Money & The Economy

Orrin Orrin, Orrin…Why?

Senator Orrin Hatch is in a desperate effort to catchup with his constituency.  It is like the old adage “Which way did my people go?  I need to get ahead of them so I can lead them.”  Senator Hatch is falling into the Washington phenomena game among elected officials and candidates.  It is called “Make a list of ten related things in ten seconds”.

Senator Hatch just announced his latest “ten things” list in an effort to prove to his constituency that he was both hip to the new game and clearly feels their pain.  It’s his “comprehensive, 10-point jobs plan to help strengthen our economy”.  Following is his shallow proposal, in his word, from his website.  In Italics I have stated my own response to his “plan” components.  Please keep in mind that this plan is nothing short of rhetoric emoted to sound relevant.  There is little, if any substance.

FROM: Senator Hatch

Summary of the proposal:

Restore Fiscal Sanity in Washington Great Idea, if it meant what it says.

  • Find real savings and spending cuts in the short-term via the Joint Select Committee on Deficit Reduction.  Shallow hidden language for “create more bureaucracy.  Congress has long passed the ability to be effective at anything. I would have avoided bureaucratic growth.
  • Ensure greater fiscal discipline in the long-term by passing and ratifying a Balanced Budget Amendment to the Constitution.  I would not support a balanced budget Amendment, in any of its current forms.  Congress will ignore it as do they ignore inconvenient constitutional sections now.  This is a waste of time that couldn’t take effect until after the economy has been destroyed.

Expand U.S. Export Markets

  • Approve pending trade agreements with Columbia, South Korea, and PanamaI say let the market manage itself.  Government get out of the way.
  • Renew Trade Promotion Authority to facilitate new free trade agreements in the future.  I would oppose more regulatory agencies, whose mission will be first to expand.

Reform the U.S. Tax Code

  • Simplify the code and lower rates in order to allow American companies to compete with foreign competitors on a level playing field.  I would not have proposed this.  It is simply more broken regulation to fix currently broken regulation.  Turn all taxation collection and monitoring back to the states. Establish a flat tax.

Repeal ObamaCare  Good Idea, why has Senator Hatch waited?

  • Eliminate harmful and heavy-handed mandates as well as new taxes to relieve burdens on individuals, employers, and state governments.

Repeal Dodd-Frank

  • Eliminate excessive and misguided regulations and mandates to unfreeze credit and allow businesses to expand and create jobs.  Here is my plan: Eliminate excessive and misguided regulations and mandates.

Make Our Regulatory System More Jobs-Friendly

  • Require by statute that all federal agencies perform a cost-benefit analysis when drafting new regulations.  Sorry, this misses the mark.  Require by statute that Congress perform a cost-benefit analysis when drafting new regulations and from all federal agencies .
  • Pass the REINS Act (S. 299) to give Congress more authority and oversight in the drafting of major regulations.  Congress has oversight responsibility for all federal regulations NOW.  I would insist they use that oversight.

Develop America’s Energy Resources

  • End the Obama Administration’s stall tactics on domestic energy projects.  HOW?  You are afraid to encourage the House to Impeach him.
  • Pass the 3-D Domestic Jobs, Domestic Energy, and Deficit Reduction Act (S. 706) and the American Energy and Western Jobs Act (S. 1027) to reverse the President’s attacks on domestic energy production.  Once again, Senator Hatch’s response is to create more regulation.  His first response to all issues is more regulation.

Help America Compete

  • Modernize and make permanent the research and development tax credit to incentivize more innovation in the U.S. economy.  Oops.  Did he just say that the government should pretend that people’s earnings should somehow be under their own control, rather than one of his regulatory agencies.?  I would have suggested eliminating taxation on production altogether.
  • Ensure our trade partners recognize and enforce U.S. intellectual property rights.  Nice theory.  The way to make it work is to close our borders to ALL imports from any country that does not protect American property rights. 

Allow Small Businesses to Create Jobs

  • Provide a 20 percent tax deduction for small businesses on their income.  Nope, still missing the mark that inspires production.  Eliminate ALL taxation on income, and apply a flat tax.
  • Repeal the three percent withholding requirement for federal contractors. I agree.

Reform America’s Labor Laws and Reign in the National Labor Relations Board (NLRB)

  • Pass legislation to give more oversight, accountability, and judicial review of the NLRB’s decisions.  Eliminate this irrelevant and irreverent agency altogether.
  • Pass the Employee Rights Act (S. 1507) to protect the rights of workers.  No, senator more regulation will not solve this problem.  Simply repeal any federal legislation that does not foster right-to-work opportunities for American workers.
  • Repeal the prevailing-wage requirements in the Davis-Bacon Act. Agreed.

As you can see, I am a very reasonable man.  I agreed with the Senator on two of his 19 fine points.  Heck, that is better than a stopped clock, which is right only twice in 24 hours.

To truly get the economy functioning again read my post here on Conservative Daily News.


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