Republican presidential candidate Mitt Romney’s 160-page plan to save the U.S. economy falls flat with The Wall Street Journal
, which calls it “a technocrat's guide more than a reform manifesto.”
While the former Massachusetts governor’s plan does take a more practical approach to job creation than President Barack Obama — by slashing bureaucratic regulations to create incentives for companies to do more hiring — it avoids several key issues, says the newspaper.
“Where the governor is less persuasive is on the larger issues of taxes, spending, entitlements and trade. Here he ducks and covers more than he needs to,” writes the Journal.
Romney’s plan to kill the tax on capital gains only for those earning under $200,000 a year “eviscerates most of the tax cut’s economic impact and also suggests that he’s afraid of Mr. Obama’s class warfare rhetoric,” according to the Journal. “He even picked Mr. Obama’s trademark income threshold for the capital gains cut-off.”
The Journal also takes to task Romney’s proposed trade war with China, a nation he refers to as a “currency manipulator.”
“Giving Americans the impression that a trade war will bring … jobs back to the U.S. is offering false hope,” writes the Journal. “It also distracts from the other fiscal and regulatory reforms that are needed to attract capital and create jobs.
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