Image via WikipediaToday Republicans announced their strategy to fix the broken economy. In a press release they unveiled the greatest plan in history.
They propose to cut taxes for the4 highest one percent of income earning to rates that are one tenth of the rates that people making one hundred thousand or less pay now. They consider this a key to bringing back the economy. Their belief is that these people will begin to buy again, which in their view would create one million jobs. To make up for the loss of revenue from the highest one percent, they propose a federal sales tax of eight percent, to be applied to all products including food, gasoline, and many other necessities.
Part two of the proposal is to eliminate taxes on companies making over ten million dollars if the hire people back at minimum wage. Their theory is that seven dollars and some odd sense is better than paying unemployment for nine point five million people. The companies will be exempt from providing benefits for the people who are hired under this program. They will also have an exemption from paying overtime.
Republicans estimate that this will bring in 100,000,000,000 billion dollars in revenue for the reduction of the federal budget deficit. They also expect that companies will reduce their cost by sixty percent, which will be an incentive to begin production again.
The third part of the proposal is to change banking regulations so that lenders can foreclose on home owners with out going to court. The lenders will decide based on people's credit scores when to foreclose on home owners. This proposal would end the practice that people have of stripping their houses before the bank can take possession, since home owners would have a week to move. It would also encourage banks to lend again, because they would have the ability to re coupe their money before a home owner defaulted.
The final part for the proposal is to issue new money across the nation. The new currency would be bought at a rate of 5 dollars for every new dollar. This would reduce the national debt by a trillion dollars over time.
If the Republicans did have a plan this would probably be it, but they don't have a plan. Their plan is to say no to every solution that is proposed, so they can win the White House in the next presidential election with the help of the tea party. A party they have no intention of satisfying in any way.