"Bachmann’s Jobs Plan: Corporate Tax Giveaways, Deregulation, and Drill, Baby, Drill"
Rep. Michele Bachmann (R-MN) today released her “American Jobs, Right Now” Blueprint for Economic Prosperity and Job Creation, ahead of yet another GOP presidential primary debate tonight. The one-page plan, of course, contains many of the same tired ideas Bachmann has been promoting on the campaign trail. Here are the highlights:
– CORPORATE TAX GIVEAWAYS: Bachmann has consistently called for a corporate tax repatriation holiday which would cost billions but, if history is any indication, result in few job gains. The last time Congress approved such a holiday — which Bachmann calls “true stimulus” — the companies that benefited the most cut hundreds of thousands of jobs.
— REPEALING WALL STREET REFORM: Bachmann has loudly and proudly been calling for the repeal of the Dodd-Frank financial reform law, which she says is “killing the banking industry” (even as banks haul in record profits). The recession caused by Wall Street malfeasance has cost the country 14 million jobs, but Bachmann believes going back to that regulatory structure would lead to job growth.
— DRILL, BABY, DRILL: Bachmann plans to create more than 1 million jobs via more drilling for oil, using an oft-repeated statistic that “exaggerate[s] the effect that looser drilling policies would have on employment,” never mind ignoring the environmental destruction that could occur.
— REPEALING FANTASY REGULATIONS: Bachmann claims that “business owners have lost economic liberty under the weight of $1.8 billion annually in compliance costs with government regulations.” This number is pure fantasy, cooked up by right-wing business groups intent on allowing corporations to pollute at will and treat their workers however they see fit.
— CUTTING TAXES FOR THE RICH: Bachmann pays lip service to reforming both the corporate and personal income taxes, but the only concrete tax cut that she lays out is eliminating the estate tax, which would aid only the richest households in the country, while creating no jobs.
The rest of Bachmann’s plan consists of nothing but platitudes (like the bullet entitled PAVE A PATHWAY FOR INNOVATION that, quite literally, has no proposal in it). It almost would have been better if Bachmann had simply signed her name to the Romney campaign’s caricature of Rick Perry’s jobs plan.