Romney knows how

 Uncategorized
Jan 232008
 
Authors: Nick Hemenway

With fewer than two weeks left until the daunting Super Tuesday, the field of presidential candidates is narrowing. Similarly, the topics discussed seem to be honing in on one central topic-the economy.

Although you could ask ten economists about the state of our nation’s economy and get ten different opinions back, we all can agree that we need to take steps to steer our economy in the right direction.

With high energy prices and the housing market in the bottom of its cycle, investors are fearful a recession may be on its way.

As can be expected, each presidential candidate is frantically trying to convince the American public that they have all the answers, or at least enough to gain their votes.

The way I see it, there is only one front-runner that I know can successfully steer our economy, and that is Mitt Romney.

Romney is the only candidate with substantial experience in the business world.

He founded one of the most successful venture capital companies, Bain Capital, which helped companies such as Domino’s Pizza, Staples and Sports Authority find the success they enjoy today.

Romney returned to Bain & Company, Inc. when he was asked to rescue the company from financial collapse in 1990. Within one year, Romney created a complete turn-around and led the company to profitability without layoffs or partner deflections (American.com).

In 1999, Romney was hired to head the Salt Lake Olympic Games which faced a $379 million operating deficit and was entangled in a bribery scandal. Mitt was able to erase the deficit and successfully lead the Olympics just months after the Sept. 11 attacks rocked our nation’s foundation.

Mitt brings a business prowess unlike any other candidate, something we need to stave off a recession. Our government should be run like a business, efficient and effective.

On Saturday, Romney released his proposal for an economic stimulus package via his campaign Web site. His proposal focused on two major elements, relieving the financial burden on taxpayers, and helping businesses expand.

Romney’s plan calls for a permanent end to middle class savings by eliminating interest, capitals, gains and dividend taxes. He went on to recommend many other taxes be cut as well, while making President Bush’s tax cuts permanent. Our economy thrives when our citizens spend money, and they can’t do that if they are drowning in excessive taxes.

Additionally, Romney would like to institute 100 percent expensing of new equipment purchases for business retroactive for two years and lower the corporate tax rate to 20 percent in the next two years.

The state of our economy ultimately rests with the success of our businesses. By allowing them to expand and flourish, everyone benefits.

With so much at stake, it is crucial that our next president be able to control and expand our economy. While all the candidates can talk a big game to voters, only Romney has the credentials to back it up.

Nick Hemenway is a senior mechanical engineering major. His column appears Wednesdays in the Collegian. Letters and feedback can be sent to letters@collegian.com.

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