WASHINGTON (MarketWatch) — Former Republican Gov. Tim Pawlenty on Tuesday gave a major look at his economic program should he be elected president. His plan is ambitious, but unachievable.
Speaking in Chicago, Pawlenty put forth in alternating concrete proposals and political rhetoric some specifics of his plan, indicating a goal of creating a 5% economic growth rate. In order to achieve this high rate, he would raise the Social Security retirement age, cap and block-grant Medicaid to the states, cut business taxes, and remove “special interest handouts, carve-outs, subsidies and loopholes,” cut personal tax rates and freeze federal spending until the budget is balanced.
Wow, and on the seventh day, I hope he rests. Pawlenty is ready to unleash the dogs of war, storming the Citadel of Liberalism.
Jack O. Nutter is a partner in the firm Nutter & Harris, based in Washington. He previously was tax counsel to the U.S. Senate Finance Committee.
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As I said at the beginning, it is an ambitious plan, a bold plan, and an unachievable plan. However, since he is a serious candidate, the substance bears an examination. I will not dwell on the spending cuts, balanced budget, or anti-regulatory suggestions. Not that they are not important, but it is the tax policy that draws attention here.