Earlier this week the campus publication I work for had ideologically diverse members of the opinion staff respond to Obama's jobs plan by offering up plans of their own in 350 words.
As you can imagine, my column was the only one proposing free-market solutions. While I received many supportive emails in response, I also received a few unsupportive emails. For instance, one reader called me "a neo-reaganite trickle down idiot."
Overall, I thought this was a great idea by the publication to get a discussion going on campus. I have copied a portion of my brief column below; the rest can be found here at the IDSnews.com website.
To facilitate growth and encourage hiring, the President should take the boot off the throat of businesses and allow them wiggle room to grow and prosper.
He can do this by first instituting broad tax reform.
The corporate and income tax rates should be lowered to put more money in the hands of businesses and consumers. Instead of tax and spend, the people should be allowed to keep their money and determine for themselves where it belongs.If a payroll tax cut creates jobs this way, why would this rationale not extend to other taxes?
The second step would be to revisit existing regulations for businesses to determine which ones are absolutely necessary. According to the Small Business Administration, government regulation cost the economy roughly $1.75 trillion in 2008.
The next step would be to end discrimination against unskilled workers.
Eliminating the minimum wage would accomplish this by allowing businesses to hire those workers whose skills are valued beneath the federally mandated minimum wage of $7.25.
Finally, we should open up the United States for drilling. The United States is an energy-rich country, and we should take advantage of its resources.
High gas prices increase the cost of doing business and fleece the pockets of Americans at the pump. When Obama entered office, gas was at $1.79 a gallon. Since then, it has doubled to about $3.60.