For Republican candidates looking to cash in on the dissatisfaction of the American public with the Obama administration and its disastrous policies on November 2nd, 2010, they should know that their work is cut out for them once they are sworn in next January, and that they should put off measuring the windows for new drapes; they have urgent business to attend to immediately.
Not only do these newly elected Republican majorities in both the House and Senate need to jump immediately on getting Obamacare repealed, they also need to attend to rolling back many of Obama's disastrous decisions:
1. The 112th Congress needs to immediately reinstall the Bush tax cuts to their 2010 levels. Without doing so as their first order of business, the economy will most certainly tank in 2011. And this would not be just another run of the mill downturn, the term 'collapse' would more likely be the case. This is not speculation by general curmudgeons and malcontents, but by Arthur Laffer (you know him, he's the guy that invented that curve of his) in an op ed piece in the Wall Street journal last week. And when Arthur speaks, people listen.
2. Capital gains taxes, dividend taxes, death taxes, all going up enormously. The newly elected conservative majority needs to nip that in the bud right away. Unless these new guys get on the stick and halt these increases, doing nothing will cause an immediate economic collapse like long term (12 months or more in which an asset is held) capital gains rate going from its current 15% to 20%, and an estate tax rate going from 0% to 55%.
3. End this idiocy of that moratorium on off shore drilling. We need that oil, and we need it bad. 'Drill baby, drill' should be brought back to the forefront. Just hang this spill on Obama, whether he deserves it or not (hey, politics ain't beanbag, as Tip O'Neill once noted), and get back to finding that Texas Tea and getting it to market.
4. Decertify all national, state and local public unions. Do this immediately on Constitutional grounds that public employees unions do not have the right to hold the public hostage by threats of strikes, and these unions do not have a constitutional right to bankrupt the U.S. with their unfunded public pension obligations. Once decertified, eliminate all these onerous public pension obligations as unconstitutional as well. These organizations are bankrupting America and everyone knows it. Decertify them immediately, and deal with the fall out later. Yes, this one will be tough, much like #5 below.
5. Privatize social security immediately. This Ponzi scheme has gone on long enough. Everyone knows it's broke, and its time to fix it, Third Rail be damned.
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Yes, this new bunch on Capitol Hill has its work cut out for them. If they don't get it done, they will get all of the blame for the depression that hits in 2011.
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