The central feature of Romney's economic proposal are five immediate proposals upon assuming office. These five proposals are as follows:
1. Reduce the corporate income tax rate to 25 percent
2. Reinstate the president’s Trade Promotion Authority
3. Direct the Department of the Interior to undertake a comprehensive survey of American energy reserves in partnership with exploration companies and initiate leasing in all areas currently approved for exploration
4. Consolidate the sprawl of Federal retraining programs and return funding and responsibility for these programs to the states
5. Immediately cut non-security discretionary spending by 5 percent, reducing the annual Federal budget by $20 billion
These proposals, while they might be beneficial, would be insufficient to stimulate economic recovery in the near term. As a result these proposals would do little to reduce the effective unemployment rate much below its current 23% (see www.shadowstats.com) The reduction of the corporate income tax rate to 25% would still leave the United States with one of the highest corporate rates in the world. The sad truth is that the Romney proposals would be much too little, much too late. They would not bring about the necessary trillion dollar reduction in annual spending , restore the manufacturing base of the United States, or bring about necessary monetary reform. Romney or Obama will not make any significant difference.