On a day when stock plunged and new poll numbers suggested Americans are unhappy with President Obama's handling of the economy, Republican presidential candidate Mitt Romney unveiled his own job-creation plan during a stop in Nevada, one his campaign claims will help the U.S. economy grow four percent annually and create 11.5 million new jobs over four years. The AP points out that the proposal represents Romney's "first major policy statement since he announced his candidacy in June" and comes "two days ahead of Obama's scheduled speech on jobs before a joint session of Congress." The news agency adds that while Romney's ideas were wide-ranging and occasionally controversial, few were new. Here are some of them (you can read the full plan here).
- Taxes: Eliminate the estate tax, lower the corporate income tax to 25 percent from the current 35 percent, eliminate taxes on interest, dividends, and capital gains for people making less than $200,000 a year, and maintain the Bush-era income tax cuts
- Regulations: Eliminate regulations as an offset whenever new federal rules raise costs for businesses
- Spending: Pursue a balanced budget amendment to the Constitution and cut non-security discretionary spending by five percent
- Health Care: Repeal Obama's 2010 health care reform
- Energy: Extract more U.S. oil, coal and natural gas
- Labor Unions: Make it easier to defeat unionization drives and to prevent mandatory withholding of union dues from workers
- China: Slap sanctions on China for keeping its currency low, which makes Chinese-made products easier to export
During his speech, The Boston Globe reports, Romney waved an iPhone and declared, "President Obama's strategy is a pay-phone strategy in a smart-phone world." But Romney's own plan may need a bit up of updating. As National Journal's Jim Tankersley points out on Twitter, the plan makes repeated reference to the economic costs of Obama's proposed ozone regulation, which the President recently shelved.