I ran into a report from the National Association of Manufacturers and the Milken Institute on recommendations to get us out of this recession (from a manufacturing group's perspective obviously). Key findings from the 9-page PDF report include:
Economic and Tax PolicyWhat we will hear from Obama and his liberal Party will not be job-creating policies but political statements pushing the liberal agenda.
-- Reducing the U.S. corporate income tax rate to match the OECD average would trigger new growth. By 2019, it could boost real GDP by $375.5 billion (2.2 percent), create an additional 350,000 manufacturing jobs, and increase total employment by 2.13 million.
-- Increasing the R&D tax credit by 25 percent and making it permanent could boost real GDP by $206.3 billion (1.2 percent), generate 316,000 manufacturing jobs, and raise total employment by 510,000 within a decade.
-- Modernizing U.S. export controls could increase exports in high-value areas. By
2019, these policy adjustments could enhance real GDP by $64.2 billion (0.4
percent), create 160,000 manufacturing jobs, and heighten total employment by 340,000.
-- The proposed investments analyzed in this report, totaling $425.6 billion across 10 projects over three years (with just over half in highway and transit initiatives), translate into $1.4 trillion in total output, including the ripple effects generated across all sectors.
-- Taken together, these 10 investments have the potential to create 3.4 million jobs directly and, including all the ripple effects, 10.7 million jobs in total (an average annual increase of 3.5 million across three years).
-- The projects outlined could generate direct earnings of $147.1 billion (and total earnings of $420.6 billion, including all ripple effects).
The Congressional Budget Office predicts the 2010 federal deficit to be $1.35 trillion. The Senate has no interest is cutting the deficit and reducing spending.
One really must wonder if America can be saved. These deficits are suffocating. With no political will to address the core problem -- uncontrolled spending -- the only hope is a ideological revolution and a complete takeover of Congress by fiscal conservatives.