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The GOP Alternative |
Investors Business Daily |
Fiscal Policy: President Obama claims that Republicans "don't offer an alternative budget." In fact, they do, and it costs far less and does more.
When 8-year-old Virginia O'Hanlon wrote her famous letter to the editor of the New York Sun in 1897 inquiring about the existence of Old St. Nick, the Sun responded that "Yes, Virginia, there is a Santa Claus."
Today, it isn't that those in Washington intent on spending over three-and-a-half trillion dollars don't accept Santa Claus; it's that they think Uncle Sam should be Santa on the 364 days of the year the real Santa takes off.
House Speaker Nancy Pelosi, Senate Majority Leader Harry Reid and the president all view approaches not in sync with their big-spending ideology as . . . well, not really there. But the House Republicans' "Road to Recovery" budget is not fantasy; it applies the clear lessons of economic history to our current economic woes.
After the economically debilitating 9/11 terrorist attacks, President George W. Bush cut income and investment tax rates across the board. The result was well over 8 million new jobs generated and about 4.5% unemployment for a long time.
Similarly, Ronald Reagan's response to the deep recession early in his presidency was to cut income tax rates by 25% and lower the capital gains tax rate to 20% from 25%. A massive expansion ensued, extending well beyond his two terms. Today, House Minority Leader John Boehner, GOP Conference chairman Mike Pence and their colleagues want to prescribe the same medicine for what ails us.
With Democrats trying to sneak a sweeping overhaul of the country's medical system into law, including a government-run health plan that would unfairly compete against private insurers, the GOP is offering "tax incentives for millions more working families and small-business owners to obtain access to coverage." The GOP plan would also let people "shop across state lines to purchase affordable policies that best meet their needs."
Most important, however, the Republican alternative replaces the biggest spending spree in history with deep tax cuts - a proven economic jump-starter. It would establish "a simple and fair tax code with a marginal tax rate for income up to $100,000 of 10%, and 25% for any income thereafter, with a generous standard deduction and personal exemption."
Prefer the current system? The GOP plan lets you stay in it. The capital gains tax would be cut and the Alternative Minimum Tax would be fixed to prevent huge surprise tax hikes each year.
Also, businesses with fewer than 500 employees would get a deduction of 20% of their income, so "these engines of growth will continue to fuel our economic recovery and companies can compete with their foreign counterparts, while keeping jobs here at home."
On energy policy, the plan would open the Outer Continental Shelf to oil and gas drilling and use part of the federal share of revenues for alternative fuel programs. The Arctic Coastal Plain would be opened for exploration and development. Obstacles to new nuclear power plants would be removed.
As to restoring financial stability, the GOP program would incrementally privatize government-sponsored enterprises like Fannie Mae and Freddie Mac - similar to the Sallie Mae privatization of a decade ago. Laws like the Community Reinvestment Act, a major cause of the financial meltdown, would be reformed - finally.
Last, the GOP would require the Federal Reserve to set a definition of price stability and stick to it over the long term.
The House Republicans admit President Obama and Democratic congressional leaders aren't about to undergo a Damascus-like conversion on economic policy. But they refuse to let the president suggest that spending trillions at the expense of future generations is the only way out of the jam the economy is in.
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5/2/09 Weekly Republican Address: Rep. Lynn Jenkins (R-KS) May. 02, 2009 | Weekly Republican AddressRep. Lynn Jenkins (R-KS) delivers the Weekly Republican Address on spending, taxes, President Obama's first 100 days, and Republican solutions to curb spending, create jobs, and control the debt. |
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5/2/09 Weekly Republican Address: Rep. Lynn Jenkins (R-KS) May. 02, 2009 | Weekly Republican AddressRep. Lynn Jenkins (R-KS) delivers the Weekly Republican Address on spending, taxes, President Obama's first 100 days, and Republican solutions to curb spending, create jobs, and control the debt. |
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4/28/09 Republican Leadership Press Conference Apr. 28, 2009 | Press ConferencesRepublican leaders discuss the out of control Democrat sepnding, debt day, and President Obama's "cap-and-tax" plan. |
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4/28/09 Republican Leadership Press Conference Apr. 28, 2009 | Press ConferencesRepublican leaders discuss the out of control Democrat sepnding, debt day, and President Obama's "cap-and-tax" plan. |
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4/22/09 Republican Leadership Press Conference Apr. 22, 2009 | Press ConferencesRepublican leaders discuss the economy, debt day, and President Obama's "cap-and-tax" plan. |
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Weekly Republican Address: Rep. Paul Ryan (R-WI) Apr. 03, 2009 | Weekly Republican AddressRep. Paul Ryan (R-WI) delivers the Weekly Republican Address on the Democrats' budget and the Republican alternative that curbs spending, creates jobs, and controls the debt. |
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4/1/09 House and Senate Press Conference on the Budget Apr. 01, 2009 | Press ConferencesRepublican Leaders John Boehner and Mitch McConnell discuss President Obama's budget and the Republican Alternative after a Bicameral Conference meeting. |
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3/31/09 Republican Leadership Press Conference Mar. 31, 2009 | Press ConferencesRepublican leaders discuss President Obama's budget and the Republican alternative that will be released tomorrow. |
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3/24/09 Republican Leadership Press Conference Mar. 24, 2009 | Press ConferencesRepublican leaders discuss President Obama's "Spend Too Much, Borrow Too Much, Tax Too Much" budget. |
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AIG: An Outrage Mar. 18, 2009 | FeaturesRepublican Leader John Boehner, Whip Eric Cantor, and Conference Chairman Mike Pence on the AIG Bonus Outrage. |
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Rep. Mike Pence: Economic Recovery Mar. 18, 2009 | Republicans in CongressRep. Mike Pence speaks on a responsible economic recovery plan. |
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Rep. Mike Pence: Economic Recovery Mar. 18, 2009 | Republicans in CongressRep. Mike Pence speaks on a responsible economic recovery plan. |
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Boehner Budget Message for President Obama Mar. 18, 2009 | FeaturesPresident Obama's budget spends too much, taxes too much, and borrows too much from future generations. Republicans are putting forth responsible solutions to get America's economy back on track. |
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Spends Too Much, Taxes Too Much, Borrows Too Much Mar. 17, 2009 | Press ConferencesRepublican leaders discuss the economy and President Obama's "Spend Too Much, Borrow Too Much, Tax Too Much" budget. |
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Spends Too Much, Taxes Too Much, Borrows Too Much Mar. 17, 2009 | Press ConferencesRepublican leaders discuss the economy and President Obama's "Spend Too Much, Borrow Too Much, Tax Too Much" budget. |
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The Out of Control Spending in Washington Mar. 10, 2009 | Press ConferencesRepublican leaders discuss the economy, out of control Democrat spending, and President Obama's budget. |
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The Out of Control Spending in Washington Mar. 10, 2009 | Press ConferencesRepublican leaders discuss the economy, out of control Democrat spending, and President Obama's budget. |
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GOP Leaders Respond To Democrat Distraction Tactics Mar. 05, 2009 | What They're SayingHouse GOP Leaders Respond to Democrats Using Rush Limbaugh as a Distraction From Their Tax-and-Spend Policies |
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GOP Leaders Respond To Democrat Distraction Tactics Mar. 05, 2009 | What They're SayingHouse GOP Leaders Respond to Democrats Using Rush Limbaugh as a Distraction From Their Tax-and-Spend Policies |
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Rep Shuster: Helping Responsible Homeowners Mar. 05, 2009 | Republicans in CongressRep. Shuster (PA-09) talks about his legislation to give homeowners who pay their bills on time an incentive to continue to keep being responsible. |
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Rep Shuster: Helping Responsible Homeowners Mar. 05, 2009 | Republicans in CongressRep. Shuster (PA-09) talks about his legislation to give homeowners who pay their bills on time an incentive to continue to keep being responsible. |
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Higher Taxes Will Not Stimulate The Economy Mar. 04, 2009 | Press ConferencesGOP Leaders discuss action to get the economy moving and stand with the American people. |
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Higher Taxes Will Not Stimulate The Economy Mar. 04, 2009 | Press ConferencesGOP Leaders discuss action to get the economy moving and stand with the American people. |
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Fox News on Ways and Means Hearing with Sec. Geithner Mar. 04, 2009 | What They're SayingFox News Reports on the Ways and Means Committee Hearing with Treasury Secretary Timothy Geithner |
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Fox News on Ways and Means Hearing with Sec. Geithner Mar. 04, 2009 | What They're SayingFox News Reports on the Ways and Means Committee Hearing with Treasury Secretary Timothy Geithner |
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Jim Cramer on the President's "Radical Agenda" Mar. 03, 2009 | What They're SayingJim Cramer, host of CNBC's "Mad Money," discussing the President's "radical" economic agenda. |
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Jim Cramer on the President's "Radical Agenda" Mar. 03, 2009 | What They're SayingJim Cramer, host of CNBC's "Mad Money," discussing the President's "radical" economic agenda. |
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"Finding More Jobs at Half the Cost" - Rep. Thad McCotter Feb. 13, 2009 | Weekly Republican Address |
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"Finding More Jobs at Half the Cost" - Rep. Thad McCotter Feb. 13, 2009 | Weekly Republican Address |
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Rep. Dreier: You Can't Read 1000 Pages in 2.5 Hours! Feb. 13, 2009 | Solutions for Real JobsRep. Dreier (CA) questions the possibility of reading the Stimulus package in less than 2.5 hours |
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Rep. Pence: Families are Hurting, but This isn't the Right Thing Feb. 13, 2009 | Solutions for Real JobsAs American families are hurting, Republicans are not about saying "No", but saying "Yes" to solutions that will put Americans back to work |
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Rep. Pence: Families are Hurting, but This isn't the Right Thing Feb. 13, 2009 | Solutions for Real JobsAs American families are hurting, Republicans are not about saying "No", but saying "Yes" to solutions that will put Americans back to work |
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"Keeping the Stimulus Accountable" - Rep. Cathy McMorris Rodgers Jan. 16, 2009 | Weekly Republican Address |
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"We Can't Rely on More Government Bailouts" - Rep. Mike Pence Jan. 09, 2009 | Weekly Republican AddressConference Chairman Mike Pence on Republican solutions to turn our economy around without massive government bailouts. |
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"We Can't Rely on More Government Bailouts" - Rep. Mike Pence Jan. 09, 2009 | Weekly Republican AddressConference Chairman Mike Pence on Republican solutions to turn our economy around without massive government bailouts. |
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