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GOP to roll out economic plan today
Posted by: McQ on Wednesday, June 11, 2008

And, per Roll Call, it will concentrate in these areas:
The plan focuses on four areas: lowering gas prices, stopping wasteful spending, cutting taxes and ensuring long-term economic growth.
The first, lowering gas prices, is a populist plank designed to attract votes. The ability to lower gas prices without a stronger dollar and less demand remains outside the ability of government to effect. Of course the Fed could help strengthen the dollar by raising the interest rates, but that's only part of the solution. The majority rests with supply and demand and all the foot stomping and political threats in the world aren't going to change that.

The next two, "stopping wasteful spending" and "cutting taxes" don't go far enough.

I'm not sure what the GOP defines as "wasteful spending", but instead of the modifier, they should instead be talking about cutting spending commensurate with the tax cuts they promise. Only then will the tax cuts have any real meaning. Otherwise, we're simply talking about deficit spending. And that negates the positive effect of any "tax cuts". In reality taxes aren't really cut, they're instead deferred.

Last, I'll be interested to see how they define "ensuring long-term economic growth. Hopefully it will concern unwrapping government from much of the economic sector, getting out of the way and letting market forces freer rein than they now enjoy.

I would assume part of that discussion will be about energy. The plan needs to talk about opening up areas in which known oil and gas reserves exist and making it easier to drill there. It should include a plan to approve many new nuclear energy sites and refineries. Those are the relatively short-term requirements for any long-term economic growth. Something which will directly impact long-term economic growth is a carbon cap-and-trade system, which should not be something the GOP supports.

Also included in the Roll Call article was this:
Among the proposals the GOP will put forward to help ensure longer-term economic growth include extending current welfare work requirements to other programs, namely food stamps and housing, and cutting taxes on American businesses.

Republicans are also calling for an overhaul of the tax code. They are proposing offering taxpayers a choice between the current tax system and a one-page, two-tier flat tax system.

Their plan also calls for balancing the federal budget by 2012 without raising taxes.
While it all certainly sounds wonderful, there's nothing really new in these proposals that can't be found in GOP economic plans of the past. And where to do those proposals stand now?

They're still vaporware.

I'll be interested to see if the GOP has a real plan for implementing this (sell it to the people, build public pressure on Congress to pass the legislation, and ensure that what is passed by Congress isn't so diluted and perverted that it accomplishes none of the original goals). Of course without a majority in Congress, the likelihood of implementation is pretty slim. But that doesn't mean it isn't in the GOP's best interest to put a good plan out there and aggressively sell it.
 
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The GOP leadership in Washington seem like deer in the headlights right now. They know that nothing they say can simultaneously please both conservatives and the chattering media class. So they try to navigate a mealy-mouthed middle course, which is then slammed by both sides.

My questions to them: When did you fools decide that the media was one of the constituencies that you had to please? Didn’t Reagan teach you anything? Hasn’t the Bush administration taught you anything?

Pleasing the media never works because the Democrats can always do it better. Don’t you get it?
 
Written By: Billy Hollis
URL: http://
The ability to lower gas prices without a stronger dollar and less demand remains outside the ability of government to effect
Not really. With the troke of a pen, we could wipe out a large chunk of the costs by eliminating cafeteria and seasonal blends, until such time as we have enough refining capacity to deal with the luxury the various blendings offer us.

We could also lower the price of crude world-wide, and thereby further lwoer costs at the pump, by simply committing ourselves to domestic drilling. Sure, the stuff won’t be online for ten years, but I’m telling you, the response from OPEC will be to lower the costs per bbl by enough to keep the domestic fields unprofitable. (Yes, I’m aware of the speculation that OPEC coesn’t have the ability to do that, but did you note that they did raise their output the other day... AFTER telling Bush a few weeks ago they saw no need? Apparently they have more capacity than some are now saying)

All that’s required in both cases, is the courage to do so. And I’m telling you, the party that signs onto that plan will win this next election, bigtime.



 
Written By: Bithead
URL: http://bitsblog.florack.us
Seems I managed to stumble unto Obama plans
 
Written By: Neo
URL: http://
I didn’t see anything in there about oil companies sharing their profits with consumers, which McCain advocated this morning on the Today show.
 
Written By: DIffus
URL: http://
DIffus

Yeah, well, ask me again why I’m disappointed with McCain.
 
Written By: Bithead
URL: http://bitsblog.florack.us
My questions to them: When did you fools decide that the media was one of the constituencies that you had to please? Didn’t Reagan teach you anything? Hasn’t the Bush administration taught you anything?
Reagan never pleased the media. The seething contempt for Reagan was on par or exceeds that of Bush.

Reagan could communicate and get his message or his side of the story across in spite of the media. The ’Great Communicator’ was suppose to be a slur. But it came from the Reagan’s ability to bypass the media and put out his message.

And today, you have Talk Radio and the Internet. Something Reagan didn’t have. The situation with Bush and getting out a decent message is uniquely Bush’s own fault. The guy hangs on to McClellan for 3 years during wartime. Then, no disrespect intended, highers a person with questionable health for a high pressure, highly demanding, 24/7 type job.

Bush simply doesn’t take communicating to the public seriously in the least.
 
Written By: jpm100
URL: http://
His Democratic friends are saying ..
No oil to invest in. They know ExxonMobil is making a filthy killing in this energy crisis, but what galls them even more is the knowledge that ExxonMobil can’t spend any of its $40 billion in profits to find American oil in the most obvious places.
Maybe they should contact their Democratic friends on Capitol Hill and tell them.
They want it all spent on alternative fuels so their friends can make a bundle.
 
Written By: Neo
URL: http://
And I’ll bet, Neo, that’s what all this is about.
 
Written By: Bithead
URL: http://bitsblog.florack.us
Yes, because the GOP was so successful in "cutting wasteful" spending in other areas when they had power.

Sorry, but it’s too close to try this. Everyone still remembers that the last GOP congress didn’t conduct themselves in this manner.
 
Written By: shark
URL: http://
My questions to them: When did you fools decide that the media was one of the constituencies that you had to please? Didn’t Reagan teach you anything? Hasn’t the Bush administration taught you anything?

The situation with Bush and getting out a decent message is uniquely Bush’s own fault.
Yes, because the GOP was so successful in "cutting wasteful" spending in other areas when they had power.
Damn! Nothing to harp on about here. And I was so in the mood too.
Oh, wait… I know… Bithead, of course,
The ability to lower gas prices without a stronger dollar and less demand remains outside the ability of government to effect
Not really. With the troke of a pen, we could wipe out a large chunk of the costs by eliminating cafeteria and seasonal blends, until such time as we have enough refining capacity to deal with the luxury the various blendings offer us.
Tell us Bithead, seeing as how you know the “fundamentals” of the market…
I guess that to depend on what you call ’cheap’, Keith.
My guess is we’ll be seeing $65-70/bbl by midsummer, barring other major events, like Iran blowing up, for example. This prediction would seem to be borne out by some of the economic wonks I’ve been watching of late, some of which I linked earlier. This would put fuel back down to about $2/gal, which given the state of the dollar at the moment, relatve, that’s actually fairly cheap.

I assume that to achieve this you also see the dollar appreciating in value vis-a-vis other major currencies?
I suspect that will in part be a product of the price of crude dropping, not a cause for it. The reasons are simple enough and have to do with the cost of productin and shipping of about everything else, vs the profit margins of international investors.
I have a hard time seeing oil getting that cheap... And I doubt that even if it gets that low at some point it will stay there for long
I think everyone here knows that, Erb.
And I figure they know why, as well.

Written By: Bithead
…When will we be seeing this “$2/gal” for gasoline? Midsummer you say???
I don’t know man, it’s getting pretty hot outside.
Washington today told American motorists to grow accustomed to gas prices of $4 a gallon after Guy Caruso, the head of the US Energy Department’s information agency warned that he expected the oil price to stay well above $100 a barrel for the next 18 months.
18 months. That’s a long ass midsummer.
What does your economy wonks tell you now?
 
Written By: PogueMahone
URL: http://
Still another month to go in that estimate Pouge, though I’d not be suprised that, given the price hikes and the conditons that led to them are politically motivated, that the burst would come following the November election. It would be consistant with what Soros was saying he’d do following the 2004 electon. Remember?

But think back to the last push on gold. How many times did we see these kind of dire predictions like the one you quote, just prior to the bottom falling out?

Look, man... even Soros himself says this thing is a bubble. Am I now to assume you know more than he?





 
Written By: Bithead
URL: http://bitsblog.florack.us
Only then will the tax cuts have any real meaning. Otherwise, we’re simply talking about deficit spending. And that negates the positive effect of any "tax cuts". In reality taxes aren’t really cut, they’re instead deferred.
Bravo McQ. Bravo. Ain’t no such thing as a tax cut without a spending cut. This is why talk about making Bush’s Tax Cuts permanent is so much smoke and mirrors.
 
Written By: Retief
URL: http://
This is why talk about making Bush’s Tax Cuts permanent is so much smoke and mirrors.
And, of course, the difference between thee and me is you want the tax cuts repealed and I want the spending cuts made.
 
Written By: McQ
URL: http://www.QandO.net
Oooohhh! Tax cuts!
That seems to be the Republican establishment mantra which, upon hearing, we are all supposed to swoon, bend over, and grab our ankles. Again.
 
Written By: timactual
URL: http://
The GOP should come up with a Slogan like "Making America more like Europe"

1. Flat tax like in Europe. (Baltic states)
2. Low corporate taxes like in Europe. (Ireland)
3. Privatized social security like in Europe (Sweden)
4. School vouchers (Sweden)
5. No minimum wage (Germany before they decided they had to have one too, despite being one of the highest wage countries in the world! Okay, we can kill this one.)
6. Nuclear Power (Finland and France)
7. Offshore Oil Drilling (Norway & UK)

Did Italy have a plan to cut spending, too? I forget.
 
Written By: Harun
URL: http://
Also, I sometimes spend time trying out various spending cut ideas to see how the public likes them. I’ve asked a lot of people, and one cut everyone agrees would have little effect and would save a lot of time and money:

Fire all high school guidance counselors.
 
Written By: Harun
URL: http://

 
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