Worth Repeating

Last night, president Obama spoke favorably about his debt commission commonly known as the "Simpson Bowles" commission. Obama has also given positive mention to the so called "jobs council" that he appointed to give him ideas to help create the economy. It's worth taking a brief look at proposals from these two groups.

The Simpson Bowles commission came out in favor of revising the income tax laws to lower the rates and to make up for that change by getting rid of many loopholes and deductions. Of course, that is the same plan the Mitt Romney favors. It is also the plan that Obama opposes.

The jobs council is in favor of what is called a territorial tax system for corporations. That system allows corporations the do business abroad to avoid US taxes on the same income if the profits are brought back to America. The current law taxes those profits twice, first in the country where they are earned and then at 35% when the remaining funds are brought back to the USA. The jobs council stated that this change would create over one million new jobs. Here too, we have a plan that is almost the same as the one being promoted by Mitt Romney. Last night at the convention, Joe Biden expressly criticized the plan because it was too favorable to the corporations. Obama opposes this plan from his own jobs council.

There are a whole series of these ideas put forward by the jobs council and Simpson Bowles. Obama opposes them; Romney accepts many of them. It tells America all that we need to know. Obama appoints two groups of experts to help with debt reduction and job creation. These groups work long hours to come up with strong recommendations. Obama then ignores everything that comes from these two groups, even though there are some good ideas there. Instead, Obama does nothing. Romney, on the other hand, recognizes good economic ideas and promotes them in his campaign.

Obama really does not know what to do with regard to the economy. He just does not understand how the American economy works. If he did understand, he could not disown his own commissions the way he has.