New Auto Bailout Plan Unveiled By Mitt Romney

After eviscerating former Pennsylvania Rick Santorum on Wednesday during the Republican Primary debate in Arizona, all that former Massachusetts Governor Mitt Romney had to do was to keep his mouth shut until Tuesday. With that performance, he regained the momentum in Michigan and in Arizona. Those two states will be voting in their primaries on Tuesday.

Nevertheless, Romney found another way of putting his foot into his mouth today. Earlier today, Romney gave a speech from inside of Ford Field in Detroit. During the speech he unveiled his economic plan.

The plan included cutting income tax rates for all to 20 percent, cutting the corporate tax rate to 25 percent, eliminating capital gains taxes for anyone making less than $200,000, eliminating the alternative minimum tax and the estate tax, and cutting federal spending by 20%.

However, this plan wouldn't balance the budget. From a logical perspective, cutting revenues and cutting spending at around the same rate would keep the US economy in a deficit. Raising revenue and cutting spending is the only solution for balancing the budget. I thought that Romney possessed business acumen. Implementing the slash-and-burn tactics from Bain Capitol would put the US into default.

The best part of the event was what occurred after the speech in which he unveiled his new auto bailout plan. "Ann (his wife) drives a couple of Cadillacs, actually."

The verbal gaffes from Romney keep on coming. He claims to know so much about business, but to make offhand comments in regards to the auto industry in Michigan is ridiculous. In Michigan, one out of three jobs are auto industry related. To throw one-third of the state's population under the bus four days before its Primary Election is a very dumb political move.

Source: Yahoo! News