n Every tax credit and tax deduction also should be reviewed. No more tax loopholes.
For example, the government gives $7,500 to every person who buys a Chevy Volt.
Why? The Chevy Volt is a crappy automobile that few people want to buy. GM sold only 302 Chevy Volts in August. Even the Edsel did better.
The federal government now gives away more than $250 billion a year in tax credits to companies and individuals.
This is a large reason why nearly half of Americans (and 25 of the largest 100 businesses) pay no federal income taxes.
We should end them all
We cannot afford these cash giveaways.
What this nation needs is not more people on welfare but more jobs. We now have as many people without jobs as we have working in manufacturing.
The way to get more jobs is to encourage greedy little people to develop quality products that people want that can be sold for windfall profits — that the government can then tax.
There is a pent-up demand for business expansion and there is a pent-up demand to purchase goods.
n What holds people back is Obamacare (if you have to grant 2,500 waivers to your friends, you really have a bad law) and the uncertainty of federal regulations and taxes.
In making his case for a nearly trillion-dollar stimulus in January 2009, President-elect Obama said that if we do nothing, unemployment would be stuck at 8 percent.
But he did something and we're up to 9.1 percent.
If we are to save the economy, Obama needs to reassure businesses and consumers that he will do nothing this time.