Romney Campaign Press Release - The Romney Agenda: A Conservative Blueprint For Strengthening The Economy

FOR IMMEDIATE RELEASE

CONTACT: Kevin Madden (857) 288-6390

Today, Governor Romney Discussed His Conservative Blueprint For Strengthening The Economy. Our economy faces unprecedented economic challenges both here at home and from abroad. But we can rise to these challenges through conservative change in Washington. Governor Romney has outlined detailed plans for strengthening our economy and building a stronger America.

- Click Here To View Governor Romney's PowerPoint Presentation On Strengthening The Economy.

CHALLENGE #1: Ending Washington's Spending Binge:

Governor Romney Will End Washington's Spending Binge. Americans are concerned about the overspending in Washington. Like the millions of families and businesses across the country, government should also live within a budget. Governor Romney has outlined the solutions necessary to meet this challenge by:

- SOLUTION #1: Vetoing Appropriations Bills That Exceed Spending Targets. He will veto any non-defense appropriations bill that grows spending at a rate greater than inflation minus one percent (CPI-1%). This will save $300 billion over 10 years.

- SOLUTION #2: Giving The President The Line-Item Veto Power Again. As Governor, Mitt Romney had line-item authority, and often used it to trim or eliminate appropriations. Restoring this power to the President would allow us to make tremendous strides in eliminating earmarks and cutting inefficient programs.

- SOLUTION #3: Leading An Effort To Review And Reevaluate All Federal Spending Programs. Governor Romney's administration will undertake an exhaustive review of each individual federal program with the goal to eliminate and consolidate programs that are no longer useful or are bureaucratic and unwieldy.

- SOLUTION #4: Giving The Executive Branch The Authority To Spend Up To 25% Less Than Congress Appropriates. With the proliferation of earmarks and Congress unwilling to make tough spending choices, it is clear we need to re-insert the President into the budget process. The amount of money Congress tells the President to spend should be a spending ceiling, not a final price tag.

- SOLUTION #5: Calling On Congress To Re-Impose A Three-Fifths (60%) Supermajority Requirement To Raise Taxes. All steps must be taken to prevent tax hikes. Congress should not be able to increase taxes on a political whim and with a simple majority. Making it even harder to attempt to increase taxes will help impose the fiscal discipline we need to stop overspending.

CHALLENGE #2: Reforming An Entitlement System Facing A Demographic Flood

Governor Romney Will Work To Reform Entitlement Programs. By 2050, total entitlement spending by the government will reach nearly 20% of America's GDP. This reality demands action now. Governor Romney has outlined the solutions necessary to meet this crisis by:

- SOLUTION #1: Working With Congress To Reform Social Security. In a forthright and bipartisan manner, Governor Romney will work with Congress to find a bipartisan way to reform Social Security. He also believes we can strengthen Social Security without resorting to higher Social Security taxes that impact all Americans.

- SOLUTION #2: Reining In Medicare Costs. To rein in Medicare costs, Governor Romney believes we need to fundamentally reform our health care system through conservative, free-market reforms. Meeting the Medicare challenge is going to require Republicans and Democrats becoming very serious about this issue and finding a bipartisan way to reform this entitlement program.

- SOLUTION #3: Promoting Innovation In Medicaid. States have very little flexibility under current law to enact innovative changes to Medicaid that help more of their citizens while containing costs. Governor Romney will encourage innovation by block-granting federal funds to states and removing the burdensome administrative requirements that prevent them from improving the program and containing costs.

CHALLENGE #3: Fighting Looming Tax Hikes:

Governor Romney Will Lower Taxes On The American People. Lower taxes are the key to ensuring continued economic growth and job creation. Governor Romney believes it is not fair for Americans to pay taxes when they earn their money, when the save their money, and then when they die. Governor Romney has outlined the solutions necessary to meet this challenge by:

- SOLUTION #1: Making The Bush Tax Cuts Permanent. Governor Romney believes making the Bush Tax Cuts permanent is the first step to ensuring that Americans are able to keep more of their hard-earned money.

- SOLUTION #2: Rolling Back Tax Rates For All Americans. As President, Governor Romney will cut marginal tax rates across the board, allowing all Americans to save more money. This approach is fair, simple and extends the pro-growth benefits of tax rate cuts to all Americans.

- SOLUTION #3: Making Middle Class Savings Tax Free. Governor Romney's plan will allow middle class Americans to save tax free by changing the tax rate on interest, capital gains and dividends to absolutely 0%.

- SOLUTION #4: Killing The Death Tax. It is unfair to tax the American people three times: once when they earn their money; second when they invest it and receive income from those investments; and third when they die.

- SOLUTION #5: Lowering The Corporate Tax Rate. The United States has the second highest corporate tax rate in the Organization for Economic Co-operation and Development. We simply cannot afford for future economic growth to have a tax rate that is out of alignment with the other major economies of the world.

- SOLUTION #6: Preventing The Alternative Minimum Tax (AMT) From Hurting More American Families. At the very least, Congress must pass a patch to the AMT that will prevent this tax from affecting more and more families in America.

CHALLENGE #4: Maintaining America's Global Competitiveness:

Governor Romney Will Maintain America's Competitiveness In The Global Economy. Governor Romney will work to ensure that America's economy, businesses and workers have the tools they need to compete against foreign competitors. Governor Romney has outlined the solutions necessary to meet this challenge by:

- SOLUTION #1: Lowering The Corporate Tax Rate. America cannot afford to have the second highest corporate tax rate in the Organization for Economic Co-operation and Development.

- SOLUTION #2: Providing Employers With Regulatory Relief. The Washington regulatory burden is too high. As President, Governor Romney will eliminate cumbersome and unnecessary regulations and bureaucracies that hinder economic growth and job creation. One of these regulations that must be pruned is Sarbanes-Oxley.

- SOLUTION #3: Implementing National Tort Reform. Governor Romney believes we must enact common sense tort reform at the federal level to make the system fairer and more predictable for both companies and the general public.

- SOLUTION #4: Strengthening Our Education System. As President, Governor Romney will emphasize math and science education, while promoting innovative approaches such as charter schools and public-private partnerships, to ensure that our workers have the intellectual capital and skills to compete in the 21st century economy. We should raise the bar in education by setting high standards for our schools, insisting on accountability, and treating teaching as a true profession.

- SOLUTION #5: Supporting Efforts To Give Workers The Skills And Tools Necessary To Succeed In The Global Economy. He supports consolidating and streamlining the numerous existing federal worker training and retraining programs.

- SOLUTION #6: Reforming Our Immigration System. Governor Romney believes we must enforce our laws, secure our border, put in place an enforceable employment verification system, and provide no special pathway to citizenship for those here illegally. We must also encourage legal immigration and streamline the system to recruit and retain high-skilled workers and welcome the best and the brightest from around the world to our universities.

- SOLUTION #7: Investing In Building And Repairing The Nation's Transportation Infrastructure. We need to invest in infrastructure projects critical to the national economy and the flow of goods and people, instead of funding home-district pork.

- SOLUTION #8: Making America Energy Independent. Energy costs that put pressure on household finances are a major concern. Governor Romney has called for a bold and far-reaching research initiative to create new, economic sources of clean energy. We must invest in renewable and alternative fuels such as ethanol, cellulosic ethanol, biodiesel, and liquefied coal.

CHALLENGE #5: Defeating The Calls For Protectionism:

Governor Romney Will Maintain America's Competitiveness And Open Markets For American Goods. The Republican vision of opening markets brought unprecedented prosperity to America and the world. Eliminating trade barriers could increase U.S. annual incomes by $500 billion, roughly $4,500 per household. Governor Romney has outlined the solutions necessary to defeat the calls for protectionism by:

- SOLUTION #1: Launching A "Reagan Zone Of Economic Freedom" Among Nations Committed To High Standards and Enforcement: Starting with a core of U.S. free trade agreement partners, Governor Romney will seek to bring together nations committed to open markets and playing by the rules in the largest ever Free Trade Area, and go beyond traditional trade to promote high standards in areas critical to U.S. competitiveness. The Reagan Zone Of Economic Freedom would act as an alliance working together internally, in the World Trade Organization and elsewhere to push reforms and work cooperatively in areas like labor and the environment. Governor Romney would seek to expand these efforts to include the European Union and other nations that agree to meet these standards, while challenging China and others advancing agreements that exclude America.

- SOLUTION #2: Concluding Existing Negotiations, Like The Doha Round, To Benefit America. The Doha Round and free trade agreements can be huge opportunities for America if we ensure no unilateral disarmament on agriculture and demand that they provide strong benefits for U.S. farmers and goods and services producers.

- SOLUTION #3: Expanding Enforcement And New Frontiers Of U.S. Competitiveness. Governor Romney's vision for expanding trade includes stronger: enforcement efforts abroad; U.S. and multilateral efforts to stop currency manipulation by China and others; action against intellectual property rights theft; negotiations to open markets for services that are the bulk of the U.S. economy; and building food, safety and other standards to protect Americans but stop illegitimate efforts to stop U.S. farm and other exports.

- SOLUTION #4: Giving The President Needs Trade Promotion Authority (TPA) To Open Markets For America. We cannot afford to fall behind as China and others cuts deals that hurt American exports and jobs.

- SOLUTION #5: Creating Worker Empowerment And Training Accounts. These self-managed accounts will give workers the opportunity to take control of their own futures by getting the training and education they need to succeed in the new economy. The accounts may be used for a broad variety of different training and educational opportunities, including those provided by community colleges or businesses that hire these workers.

- SOLUTION #6: Streamlining And Enhancing Access To Worker Training And Educational Programs. Governor Romney will initiate an audit of all existing worker training and educational programs to ensure that workers are being helped most efficiently, while eliminating duplicative spending and minimizing bureaucratic overhead. He will also create true "one-stop-shops" that make it easier for workers to get access to the benefits, training, and educational opportunities they need to find jobs in the new economy.