It was in the year 2012 on January when the four different Republican Presidential Candidates, Rick Santorum, Ron Paul, Mitt Romney, and Newt Gingrich made their statements for the welfare of the economy. In this particular area, there were many similarities rather than the differences. The surprising fact here is that they all were in opposition to the economic policies that President Obama has. They were in all support of the reduced spending of government, fewer regulations, tax cuts, and other acts as well.
The economic platforms that they have are entirely consistent will the different supply-side conservative economics. So, the theory that they have states that the business growth will not be affected by the reducing of government spending and the taxes as well. Also, they indicate that there will be an increase in the tax revenues which will ultimately lead to the growth of the economy. However, there were some questions for the candidates which they answered from their economic theories.
Why They Were Better Candidates for Beating President Obama
While Paul was all about the limited government which is something that is popular with all the Americas, Romney had some different ideas. He believed in some extraordinary changes which would maintain the strength of military abroad and cut all the bailouts as well.
Gingrich was a participant of the Reagan Administration and also the Republican Contract that America has. Also, he preferred paychecks instead of food stamps and was a strong supporter of defense.
Santorum was in opposition with the Wall Street bailouts, handouts, and the top-down health care as well.
Reform Entitlement Programs
These four candidates had some pretty impressive statements about the entitlement programs. Santorum made it pretty clear that the people are pretty mad about Obamacare. That is because that don’t like being forced into buying the health care and that it is a pretty commercial decision.
Gingrich, on the other hand, played for the replacement of the Social Security, Medicare, and the Welfare with the solutions of the private sector.
Paul was all in favor of cutting the spending on these different entitlement programs, and Romney states that reducing Medicare except for the current seniors would be a great idea. These proposals would undoubtedly play an essential role in the reduction of government spending, but it would also play a role in the elimination of benefits that the unemployed and the seniors get. So, these are the safety nets that would decide the business cycle severity.
These candidates also made some statements about the different tax reforms as well. Gingrich supported the 15% flat tax rate and also spoke for the elimination of the gains tax as well. Santorum was in favor of simplifying the current code of charges. However, he didn’t show any support to the reduction of capital tax gains and the flat fee as well. Romney played the low taxes which earned him a little negative feedback however he claimed to be proud of the success. Also, he was in favor of decreasing the rate of corporate tax to 25%.
Paul wanted to reduce the taxes of the corporate sector from 35% to about 25%. Apart from that, he also wanted to put import taxes in place of the excise taxes.
However, research showed that the cuts in the taxes would not be able to stimulate the entire economy. Also, the creation of fiscal policies is not something that is possible as well.
Increasing Trade Between the U.S. and Latin America
Romney felt the need to create more trade agreements for free to make sure that the people who are in Cuba can enjoy their freedom in the best way. Paul also supports the reduced involvement of the military in overseas trading and voted for the free trade. So, the trades with Cuba would be possible. Apart from that, Gingrich made a statement of freedom with people in Cuba which did not involve the power of military as well. Santorum also opposed the policy that Obama had in Latin America.
The signatories will have a boost in the economy with the free trade agreements that happen. Take the example of NAFTA which played an important role in the growth of the US Economy by about 5%.