2/3

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James Grant–Videos

Posted on August 3, 2012. Filed under: American History, Banking, Blogroll, Books, Climate, College, Communications, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, government, government spending, history, History of Economic Thought, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Raves, Resources, Unemployment, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , |

Jim Grant explains how Central Banks are Waging War on Supply and Demand

James Grant Explains a World without the Federal Reserve – Capital

James Grant: Gold, the Refuge of the Idiots 

“What Does the Fed Do?” with James Grant — Ron Paul Fed Lecture Series, Pt 2/3

Q&A: Author James Grant

Value Investing Conference 2010 – Part 2

James Grant – on Bernanke, bank capital & lack of capitalism 

Jim Grant 

Never before has the Fed done what it’s doing now” 

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No Change, No Hope, No Second Term: Over 12.8 Million Americans Still Unemployed and Unemployment Rate Over 8% After 42 Months of Obama Administration–Obama Is Not Working!–Total Unemployment Rate 15%–Over 23 Million Americans Seeking Full Time Job!–Videos

Posted on August 3, 2012. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Federal Government, Fiscal Policy, government, government spending, history, Inflation, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Programming, Psychology, Radio, Rants, Raves, Strategy, Unemployment, Video, Wisdom | Tags: , , , , , , , , , , , |

The number of Americans employed when Obama became President in January 2009 was 142,187,000.

The number of Americans employed in July 2012 was 142,220,000.

The net increase in number of Americans employed after 42 months of the Obama Presidency is 33,000!

The U.S. economy needs to create between 130,000 and 140,000 jobs per month to just keep up with population growth according to Commissioner Dr. Keith Hall of the Bureau of Labor Statistics.

Vice Chairman Brady Questions BLS Commissioner at JEC Hearing on the Employment Situation

Between 130,000 to 140,000 need to be created each month to keep up with population growth!

At a Joint Economic Committee Hearing on the Employment Situation, Representative Kevin Brady, Vice Chairman, questions Witness Dr. Keith Hall, Commissioner, Bureau of Labor Statistics about the effect of government spending on private sector job growth.

For the 42 months that Obama has been President, a minimum of  130,000 jobs per month times 42 months or 5,460,000 new jobs needed to be created to just keep up with population growth.

Instead only a net increase in the employment level of 33,000 new jobs was created during the last 42 months.

The U.S. economy and employment level peaked in November 2007 when the number of employed Americans was 146,595,000.

From November 2007 to January 2009, the economy lost 4,408,000  jobs (146,595,000 employed in November 2007 minus 142,187,000 employed in January 2009).

To keep up with population growth during this 14 month period the economy needed to produce another 1,820,000 in new  jobs ( 14 months times 130,000 new jobs per month) from December 2007 through January 2009.

Barack Obama became President in January 2009.

For the U.S. economy to reach it previous peak employment level of 146,595,000 plus the growth in the labor force from November 2007 through July 2012, the U.S. economy would need to create a total of ( 5,460,000 + 1,820,000 + 4,408,000) or 11,668,000 new jobs for a total employment level of 153,855,000.

The current employment level is  142,220,000 as of the August 3, 2012 Bureau of Labor Statistics Employment Situation Survey. 

Barack Obama’s economic policies have produced in 42 months a net increase of  only 33,000 in the employment level or new jobs when 11,668,000 new jobs were needed to reach the previous of peak in the employment level under President Bush plus the growth in the labor force.

Obama on jobs report: Still too many people out of work

In the above speech given on August 3, Barack Obama misleads the American people about his failed economic policies in creating jobs.

By January 2013, the total increase in the Federal national debt under President Obama will exceed $5,300 billion over a 48 month period due to government deficit spending  greater than $1,297 billion per year for four consecutive years.

This is fiscal insanity.

Obama’s economic policies failed to grow the economy and create jobs.

Obama does not deserve another term as president.

Obama is not working.

More Jobs, Higher Unemployment Rate, July Report Says

July Unemployment Rate Rises to 8.3%- More Jobs Lost (195k) Than Gained (163k)

“It’s Been Four Years”

Trapped in Unemployment

Romney’s promise of 12 million jobs

Will Jobs Numbers Determine Election? Not So Far

Unemployment rate UP to 8.3% – REAL rate UP to 15% with Obama focus on jobs 

Jobs Added in July but Unemployment Rate Rises

July Jobs Report: 163,000 jobs added

Rep. Kevin Brady Jobs Numbers Interview with CNBC’s Larry Kudlow 07-06-12 

Congressman Kevin Brady Questions Fed Chairman Ben Bernanke 6-7-12 

Rep. Kevin Brady Repeal Floor Speech 07-10-2012 

We Told You They Are Lying about Unemployment 

Unemployment Rate Primer

Lew Rockwell Pins the Tail on Ben Bernanke and the Rest of Washington’s Donkeys!

Lew Rockwell: The Government is A Gang of Thieves at Large! 

Employment Level–144.2 Million

Series Id:           LNS12000000
Seasonally Adjusted
Series title:        (Seas) Employment Level
Labor force status:  Employed
Type of data:        Number in thousands
Age:                 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125
2005 140245(1) 140385 140654 141254 141609 141714 142026 142434 142401 142548 142499 142752
2006 143150(1) 143457 143741 143761 144089 144353 144202 144625 144815 145314 145534 145970
2007 146028(1) 146057 146320 145586 145903 146063 145905 145682 146244 145946 146595 146273
2008 146397(1) 146157 146108 146130 145929 145738 145530 145196 145059 144792 144078 143328
2009 142187(1) 141660 140754 140654 140294 140003 139891 139458 138775 138401 138607 137968
2010 138500(1) 138665 138836 139306 139340 139137 139139 139338 139344 139072 138937 139220
2011 139330(1) 139551 139764 139628 139808 139385 139450 139754 140107 140297 140614 140790
2012 141637(1) 142065 142034 141865 142287 142415 142220
1 : Data affected by changes in population controls.

Civilian Labor Force Level–155 Million 

Series Id:           LNS11000000
Seasonally Adjusted
Series title:        (Seas) Civilian Labor Force Level
Labor force status:  Civilian labor force
Type of data:        Number in thousands
Age:                 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150214(1) 150641 150813 150881 151069 151354 151377 151716 151662 152041 152406 152732
2007 153144(1) 152983 153051 152435 152670 153041 153054 152749 153414 153183 153835 153918
2008 154075(1) 153648 153925 153761 154325 154316 154480 154646 154559 154875 154622 154626
2009 154236(1) 154521 154143 154450 154800 154730 154538 154319 153786 153822 153833 153091
2010 153454(1) 153704 153964 154528 154216 153653 153748 154073 153918 153709 154041 153613
2011 153250(1) 153302 153392 153420 153700 153409 153358 153674 154004 154057 153937 153887
2012 154395(1) 154871 154707 154365 155007 155163 155013
1 : Data affected by changes in population controls.

Labor Force Participation Rate–63.7%

Series Id:           LNS11300000
Seasonally Adjusted
Series title:        (Seas) Labor Force Participation Rate
Labor force status:  Civilian labor force participation rate
Type of data:        Percent or rate
Age:                 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.1 66.1 65.9 66.0 65.8 65.8
2009 65.7 65.8 65.6 65.6 65.7 65.7 65.5 65.4 65.1 65.0 65.0 64.6
2010 64.8 64.9 64.9 65.1 64.9 64.6 64.6 64.7 64.6 64.4 64.5 64.3
2011 64.2 64.2 64.2 64.2 64.2 64.1 64.0 64.1 64.1 64.1 64.0 64.0
2012 63.7 63.9 63.8 63.6 63.8 63.8 63.7

Unemployment Level–12.8 Million

Series Id:           LNS13000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279
2006 7064 7184 7072 7120 6980 7001 7175 7091 6847 6727 6872 6762
2007 7116 6927 6731 6850 6766 6979 7149 7067 7170 7237 7240 7645
2008 7678 7491 7816 7631 8395 8578 8950 9450 9501 10083 10544 11299
2009 12049 12860 13389 13796 14505 14727 14646 14861 15012 15421 15227 15124
2010 14953 15039 15128 15221 14876 14517 14609 14735 14574 14636 15104 14393
2011 13919 13751 13628 13792 13892 14024 13908 13920 13897 13759 13323 13097
2012 12758 12806 12673 12500 12720 12749 12794

Unemployment Rate U-3–8.3%

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 7.8 8.3 8.7 8.9 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.7 9.8 9.8 9.9 9.6 9.4 9.5 9.6 9.5 9.5 9.8 9.4
2011 9.1 9.0 8.9 9.0 9.0 9.1 9.1 9.1 9.0 8.9 8.7 8.5
2012 8.3 8.3 8.2 8.1 8.2 8.2 8.3

 Total Unemployment Rate U-6–15%

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 7.9
2007 8.4 8.2 8.0 8.2 8.2 8.3 8.4 8.4 8.4 8.4 8.4 8.8
2008 9.2 9.0 9.1 9.2 9.7 10.1 10.5 10.8 11.1 11.8 12.7 13.5
2009 14.2 15.1 15.7 15.8 16.4 16.5 16.5 16.7 16.8 17.2 17.1 17.1
2010 16.7 16.9 16.9 17.0 16.6 16.5 16.5 16.6 16.9 16.8 16.9 16.6
2011 16.1 15.9 15.7 15.9 15.8 16.2 16.1 16.2 16.4 16.0 15.6 15.2
2012 15.1 14.9 14.5 14.5 14.8 14.9 15.0

Comparison of U.S. Recoveries from Recession

1949-2007

Real Gross Domest Product (GDP) Growth Rates

Background Articles and Videos

Did Mitt Romney Call President Obama A Liar? 

Romney Aid: Obama’s Ad Is a Lie 

Current Population Survey 

August 3, 2012

Employment from the BLS household and payroll surveys:

summary of recent trends

http://www.bls.gov/web/empsit/ces_cps_trends.pdf

Employment Situation Summary

Transmission of material in this release is embargoed                          USDL-12-1531
until 8:30 a.m. (EDT) Friday, August 3, 2012

Technical information:
 Household data:       (202) 691-6378  *  cpsinfo@bls.gov  *  www.bls.gov/cps
 Establishment data:   (202) 691-6555  *  cesinfo@bls.gov  *  www.bls.gov/ces

Media contact:         (202) 691-5902  *  PressOffice@bls.gov

                       THE EMPLOYMENT SITUATION -- JULY 2012

Total nonfarm payroll employment rose by 163,000 in July, and the unemployment rate
was essentially unchanged at 8.3 percent, the U.S. Bureau of Labor Statistics reported
today. Employment rose in professional and business services, food services and drinking
places, and manufacturing.

Household Survey Data

Both the number of unemployed persons (12.8 million) and the unemployment rate (8.3
percent) were essentially unchanged in July. Both measures have shown little movement
thus far in 2012. (See table A-1.)

Among the major worker groups, the unemployment rate for Hispanics (10.3 percent) edged
down in July, while the rates for adult men (7.7 percent), adult women (7.5 percent),
teenagers (23.8 percent), whites (7.4 percent), and blacks (14.1 percent) showed little
or no change. The jobless rate for Asians was 6.2 percent in July (not seasonally
adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

In July, the number of long-term unemployed (those jobless for 27 weeks and over) was
little changed at 5.2 million. These individuals accounted for 40.7 percent of the
unemployed. (See table A-12.)

Both the civilian labor force participation rate, at 63.7 percent, and the employment-
population ratio, at 58.4 percent, changed little in July. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as
involuntary part-time workers) was essentially unchanged at 8.2 million in July. These
individuals were working part time because their hours had been cut back or because
they were unable to find a full-time job. (See table A-8.)

In July, 2.5 million persons were marginally attached to the labor force, down from 2.8
million a year earlier. (These data are not seasonally adjusted.) These individuals were
not in the labor force, wanted and were available for work, and had looked for a job
sometime in the prior 12 months. They were not counted as unemployed because they had
not searched for work in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 852,000 discouraged workers in July, a decline
of 267,000 from a year earlier. (These data are not seasonally adjusted.) Discouraged
workers are persons not currently looking for work because they believe no jobs are
available for them. The remaining 1.7 million persons marginally attached to the labor
force in July had not searched for work in the 4 weeks preceding the survey for reasons
such as school attendance or family responsibilities.

Establishment Survey Data

Total nonfarm payroll employment rose by 163,000 in July. Since the beginning of this
year, employment growth has averaged 151,000 per month, about the same as the average
monthly gain of 153,000 in 2011. In July, employment rose in professional and business
services, food services and drinking places, and manufacturing. (See table B-1.)

Employment in professional and business services increased by 49,000 in July. Computer
systems design added 7,000 jobs, and employment in temporary help services continued
to trend up (+14,000).

Within leisure and hospitality, employment in food services and drinking places rose by
29,000 over the month and by 292,000 over the past 12 months.

Manufacturing employment rose in July (+25,000), with nearly all of the increase in durable
goods manufacturing. Within durable goods, the motor vehicles and parts industry had fewer
seasonal layoffs than is typical for July, contributing to a seasonally adjusted employment
increase of 13,000. Employment continued to trend up in fabricated metal products (+5,000).

Employment continued to trend up in health care in July (+12,000), with over-the-month
gains in outpatient care centers (+4,000) and in hospitals (+5,000). Employment also
continued to trend up in wholesale trade.

Utilities employment declined in July (-8,000). The decrease reflects 8,500 utility workers
who were off payrolls due to a labor-management dispute.

Employment in other major industries, including mining and logging, construction, retail
trade, transportation and warehousing, financial activities, and government, showed little
or no change over the month.

The average workweek for all employees on private nonfarm payrolls was unchanged at
34.5 hours in July. Both the manufacturing workweek, at 40.7 hours, and factory overtime,
at 3.2 hours, were unchanged over the month. The average workweek for production and
nonsupervisory employees on private nonfarm payrolls was unchanged at 33.7 hours. (See
tables B-2 and B-7.)

In July, average hourly earnings for all employees on private nonfarm payrolls edged up 
by 2 cents to $23.52. Over the year, average hourly earnings rose by 1.7 percent. In July,
average hourly earnings of private-sector production and nonsupervisory employees increased
by 2 cents to $19.77. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for May was revised from +77,000 to +87,000,
and the change for June was revised from +80,000 to +64,000.

_____________
The Employment Situation for August is scheduled to be released on Friday, September 7, 2012,
at 8:30 a.m. (EDT).

Glenn Hubbard: The Romney Plan for Economic Recovery

Tax cuts, spending restraint and repeal of Obama’s regulatory excesses would
mean 12 million new jobs in his first term alone

By Glenn Hubbard

“…We are currently in the most anemic economic recovery in the memory of most Americans. Declining consumer sentiment and business concerns over policy uncertainty weigh on the minds of all of us. We must fix our economy’s growth and jobs machine.

We can do this. The U.S. economy has the talent, ideas, energy and capital for the robust economic growth that has characterized much of America’s experience in our lifetimes. Our standard of living and the nation’s standing as a world power depend on restoring that growth.

But to do so we must have vastly different policies aimed at stopping runaway federal spending and debt, reforming our tax code and entitlement programs, and scaling back costly regulations. Those policies cannot be found in the president’s proposals. They are, however, the core of Gov. Mitt Romney’s plan for economic recovery and renewal.

In response to the recession, the Obama administration chose to emphasize costly, short-term fixes—ineffective stimulus programs, myriad housing programs that went nowhere, and a rush to invest in “green” companies.

As a consequence, uncertainty over policy—particularly over tax and regulatory policy—slowed the recovery and limited job creation. One recent study by Scott Baker and Nicholas Bloom of Stanford University and Steven Davis of the University of Chicago found that this uncertainty reduced GDP by 1.4% in 2011 alone, and that returning to pre-crisis levels of uncertainty would add about 2.3 million jobs in just 18 months.

The Obama administration’s attempted short-term fixes, even with unprecedented monetary easing by the Federal Reserve, produced average GDP growth of just 2.2% over the past three years, and the consensus outlook appears no better for the year ahead.

Moreover, the Obama administration’s large and sustained increases in debt raise the specter of another financial crisis and large future tax increases, further chilling business investment and job creation. A recent study by Ernst & Young finds that the administration’s proposal to increase marginal tax rates on the wage, dividend and capital-gain income of upper-income Americans would reduce GDP by 1.3% (or $200 billion per year), kill 710,000 jobs, depress investment by 2.4%, and reduce wages and living standards by 1.8%. And according to the Congressional Budget Office, the large deficits codified in the president’s budget would reduce GDP during 2018-2022 by between 0.5% and 2.2% compared to what would occur under current law.

President Obama has ignored or dismissed proposals that would address our anti-competitive tax code and unsustainable trajectory of federal debt—including his own bipartisan National Commission on Fiscal Responsibility and Reform—and submitted no plan for entitlement reform. In February, Treasury Secretary Tim Geithner famously told congressional Republicans that this administration was putting forth no plan, but “we know we don’t like yours.”

Other needed reforms would emphasize opening global markets for U.S. goods and services—but the president has made no contribution to the global trade agenda, while being dragged to the support of individual trade agreements only recently.

The president’s choices cannot be ascribed to a political tug of war with Republicans in Congress. He and Democratic congressional majorities had two years to tackle any priority they chose. They chose not growth and jobs but regulatory expansion. The Patient Protection and Affordable Care Act raised taxes, unleashed significant new spending, and raised hiring costs for workers. The Dodd-Frank Act missed the mark on housing and “too-big-to-fail” financial institutions but raised financing costs for households and small and mid-size businesses.

These economic errors and policy choices have consequences—record high long-term unemployment and growing ranks of discouraged workers. Sadly, at the present rate of job creation and projected labor-force growth, the nation will never return to full employment.

It doesn’t have to be this way. The Romney economic plan would fundamentally change the direction of policy to increase GDP and job creation now and going forward. The governor’s plan puts growth and recovery first, and it stands on four main pillars:

Stop runaway federal spending and debt. The governor’s plan would reduce federal spending as a share of GDP to 20%—its pre-crisis average—by 2016. This would dramatically reduce policy uncertainty over the need for future tax increases, thus increasing business and consumer confidence.

Reform the nation’s tax code to increase growth and job creation. The Romney plan would reduce individual marginal income tax rates across the board by 20%, while keeping current low tax rates on dividends and capital gains. The governor would also reduce the corporate income tax rate—the highest in the world—to 25%. In addition, he would broaden the tax base to ensure that tax reform is revenue-neutral.

Reform entitlement programs to ensure their viability. The Romney plan would gradually reduce growth in Social Security and Medicare benefits for more affluent seniors and give more choice in Medicare programs and benefits to improve value in health-care spending. It would also block grant the Medicaid program to states to enable experimentation that might better serve recipients.

Make growth and cost-benefit analysis important features of regulation. The governor’s plan would remove regulatory impediments to energy production and innovation that raise costs to consumers and limit new job creation. He would also work with Congress toward repealing and replacing the costly and burdensome Dodd–Frank legislation and the Patient Protection and Affordable Care Act. The Romney alternatives will emphasize better financial regulation and market-oriented, patient-centered health-care reform.

In contrast to the sclerosis and joblessness of the past three years, the Romney plan offers an economic U-turn in ideas and choices. When bolstered by sound trade, education, energy and monetary policy, the Romney reform program is expected by the governor’s economic advisers to increase GDP growth by between 0.5% and 1% per year over the next decade. It should also speed up the current recovery, enabling the private sector to create 200,000 to 300,000 jobs per month, or about 12 million new jobs in a Romney first term, and millions more after that due to the plan’s long-run growth effects.

But these gains aren’t just about numbers, as important as those numbers are. The Romney approach will restore confidence in America’s economic future and make America once again a place to invest and grow.

Mr. Hubbard, dean of Columbia Business School, was chairman of the Council of Economic Advisers under President George W. Bush. He is an economic adviser to Gov. Romney. …”

http://online.wsj.com/article/SB10000872396390443687504577562842656362660.html

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