Perry hints at the outlines of his economic plan

Rick Perry said during Tuesday night’s debate that he was on the verge of releasing his economic-growth plan. In a speech Wednesday, the Texas governor said it’s coming early next week — and, according to a report in the Weekly Standard, it includes “major tax reform, entitlement reform, a balanced budget amendment to the Constitution, an abolishment of earmarks, and a recommitment to energy exploration in the United States.”

[Perry's] plan “starts with scrapping the three million words of the current tax code — starting over with something simple: a flat tax.”

“I want to make the tax code so simple that even Timothy Geithner can file his taxes on time,” the Texas governor said, taking a jab at the treasury secretary who had major errors in his tax returns that were revealed after he was nominated by President Barack Obama for his present job.

“The second part of my plan involves the serious commitment to spending, realizing alternatives” to the path taken by Europe, Perry said. In this vein, the Texas governor went on to affirm his commitment to “reforming entitlements, preserving those commitments to those who are on Social Security…and those approaching the age of retirement.”

Details about what kind of flat tax and how exactly Perry would reform entitlements are TBA. It would have been nice to have those details before Tuesday’s debate. On the other hand, given the pummeling Herman Cain got for the specifics of his 9-9-9 plan, one can understand why Perry wouldn’t have been eager to release his own plan beforehand.

With some $15 million in the bank, Perry can use the month between now and the next debate to roll out, explain and promote his plan. Longer than that, really: The next debate will be about foreign policy, so his plan won’t get debate-style group scrutiny on that occasion.

Entitlement reform, which ranks ahead of even tax reform in terms of urgency, has gone largely unaddressed by the other candidates. If Perry can seize on that issue with an attractive plan, and if he can combine it with a robust energy plan (which ought to be a strength for the Texan), and if he presents a flat tax that’s even simpler than Cain’s 9-9-9, he still stands a chance of regaining the lead among the anti-Romneys in the race.

Of course, for now, that amounts to three big if’s about a still-unknown plan.

– By Kyle Wingfield

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120 comments Add your comment

@@

October 20th, 2011
6:18 am

So far, Perry seems to be leading from behind. Not impressed.

Someone mentioned that Gingrich was the only one who didn’t attack Cain’s 9-9-9. That’s because Gingrich is looking for solutions. He’s eager to listen, not just attack.

During the mid-terms, Gingrich spoke out against some of the GOP candidates. He quickly got shot down by those of us who support Reagan’s 11th commandment. He’s a quick study, that Newt.

JF McNamara

October 20th, 2011
6:25 am

His strategy for saving his campaign is to roll out a plan that raises taxes and cuts social security on me since I’m not “approaching” retirement. Without knowing details, that doesn’t seem like a great plan.

If he wants to impress me, he’ll force those “approaching” retirement to pay more in taxes to offset my social security cuts. Those “approaching” retirement are the clowns who ran the country into the ground. Why are they let off with no penalty?

Streetracer

October 20th, 2011
6:33 am

Still haven’t figured out what sort of business Geithner could have had that would not be a conflict of interest for the chief of a Regional Federal Reserve Bank. Has anyone else?

Michael Ioffe

October 20th, 2011
6:41 am

Exploration of energy in USA is good direction. It will save our money, which we spend on foreign oil-$350,000,000,000 per year. We still have climate change, and clean air problem.
I will prefer changing transportation system, where we moving by heavy car (4000 lb) mostly one person (200 lb). It movement need at least ten time more energy, than could be in cart (29 lb) moving by road on roads without intersection.
In power plant we waste 80% of fuel energy-heat energy in vain.
Changing transportation and electricity production will reduce our need for energy at least 7 times.
These technology could be developed in USA and after that sell overseas.
It will provide jobs, which will stay in USA at least nearest 20 years.

JF McNamara

October 20th, 2011
6:43 am

Streetracer,

Her worked at the IMF. They reimburse income tax but not social security and medicare taxes. He needed to pay those on his own and didn’t. It wasn’t a straight forward filing, and he probably had an accountant do it.

Streetracer

October 20th, 2011
7:06 am

JF McNamara @ 6:43

If memory serves, the period when he didn’t pay self employment tax was when he was the boss of the New York Fed. Being a Fed employee, he would have had SS and Medicare taxes withheld. So he must have had a sideline business of some sort. Don’t know what sort of business that could be that would not be a conflict of interest.

May be wrong. I’ll research it some later when I have time. Got work to do now.

Really?

October 20th, 2011
7:56 am

Nice cut-and-paste again…. how much do they pay you at the AJC.. I hope you at least sweep the floors and clean the restrooms to earn your keep.

JF McNamara

October 20th, 2011
8:00 am

Lil' Barry Bailout (Unexpectedly Revised Downward)

October 20th, 2011
8:13 am

Most any form of tax simplification would be a help to the economy. The current system is full of market distortions and requires hundreds of billions in non-value-adding activities, which throw sand in the gears of our economic machine.

Flat tax, 9-9-9, Fair Tax…any of them would be better for the economy than the government-created mess we have now.

Lil' Barry Bailout (Unexpectedly Revised Downward)

October 20th, 2011
8:20 am

Relax, Really. Kyle is a “commentator”. Commentators have to have something to comment on. In any case, this post looks to be about 60% Kyle.

carlosgvv

October 20th, 2011
8:26 am

I’m sure Perry’s economic-growth plan will be so simple that an average 5th grader will be able to understand it. That’s mainly because Perry’s emotional and intellectual level is at about 5th grade level.

Lil' Barry Bailout (Unexpectedly Revised Downward)

October 20th, 2011
8:34 am

How’s our Nobel-winning, Ivy League genius Obozo’s economic growth plan working out?

HOPEful

October 20th, 2011
8:43 am

Has Obama been sentenced to prison yet?

Road Scholar

October 20th, 2011
8:44 am

LBB: If the repubs would get out of the way, we could see whether it works or fails. Right now it is being held hostage.

Lil' Barry Bailout (Unexpectedly Revised Downward)

October 20th, 2011
8:46 am

We already know it won’t work, because we tried the same thing in 2009 (except spent twice as much) and unemployment went UP.

Obozo needs to come up with a better plan and be a leader instead of a campaigner.

Obozo: Party over country. Every time.

The Fierce Urgency of NOW

October 20th, 2011
8:53 am

Rick Perry said he is on the verge of releasing his economic-growth plan. it includes “major tax reform, entitlement reform, a balanced budget amendment to the Constitution, an abolishment of earmarks, and a recommitment to energy exploration in the United States.”

WHAT ABOUT JOBS MR. PERRY. WE CANNOT WAIT FOR HIM TO MESS AROUND! WE NEED JOBS!

Lil' Barry Bailout (Unexpectedly Revised Downward)

October 20th, 2011
8:55 am

Obozo and the Democrat party should worry more about real (private sector) jobs instead of buying off their union buddies in state and local government. These two idiots are un-freaking-believable.
————————

Reid signals government jobs must take priority over private-sector jobs

Senate Majority Leader Harry Reid (D-Nev.) on Wednesday indicated Congress needs to worry about government jobs more than private-sector jobs, and that this is why Senate Democrats are pushing a bill aimed at shoring up teachers and first-responders.

Lil' Barry Bailout (Unexpectedly Revised Downward)

October 20th, 2011
8:58 am

WHAT ABOUT JOBS MR. PERRY. WE CANNOT WAIT FOR HIM TO MESS AROUND!
————————-

Perhaps your concerns would be better directed at the loser who will hold the job into January 2013.

Terrence

October 20th, 2011
9:00 am

To the protesters with a brain, (not Obama’s Alinsky types) get a clue! You’re being had by Obama and his BIG GOVERNMENT takeover.

What they don’t tell you.

The 1% Ain’t What It Used To Be

Kaplan has calculated the incomes of the top 1% and the top 0.1% for 2009, and his results show that they continued to fall pretty steeply.

When the 1% are destroyed, government will be all that is left.

People who live in glass houses should not throw stones

October 20th, 2011
9:02 am

@Lil’ Barry Bailout October 20th, 2011 8:34 am
@HOPEful October 20th, 2011 8:43 am

Where were you when George W. Bush ran this country into the ground? Were you on the blog ranting and raving.
Where were you when George w. Bush took this country from a surplus to a deficit?
Where were you when George W. Bush was looking for weapons of mass destruction?
Where were you when George W. Bush took us to war thats costing us millions?
Where were you when the planes hit on 9-11 and George W. Bush sat there like a deer in headlights?
Where were you when George W. Bush said that he would catch Bin Laden?

President Obama has had only several years in the white house but yo boy Bush had more and WHAT DID HE DO AND WHERE WERE YOU?
Were you on the blog condeming George W. Bush?

MountainMan

October 20th, 2011
9:06 am

Any tax reform needs a consumption tax component. The current system of voluntary compliance leaves too much income untaxed (> $350B yr). This income consists of illegal transactions (drugs/sex), tradesmen doing jobs on the side, and businessment skimming cash. The consumption tax would pick up this income when spent.

Po Folks Aint Got No Business Defending the Rich 1%

October 20th, 2011
9:07 am

@Terrence October 20th, 2011 9:00 am

WHY ARE YOU DEFENDING THE 1%. They don’t give a hoot about me or you. They are about the dollar. They would sell their mama for a dollar.

So what do you think they would do for you?

Don’t be a sucker.

Uncle Jed

October 20th, 2011
9:07 am

“I want to make the tax code so simple that even Timothy Geithner can file his taxes on time,” the Texas governor said,

Politics aside, that is a good line.

Lil' Barry Bailout (Unexpectedly Revised Downward)

October 20th, 2011
9:08 am

Blame Bush, Blame Bush.

Where’s the “change”, glass houses?

Oh, right. We changed the $170 billion deficit in the last budget put forth by Bush and the Republicans into annual $1.5 trillion deficits. We changed 4-6% unemployment to 9-10% unemployment. We now have record numbers in poverty and on handouts.

Stay focused on the past…that’s the way your masters like you sheeple.

I’ve got a problem with your idiot Obozo because he has taken the Costanza approach to improving the economy…he’s doing the opposite of what makes sense.

How’s it working?

Uncle Jed

October 20th, 2011
9:09 am

Really?

October 20th, 2011
7:56 am
+++++++++++++++++

Frustrated hall monitor or plain ol’ sour a$$…

MountainMan

October 20th, 2011
9:13 am

AS far as Geitner and his taxes, when he went back and paid the 2001, 2002 taxes the Statute of Limitations had expired on those years, so technically he made a contribution to the US government. I wonder if he claimed a contribution deduction on his 2009 return?

Tiberius - Your lightning rod of hate!

October 20th, 2011
9:15 am

“Where were you when George W. Bush ran this country into the ground?”

He didn’t. Liberal policies did that.

“Where were you when George w. Bush took this country from a surplus to a deficit?”

There was never a surplus and I complained about his deficit spending.

“Where were you when George W. Bush was looking for weapons of mass destruction?”

Right here, like everyone else. Are you suggesting some of us should have been looking, too?

“Where were you when George W. Bush took us to war thats costing us millions?”

Right here, complaining about it.

“Where were you when the planes hit on 9-11 and George W. Bush sat there like a deer in headlights?”

Watching the horror like everyone else, and watching a true Commander-in-Chief following that day.

“Where were you when George W. Bush said that he would catch Bin Laden?”

Right here. What is your point?

Uncle Jed

October 20th, 2011
9:16 am

I wonder if he claimed a contribution deduction on his 2009 return?

+++++++++++++++++++++

The Clintons claimed used underwear, so I suppose it’s feasible…

Uncle Jed

October 20th, 2011
9:19 am

Name modification suggestion: Tiberius, Thunderclap of Irrelevance. ;-) ;-)

Uncle Jed

October 20th, 2011
9:22 am

Sorry there Tiberius. I had you confused with the original poster of the list of false statements. I guess the downside of arguing with idiots is what they say it is…

Terrence

October 20th, 2011
9:22 am

PO, the 1% has no power over me–cannot force me to reach in my pocket against my will. Government exercises their power every day and they are looking for more.

Road Scholar

October 20th, 2011
9:25 am

So Tiberius and LBB, everything was just peachy when Bush left office?

Karl Marx

October 20th, 2011
9:26 am

Years ago Reagan pointed out that there were 151 taxes embedded in a loaf of bread. That seems to be more than Perry can understand. I think Al Gores former Campaign manager is finished.

Terrence

October 20th, 2011
9:28 am

PO will be moso if he continues to support destruction of the 1%. Could be he’s a government shill, riding the gravy train.

Lil' Barry Bailout (Unexpectedly Revised Downward)

October 20th, 2011
9:30 am

everything was just peachy when Bush left office?
————————–

No. And for some reason Obozo insists on making it worse.

Tiberius - Your lightning rod of hate!

October 20th, 2011
9:45 am

“So Tiberius and LBB, everything was just peachy when Bush left office?”

No, but repeating the same failed liberal policies that got us there isn’t the solution, Road.

UGA 1999

October 20th, 2011
9:46 am

Sounds good thus far.

UGA 1999

October 20th, 2011
9:47 am

QADDAFI IS DEAD!

Sad State of Affairs

October 20th, 2011
9:58 am

Name the US President with the best record of handling terrorism and those who commit genocide in the past 30 years. Hint, it isn’t the guy who blabbered about WMDs and Mission Accomplished.

Road Scholar

October 20th, 2011
10:00 am

And I thought conservatives didn’t say bad about their President Bush!

When are you two running for office?

UGA 1999

October 20th, 2011
10:02 am

Sad State…you must be referring to Regan or Bush Sr.

Tiberius - Your lightning rod of hate!

October 20th, 2011
10:03 am

“When are you two running for office?”

Already did. Already served. What’s your point?

C.C.

October 20th, 2011
10:03 am

Your Cash for Their Clunkers
Another White House energy favorite hits financial trouble.

There’s no pleasure in Ener1’s troubles, but there is a lesson: Better to leave commercial financing decisions to private investors and bankers who are likely to take more care with their own money. Politicians write the press releases first and worry about the taxpayer losses later.

This is getting old, real fast.

GOPerry

October 20th, 2011
10:03 am

So are we supposed to believe that Perry accidently missed two debates that could have focused on economic policies by releasing his plan in advance of a foreign policy debate? Come on, this guy is a joke, a male Sarah Palin… a charismatic empty suit. Is there nay doubt that Newt is highly annoyed that the Perry Clown gets more financial support than the former Speaker? I’d bet anything that Newt is secretly appalled that Perry is raking in the cash while he struggles to keep his campaign afloat. Newt was likely smarter than Perry when Newt was a 3rd grader (vs. Perry now).

Road Scholar

October 20th, 2011
10:05 am

Tiberius: What offiice? We need leadership now;you seem to have all the answers?

Rafe Hollister

October 20th, 2011
10:07 am

Perry is going to need more than a flat tax plan to get back in the race. Many of us were shocked at his Dick Nixon (took that from Dick Morris) like attack on Romney. How Romney’s unfortunate and unknowingly hiring some illegal weed eater operators could balance Perry’s soft stance on illegal immigration was apparent only to Perry. Then after accusing the man of this “serious” impropriety, he refused to let him answer the allegation. Punk best describes his behavior. Romney has a lot to explain, his flip flopping and Romneycare, but he has done nothing to warrant being treated so rudely.

Clinton "Skink" Tyree

October 20th, 2011
10:11 am

Perry’s plan will be whatever it takes to move from his $25,000 a month rental Governor’s Mansion in Texas to the White House and he’ll do anything, say anything or be anything the oligarchs — who are financing his campaign — tell him to do.

He’s a ambitious as Lucifer and knows how to win, so he’s the champion of the oligarchs who are intent on establishing a plutocracy. Hence, the $17 million warchest that just fell into his lap.

“The modern conservative is engaged in one of man’s oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness.” ~ John Kenneth Galbraith

MarkV

October 20th, 2011
10:12 am

Uncle Jed @9:07 am: ‘“I want to make the tax code so simple that even Timothy Geithner can file his taxes on time,” the Texas governor said,
Politics aside, that is a good line.’

It is a good line ONLY in politics.

jconservative

October 20th, 2011
10:14 am

Actually you guys blaming Bush 43 are way behind on your history lesson. Same for you guys defending Bush.

When Kennedy was sworn in as president in January 1961 the National Debt was $650 Billion.
When Reagan was sworn in as president in January 1981 the National Debt was $957 Billion.

When Bush 41 was sworn in as president in January 1989 the National Debt was $2.9 Trillion.

So what happened? Simple. By cuts in federal income tax rates we reduced federal revenue.
And at the same time, in the same budgets, we increased spending. And the presidents that followed Reagan have all done the same, except for the 3 year vacation under a Republican congress and Clinton in the last 3 years of his administration.

Then Bush 43 doubled the National Debt. And Obama will have a 30% – 33% increase in the National Debt by the time his current term ends.

So where do we go from here?

We got here by reducing federal revenue and increasing federal spending. The obvious solution is to reverse that practice by increasing revenue and reducing spending.

But it is never that simple.

Technology and the global economy have rendered the US economy just another economy. By January 2012 there will be 7 billion people, consumers if you will, on the Earth. Only 315 million will live & consume in the US. The market is “out there”, now and for the foreseeable future.

The net increase in the number of jobs created has been going down for 4 decades.
Everyone saw the downward trend but no one knew what to do about it. So no one talked about it. No one knows what to do about it today. So no one talks about it.

So we point fingers knowing that is the solution to the problem.

Or we plan to cut taxes knowing that is the solution to the problem. Or better yet, just change the tax system from this to that. That should create jobs!

MarkV

October 20th, 2011
10:19 am

jconservative @10:14 am: “So what happened? Simple. By cuts in federal income tax rates we reduced federal revenue.”

An opinion at best, not based on any facts. Care to prove a cause and effect relationship?