In Sunday’s Roanoke Times, Lt. Governor Bill Bolling offered up an op-ed with some basic, sound ideas for improving the economy to President Obama in what amounted to an open letter. He provided seven suggestions to the president’s economic team, but the likelihood of the administration adhering to any of them is slight at best. After all, not only is this the most ideologically left-wing rooted president in history . . . but he doesn’t have an ecomomic team. They’ve all resigned (Business & Media Institute).
Just in case someone remained behind, the White House should take heed from someone who, in his role of Chief Jobs Creation Officer, meets with people every day who create jobs, not theoriticians who have worked in government their entire lives. The country is overtaxed, over regulated and feels the weight of the behemoth government suffocating the life out of our economic system.
Among the ideas offered by the LG are to extend all of the 2001 and 2003 tax cuts and provide additional tax relief, reign in the job-killing EPA and relax restrictive regulations preventing banks from lending money to businesses for expansion. He also advocates repealing “those portions of the federal health care bill that impose massive mandates, fines and penalties on businesses.” That may be almost all of the new law, but he should have stated simply that it should be repealed in its entirety.
Lastly, Mr. Bolling wisely suggests a reduction of federal spending by at least five percent per year until it reaches 2006 levels. A good start, and better than the House Republicans’ “Pledge To America” which plans to bring spending down to the 2008 level. But the federal budget was in the $2.5 trillion range even in 2006. There is much more fat to be cut.
If Republicans do succeed in winning control of either or both chambers of Congress, it’s first test will be to prove their seriousness in significantly reducing the size and scope of governement and to provide a glide path down to solvency.