Mitt Romney’s Policy Chairman Lectures Us on Taxes

Vin Weber writes at the level that the National Review appreciates:

To a great extent, a lot of the credit goes to President Bush and his economic team. In 2001 and 2003, the Republican-led Congress worked with the president to pass the best-timed and most effective tax relief since Reagan’s tax overhaul in the early 1980s. However, much of that tax relief is now threatened with extinction. The Democrats in Congress have made no move to extend these tax cuts past the planned 2010 expiration date, adding considerable uncertainty to the economy. A Democrat in the White House would only make the tax cuts’ expiration a near certainty. This potential tax increase threatens future economic growth and prosperity. In 2009, we need a president who understands that free-market capitalism is why America grows. We need a president who understands that conservative economic policies of low taxes, limited government and free trade work.

Someone needs to remind Mr. Weber that the alleged recovery from the 2001 recession has been anemic. Someone should also point out to him that Federal spending as a share of GDP has gone up. To which – Milton Friedman’s adage that “To Spend is to Tax” certainly applies here. Someone should also remind Mr. Weber that Bush’s record on trade issues has been awful. But then maybe President Romney has some specifics on how to reduce the size of the Federal government. Let’s see:

The centerpiece of Governor Romney’s proposals to limit the size and scope of government is his pledge to veto any budget – Republican or Democrat – that does not cap non-defense discretionary spending at the rate of inflation minus one percent. This will save taxpayers $300 billion over ten years. Governor Romney will also seek line-item veto power and lead a review of each individual federal program to eliminate bureaucracy and waste.

Sounds like the same old non-specific song and dance to me. But even if Federal spending is cut by $30 per year – that’s peanuts compared to the size of the General Fund deficit. This is from the policy chairman for Romney’s campaign. Sorry to say this – but we’ve already had six years of this foolish nonsense on fiscal policy.