Quotes from Governor Mitt Romney on Asia

"China and Asia are on the move economically and technologically. They are a family oriented, educated, hard-working, and mercantile people. We must be ready and able to compete. This means ensuring our children are educated to compete in this new market, our trade laws are fair and balanced, and our economy and tax laws welcome new investment. If America acts boldly and swiftly, the emergence of Asia will be an opportunity. Trade and commerce with these huge new economies can further strengthen our economy and propel our growth. If America fails to act, we will be eclipsed."

Governor Mitt Romney

"We have to keep our markets open or we go the way of Russia and the Soviet Union, which is a collapse. And I recognize there are some people who will argue for protectionism because the short-term benefits sound pretty good, but long term you kill your economy, you kill the future. What you have to do in order to compete on a global basis long term is invest in education, invest in technology, reform our immigration laws to bring in more of the brains from around the world, eliminate the waste in our government. We have to use a lot less oil. These are the kinds of features you have to invest in, you have to change in order to make ourselves competitive long term."

Governor Romney, Kudlow and Company, March 22, 2006

Governor Mitt Romney and Asia

“Our generation has not had a Sputnik moment…yet. But our Sputnik is on its way. It is coming from Asia. One of the great developments of our time is the economic emergence of China, India, and other nations of Asia. Their poverty is thankfully being reduced. And new opportunities for our employers are opening, but so are new challenges. Asia is not content with making our Christmas tree ornaments: they want to build commercial jets and MRI machines, create software and breakthrough drugs. They are planning for the innovation and technical capital of the world to move from America to Asia.”
“And it is on its way. Corporate investment in Asia is exploding. CEO’s in my high tech state tell me they plan to transfer major operations there, not for the low cost, but because of the highly educated, highly motivated and plentiful workforce. Bill Gates reports that Microsoft’s new ideas come increasingly from Beijing.”
“We take comfort in the fact that we spend many times as much as Asian nations on R&D but don’t forget that our engineers cost about ten times as much as theirs.”
“Two decades ago, American citizens and Asian citizens were awarded about the same number of Ph.D.s annually in physical science and engineering—about 5,000. Today, 4,400 US citizens receive those Ph.D.s compared with 24,900 Asian citizens.”
“America and America’s youth are less and less competitive. Yes, fixing our schools is a social responsibility. It is also a national economic and national security necessity.”
* Governor Mitt Romney, Oral Testimony of Governor Mitt Romney House Committee on Education and the Workforce

"Now America is also under attack economically if you will. Not really an attack but we got some challenges, some opportunities, but also an attack. I had lunch not long ago with the chief executive officer of one of our major corporations. He said something which gave me some concern. He said you know we've always lost low-end jobs in the United States. We've seen low-end jobs go to other countries. But now we're seeing high-end jobs--engineering jobs, software jobs, technical jobs. And I asked him, well you're a big employer here in Massachusetts, ten years from now how many of your manufacturing jobs--this is a high tech manufacturer--will still be in Massachusetts? He said 10 percent; 90 percent will move to Asia. I said why are they moving to Asia? Is it because of the low wage rates over there? He said no, it's not wage rates, it's because they're able to have an educated workforce with the skills we need and their suppliers are making cutting edge technology products. That's where we have to be to get those products. I said that can't possibly be true."
"Then I read some books about what's happening in China. Do you realize China is graduating five times the number of engineers that we're graduating in this country. Only 15 years ago the Asian citizens of the world and the U.S. citizens graduated about the same number of PhDs in math and physical science a year--about 4,500 a year. This last year we graduated about 4,700 American, United States citizen PhDs in math and in physical sciences and the Asian countries graduated 24,900. Indeed it's a place committed to higher education, to entrepreneurialism. This is a group of folks who are highly ambitious, who are committed and this is a nation which is thankfully coming out of poverty, China is."
"It represents a huge opportunity for American employers, but it also represents a competitive threat. And we're going to have to be serious about waking up to that threat. I remember what Will Rogers said. He said even if you're on the right track, you'll get run over if you just sit there. And America for too long has just been sitting there. We got to get serious about what we're facing on a global basis."
"Let me tell you some things we need to do."
"Labor. Labor needs to recognize that it needs to be just as concerned about the viability of the companies where they work as they are about get more money for themselves..."
* Governor Mitt Romney, 06-03-2005, NH Federation of Republican Women's Lilac Dinner

China and Asia Debate:

China and Asia are on the move economically and technologically. America must be ready and able to compete with Asia.

Economy

Quotes from Governor Mitt Romney on The Economy

"We cannot continue to have an (educational) excellence gap with the rest of the world and intend to remain the economic superpower and military superpower of the planet. That's just not going to happen. We're in a position where unless we take action, we'll end up being the France of the 21st century: a lot of talk, but not a lot of strength behind it in terms of economic capability." –Source: Boston Globe, November 16, 2005 (quoted from a speech to educators)

"I want an economic development plan tailored to each region of the state, and I want each of those plans to concentrate on bringing more jobs to Massachusetts,” said Romney. Source: 02-03-2003 Press Release

"The economic stimulus bill that I am signing today contains a number of smart investments that will create jobs and help put the Massachusetts economy on the road to long-term economic growth and recovery," Romney said. Source: 11-26-2003 Press Release

He added, "However, in austere fiscal times, we cannot spend more than we have. Therefore, I have reduced spending to a level that is immediately necessary." Source: 11-26-2003 Press Release

“We want companies that develop their products in Massachusetts to manufacture them in Massachusetts,” Romney said, after a tour of Wyeth BioPharma, one of the largest biopharmaceutical operations in Massachusetts. Source: 10-30-2003 Press Release

He added, “My plan, which is part of the economic development bill I filed, will help businesses grow and give them incentives to stay in our Commonwealth as they move from the lab to the factory floor. My administration is committed to helping companies like Wyeth reach their full potential.” Source: 10-30-2003 Press Release

“Ranch is a proven leader with tremendous energy and a deep understanding of economic development issues. He will make a strong addition to the team,” said Romney. “Job creation is his first priority, but I also look forward to his leadership and advice in a number of areas, including auto insurance reform, workforce development and cutting red tape.” Source: 04-07-2004 Press Release

Governor Mitt Romney "Economy" Press Release

2003

02-03-2003, ROMNEY PUTS FOCUS ON ECONOMIC REVITALIZATION
11-26-2003, ROMNEY SIGNS ECONOMIC STIMULUS, SUPPLEMENTAL BUDGET BILLS
10-30-2003, ROMNEY WORKS FOR RESURGENCE OF MASSACHUSETTS ECONOMY
10-20-2003, ROMNEY WORKS FOR RESURGENCE OF MASSACHUSETTS ECONOMY

2004

04-07-2004, ROMNEY TAPS KIMBALL AS ECONOMIC DEVELOPMENT SECRETARY

The issues according to Myclob

Macro-Economics

It may seem like a strange paradox, but those societies that guarantee the least for their poor, often end up giving them the least.
Protectionism is sometimes necessary in trade.

Micro-Economics

If people have to show their prestige by buying expensive things, they should do it with something that is practical, instead of buying a $300,000 watch.

Economic Theory

The free market leads to better quality.
"From each according to his ability, to each according to his need" is a fundamentally good idea.
Forget GDP or Gross Domestic Product. A better metric for prosperity is GNH or "Gross National Happiness".
Industrious and efficient production is impossible without energetic, willing and eager labor.
Economic security for all is impossible without widespread abundance.
Abundance is impossible without industrious and efficient production.
Wiling and eager labor is impossible without incentive.
Of all forms of incentive – the freedom to attain a reward for one’s labors is the most sustaining for most people. Sometimes called THE PROFIT MOTIVE, it is simply the right to plan and to earn and to enjoy the fruits of your labor. (reasons to agree & disagree
This profit motive DIMINISHES as government controls, regulations and taxes INCREASE to deny the fruits of success to those who produce.
Therefore, any attempt THROUGH GOVERNMENTAL INTERVENTION to redistribute the material rewards of labor can only result in the eventual destruction of the productive base of society, without which real abundance and security for more than the ruling elite is quite impossible.

Economy

http://reason4romney.blogspot.com/search/label/Economy

Governor Romney's Five Factors That Accelerate Growth And Assure Economic Leadership:

Skilled, Educated, Motivated People

Free Trade, On The Level

Capital And Savings

Innovation And Technology

Consumer Freedom

Governor Romney's Five Braking Factors That Decelerate Economic Growth:

Excessive Taxation And Spending

Excessive Regulation

Excessive Burdens On Business Activity

Excessive Health Care Costs

Excessive Energy Costs

Governor Romney's Initiatives To Ensure America's Continued Economic Growth:

Below are excerpts of Governor Romney's remarks as prepared for delivery.

MAKING THE 2001 AND 2003 TAX CUTS PERMANENT: "Which course is better for America? A European model of high taxes and regulations? Or, low taxes and free trade * the Ronald Reagan model? That's the choice the next President will make. Some are already fighting to implement a massive tax increase. Instead, we should make the tax cuts permanent."

REFORMING THE TAX CODE: "However, making the tax cuts permanent is only the first step. We also need reform of the tax code that moves towards a tax system that encourages growth, fairness, and simplicity."

TAX FREE SAVINGS: Governor Romney Proposes Allowing People To Save Tax Free. "It is time to make saving easy in America. I believe people should be allowed to earn interest, dividends and capital gains up to a certain amount a year, tax free and without restrictions on how or when their savings and investments are spent. As an example, let's say we chose $5,000 for joint filers as the annual tax free figure for dividends, interest and capital gains. This would help middle class families to be able to save and to invest * and spend their savings the American way: any way they want."

FISCAL DISCIPLINE: Unless Given The Line-Item Veto, Governor Romney Would Veto Any Appropriations Bills If They Exceed Spending Targets. "I have a fairly simple idea for keeping spending in check. Give Congress a spending target and then insist that it is met. If Congress does not meet the spending targets, then its appropriations bills should be vetoed. I regularly exercised my veto power while governor. The alternative is for the Congress to vest the President with a power held in some form by 43 governors, including this Governor * the line-item veto."

REGULATORY RELIEF: Governor Romney Would Reinstitute A Regulatory Relief Board To Cut Back Regulations That Choke Off Growth. "Our regulatory burden is also overbearing. I'd re-institute a regulatory relief board to cut back the regulation weeds that choke off growth. One that deserves pruning is Sarbanes Oxley * it's driving away IPO's, depressing jobs, and requiring billions of unnecessary cost. Executives who violate the law should go to jail, but the entire economy shouldn't have pay an inordinate price for the sins of the few bad actors."

NATIONAL TORT REFORM: Governor Romney Believes America Needs National Tort Reform, Not Reform State-By-State. "Another burden on our economic future is our out-of-control tort system. Last year, U.S. corporations spent more money on tort claims than they did on R&D. If innovation is the key to our long term leadership, then some tort lawyers are cashing out our country's future. I spoke with one member of the plaintiff's bar the other day. He said that the tort lawyers are ok with state reform, but not national reform. You know what state level tort reform means * it means that as long as there is one lawsuit-friendly state, they can sue almost any major, deep-pocketed company in America. No thanks, America needs national tort reform."

FUEL EFFICIENCY: Governor Romney Would Evaluate Reforms To CAFE Standards To Develop A Better Way To Get Higher Fleet Mileage Without Market Distortions. "What does this mean for Detroit? Well, it means that the automotive fleet will have to become more fuel efficient. CAFE improved mileage initially, but the consumer has gotten around it over the last couple of decades. CAFE has some real problems. It distorts the market. It penalizes the domestic automakers. It can ignore technical realities. So before I would change the CAFE standards, I want to sit down with every major knowledgeable party and evaluate each of the alternatives. A good number have been proposed; let's decide which is the best course by looking at the data and analysis, rather than by playing to the TV cameras Let's not forget that a far more fuel efficient fleet must be part of our energy future. The issue is which is the least distorting way to achieve it."

CNBC: Vin Weber On Romneynomics