Robert Reich: Romney’s Jobs Plan (If you want to call it that)

[pampango]

He wants to lower corporate taxes and reduce regulations. This, he asserts will create jobs. Remember, corporations are now showing record profits. They’re sitting on $2 trillion of cash. Why it is Romney believes they need more money and lower costs in order to create jobs is one of the wonders of the universe.

Romney does nothing for average working people. He’d eliminate capital gains taxes for anyone earning under $200,000 — but these are not average working people.

But Romney is not out of his mind. What he offers has been standard Republican fare for decades. It’s not rabid right-wing populism, decrying immigrants (Bachmann) or the Fed and the federal income tax (Perry). It’s not libertarian craziness (Paul). It’s not logically incoherent (Palin).

In other words, Romney is way too reasonable for the current GOP.

http://robertreich.org/post/9897525996

[Warpy]

1. Exactly, it's the standard Republican economic dogma

that sounds supremely logical to a lot of businessmen but which has failed us so completely whenever it has been put into practice.

That's what has to be pointed out to the general public, that something that sounded so good in speeches 35 years ago has now had the test of time and that the economy we have right now is its inevitable result, just like it was 80 years ago and for every bust economy before that one.

What looks good in theory often doesn't work out all that well in practice. We now have proof positive that Republican theory doesn't work out well for the wealthy except in the short term and doesn't work at all for the other 99.5% of us.

Romney's plan has already failed. It's failed repeatedly. If Democrats don't point this out, then they deserve to lose.

[Name removed]

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[indypaul]

2. Is that the best you can do?

Sounds very much like what we have been hearing for the past
eleven years, and what brought us to this situation. With
the help of the idiots in Congress that pushed us to the
brink of economic ruin over the debt ceiling "crisis."

I am reminded about a recipe for apple pie that I read once.
The first item of that recipe was to select a fertile place
to plant the apple tree.

[EC]

3. When he told the crowd that he would

eliminate taxes on their savings account interest, the room sounded silent...I guess just like me, none of them had ever earned enough interest on their savings account to have to pay taxes on it. Who did he think he was talking to, trustfund babies? He's really dense if he thinks the average person would even have skin in the game with his "remedies".

[renate]

4. don't savings accounts have interest rates of about 1%

I'm just pulling that number out of thin air, but I think it's very, very, very tiny.

I mean, it'd be nice to take the family to McDonald's at the end of the year with the tax refund from Mitt's plan, but I don't think that's going to jump-start the economy.

[EC]

5. I think it's less than that now.

Even CD's are low, I haven't bothered saving in a bank now for a couple of years since the interest was in amounts of a few cents a month.

[Yavin4]

6. The Interest Rate on My Savings Accout Was Just Lowered from .8%

to .75%. That's .0075 Annual Rate of Interest. So, if you had $10,000 in your savings, you would get a whopping, $75 for the year. That's right, $75!!! That comes out to $6.25 a month in interest.

To give you some perspective, in NYC, a subway ride is $2.25. Monthly interest would buy you 2 rides.