Former Gov. Jim Gilmore writes an op-ed regarding what he would encourage Sens. Webb and Warner to do regarding the current financial uncertainty facing the nation:
“No one really knows whether this massive new government spending will save the economy or merely increase the size and reach of the national government.
“We do know that the “stimulus” spending is financed through borrowing — more public debt. As we print more money, inflation is a real danger. Sooner or later, the politicians will be back for more tax increases further hobbling families trying to cope during this economic downturn.
“I urge that the right approach is to reduce or even eliminate the corporate income tax. The loss of revenue would be about $342 billion, less than half of the cost of the stimulus package. The result would be an explosion of new investment in the United States which would again become the best place in the world to start a business.
“If the real goal is jobs, cutting the corporate income tax would create jobs and quickly. Government spending is only a temporary fix, creating in the long run more government programs to sustain through more taxation.
Somehow, governor, I’m pretty sure your proposal will not be given serious consideration by Virginia’s U.S. Senators. However, many Virginians do appreciate you for saying it.
(h/t: Virginia Patriot)