Monday, January 21, 2008

Garrett on Stimulus

Representative Scott Garrett is continuing his efforts against the stimulus package being proposed in Washington. He gave an interview to, which was picked up by Christian radio broadcaster The Path, about his objections to the program.
"First, lower the corporate tax rate. The United States has one of the highest tax rates in the world -- that's why so many businesses are going overseas, and we want to keep the businesses and the jobs here," says the New Jersey lawmaker.

"Secondly, we want to provide some incentives to spend money and invest in equipment and that sort of thing. Again, that will help keep jobs here."

Garrett does not mention a repeal of the provisions he co-sponsored back in 2003 giving foreign companies an advantage in raising capital compared to their US competition. Also not mentioned would be a repeal of taxpayer subsidized off-shoring.
Garrett also is blasting Democrats' plan to boost the slumping economy by mailing out $200 tax rebate checks to all Americans, similar to what Congress did in 2001. He labels it "a short-term fix that does nothing to help the overall economy."

Yet it was President Bush who introduced this plan.
"The last time Congress tried that ... people took that money and ... paid off a credit card bill or paid off an electric light bill, or if they had any money left over maybe went and spent a few bucks and bought a new toaster," the congressman notes. "All nice things -- but that doesn't get you out of the economic doldrums that you're in. All it does is give you a little spending money for that period of time."

Garrett seems to miss the timely, targeted and temporary mantra economists are calling for with regard to the stimulus package.

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