5 Quick Steps Out of the Recession
1. 5% across-the-board tax cut. You gotta hit all the income brackets if you’re serious about recovery.
2. 5% corporate tax cut. If you have to ask why, you probably voted for President Obama.
3. No more Great American Treasury Raid Acts of 2009. Sorry…I mean, “economic stimulus” packages from Congress. From this point onward, every major piece of spending needs to be voted on individually in Congress and signed by President Obama. I fully understand their great desire to pass a “Democratic Agenda” with health care, education, and energy, etc. But guys, don’t lump it into these massive bills that nobody has read. Seriously. This is getting embarassing.
4. Any future bank bailouts and absorption of “toxic assets” must be tied to a fixed amount of additional lending by these very institutions. It’s time to be results-oriented. Gone are the days when banks can have their stock purchased by the government and they hold on to the additional investments. Gone also are the days when banks get taxpayer dollars but don’t lend.
5. A renewed focus and commitment from President Obama that recovery comes first, above anything else. A little less CYA from him mentioning that the recession could go on past 2009. I think he’s made that clear. How about also making clear that you know it will end, it will end in your first term (a risk-free promise, since you won’t be re-elected if it’s continuing in 2012), and that recovery policies take precedence over any other campaign promises. It might just provide the confidence to investors that has been sorely lacking in our stock market as of late.