The big government juggernaut almost seems unstoppable in our nation’s capital these days. Higher taxes. More regulation. Government bailouts and takeovers.
And of course, government is supposed to lead an economic recovery.
One might think that no one in Washington, D.C., is presenting an alternative to the drive led by President Obama to set up government as the answer to all of our economic woes.
In reality, though, there are some voices presenting alternatives. What’s nice is that, contrary to what’s being peddled under Obama-nomics, these ideas actually make economic sense.
In a March 2 Wall Street Journal op-ed, Congressman Paul Ryan (R-WI) presented some key ideas that would help get our economy back on track.
• Ryan proposes that the top personal income tax rate should be reduced to 25 percent, rather than increased to 39.6 percent, as proposed by the President. Also, the lower tax brackets would be combined into a 10 percent rate on the first $100,000 earned by couples.
• The United States’ noncompetitive corporate income tax would see the top tax rate drop to 25 percent as well.
• Rather than pushing through a 33 percent increase in the capital gains tax rate, Ryan proposes eliminating the capital gains tax.
• He also suggests implementing a market-based price guideline for monetary policy in order to guarantee sound money.
• And he wants to implement reforms that provide “permanent solvency” for Medicaid, Medicare and Social Security.
When the failure of the Obama agenda of more government becomes more widely recognized, we will need ideas like these to turn the economy in the right direction.
Raymond J. Keating
Chief Economist
Small Business & Entrepreneurship Council
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