Who can Save the Economy?

A MeyerWire Exclusive Story
As the 2008 Republican Presidential race heats up and moves south, the three main contenders in the sunshine state are fighting to be recognized as the best person to fix America’s struggling economy and get us on the right track towards a more prosperous future. But with so much spin and so many numbers, how do we know what to believe? In an in-depth report, The MeyerWire has outlined each candidate’s plans, record, and experience regarding the economy. After much research, we have found an answer to perhaps the most important question for the nation: which candidate is best suited to manage our economy?

John McCain’s plan calls to cut corporate taxes by 10%, allow “first-year deduction” of companies’ equipment and technology investments, and enact a permanent tax credit (10% of wages spent) for corporate research and development. A close look at McCain’s record on issues surrounding the economy created some anxiety; McCain voted against George W. Bush’s proposed tax cuts (which were overwhelmingly welcomed in congress and the public) in more than one instance. These tax cuts helped the economy survive the attacks of September 11th, and have prolonged a recession, many experts assert. In a final category, we took a look into McCain’s experience in managing budgets and economies and found nothing of interest. He has helped to eliminate “pork-barrel” spending in congress, but as far as having any executive experience in managing budgets to create surpluses, we found none.

Rudy Giuliani would also cut the corporate tax by 10% and would in addition lower the capital gains tax from 15% to 10%. His plan focuses mostly on tax cuts for Americans and touts a “flatter” and “simpler” tax system. New tax brackets would feature 3 levels; 10%, 15% and 30%. Giuliani has also pledged “to fight” for a national disaster fund which he claims will lower insurance rates. His record suggests he has made tax cuts work as Mayor of New York City. However, when looking closely, we discovered that real estate tax collections soared in the city during his tenure, making it easy for him to make dramatic cuts in other categories. Giuliani has a good record of fiscal discipline and has experience managing the vast economy of New York City (larger than that of some countries).

Mitt Romney’s plan features a comprehensive strategy for immediate relief in three categories; individuals, businesses, and homeowners. For individuals, he vows to permanently reduce the lowest tax bracket from 10% to 7.5%. Those who earned less than $97,500 in 2007 would also get a special tax rebate. For those over 65, the Governor would permanently eliminate payroll taxes. Romney also proposes that any individual earning less than $200,000 per year be able to save and invest their money absolutely tax-free. Businesses would benefit from expensing 100% of newly purchased equipment, and the corporate tax would be reduced to 20% over two years. Romney addresses the house-market crisis by proposing to lower the requirement for initial down payments on home loans. On taxes in general, Romney has much more to say, but this is where we have judged his main economic stimulus plan ends. When taking a look at his record as Governor of Massachusetts, it is evident that he too showed how fiscal discipline can work; he cut taxes several times while also cutting out vast amounts of spending. While we found that Romney did raise some fees, net for net, taxes in his state decreased. The situation he inherited in Massachusetts featured a ballooning 3 billion dollar deficit, which was transformed into a surplus under his leadership. His experience managing budgets and economies is vast when one considers his 25 years as a business “turn-around” artist and term as Governor of Massachusetts. Romney was also involved in a number of international agreements with countries, such as China, while in the private sector.

After long, grueling research and sifting through mountains of spin, we are confident in our objective report. We are convinced that this question of who is best prepared to innovate our economy, when looking at our three areas of criteria, - plans, record, and experience, - can in fact be answered. While we encourage our readers to interpret the data for themselves and draw their own conclusions, we couldn’t help but notice that there is a decisive “winner.”

We believe Gov. Mitt Romney is the best candidate to tackle the challenges our economy poses based on his plans, record as Governor, and experience in the business world. His strategy for relieving the current anxieties of our economy is comprehensive, and confronts the problems from various angles, and provides solutions for a variety of groups (individuals, businesses, and homeowners). Unlike his rivals, Romney has proposed something much greater than a simple tax-cut plan.

This verdict should not be perceived as an endorsement of any kind, but instead as a logical answer to a critical question based on factual evidence and research.