DALLAS, TX: In tomorrow night’s State of the Union address, President Obama should put forward proposals to unchain the economy from high taxes, out-of-control spending, and burdensome regulations, said Institute for Policy Innovation (IPI) president Tom Giovanetti.
Giovanetti released the following statement:
“The primary concern of the President and Congress right now should be the global competitiveness of the American economy. A wealthy country with a growing economy can service its debt and still afford a generous safety net, job retraining programs, mitigation of environmental problems and state-of-the-art health care. But a country mired in growing debt and falling behind its wiser international competitors will quickly find itself in a death spiral, the only response to which is runaway inflation, which represents nothing less than a government stealing from its own citizens in order to subsidize its profligacy.
Americans grasp that we are at a moment of crisis, which is why Congress' popularity rating is at an all-time low while citizen activism is at its highest level in decades. In his State of the Union address, the President could confront our problems head-on by proposing both tax reforms designed to get our economy growing again, and spending reforms designed to stop our debt from spiraling out-of-control. He could embrace the global economy as new customers for American products and the global supply chain for its increased efficiencies, and he could promise American producers and innovators better financial incentives and relief from burdensome regulations as they attempt to compete internationally. In other words, he could unchain the U.S. economy.
Alternatively, he could sacrifice the health of American economy for another year on the altar of his political ambitions, engage in class warfare rhetoric, demand higher taxes on high-income earners, and blame the productive sectors of the American economy for our economic ills. He could blame Republicans in Congress for holding the economy hostage in order to protect a small number of wealthy patrons, even though campaign finance statistics demonstrate that that the wealthy contribute more to the Democratic Party than to the Republican Party.
Gee, I wonder which strategy he'll choose?”