America’s free market is a job-creating machine, which has produced enormous wealth and the opportunity for most citizens to achieve the American dream. In recent years, due to mal-investment, our economy and job creation have stalled, but now is the time to renew our commitment to the free market and economic growth.
What concerns me and others who, by the grace of God, have been successful is that the American system of free enterprise is under attack. Public support for free enterprise is truly at a tipping point.
According to a recent Pew survey, only 50 percent of Americans have a favorable view of capitalism. And in the same survey, 49 percent of Americans ages 18-29 view socialism as positive. Another recent Rasmussen poll also shows that only 23 percent of American adults believe that today’s children will be better off than they were.
Here are some ideas for job creation and agenda items recommended for the next president – be it Mitt Romney or Barack Obama – that this job creator believes will help get our country back on track to economic prosperity:
• Day One of the next administration, by executive order, the president should eliminate all new regulations for 12 months until a market-friendly policy is adopted. Begin the process of eliminating all nonsensible and job-killing regulations.
• Make it the policy of the administration to downsize the federal government to 19 percent of GDP by 2016.
• Eliminate the legislative requirement for the Federal Reserve to foster job creation. The Fed must focus on sound money, which is a prerequisite to stability and job creation.
• Maintain 15 percent tax rate on capital gains and dividends.
• Fast-track the Keystone pipeline and strongly support energy exploration.
• Expand the work visa program for highly skilled workers to attract the world’s best and brightest to America, as to maintain our leadership in technology.
• Repeal Obamacare and replace with consumer-driven health care reform, which increases supply and lowers cost.
• Reduce top marginal tax rate to 25 percent, with no deductions for high-income individuals. Cut corporate tax to 20 percent with no deductions, taxed worldwide.
• Privatize Fannie Mae and Freddie Mac. Close the Federal Housing Administration to restore a free market in real estate and the dream of responsible home ownership.
• Repeal Dodd-Frank and privatize the Federal Deposit Insurance Corp. Replace them with a sound regulatory system focusing on high capital requirements to ensure financial security, while eliminating the concept of banks too big to fail.
I recognize that this prescription for vitality and job creation would more likely be adopted by a Romney administration. I would hope that if President Obama is re-elected that his administration and the leaders of his party would, in the spirit of compromise and cooperation, reach across the aisle and work to adopt a pro-growth agenda for America.
Trillion-dollar deficits, intrusive regulations and bad tax policy will only lead to more anemic economic growth and further America’s decline.
It is past time our leaders come together for the good of the country.
Robert Luddy is the president of Raleigh-based CaptiveAire and a member of Job Creators Alliance.