Mitt And The Motor City

Ex-MA Gov. Mitt Romney spoke to the Detroit Economic Club today, giving the first rendition of his economic policy proposals.

Often a popular podium for Presidents and candidates alike to spout their economic policies, then TX-Gov. George W. Bush gave a speech there in February of 2000 – right after the South Carolina and just before the Michigan primary. The budget was then in surplus, remember? Said Bush: "The role of government is not to create wealth, but to create an environment in which entrepreneurship can flourish, in which small businesses can become large businesses, in which people who dream about owning something in America can realize that dream if they're willing to work hard and take risks."

Said Romney today: "We put our trust in the American people and the free enterprises American people create," he said. "If government is too big, it slows down innovation and entrepreneurs."

Romney is playing to his strength here. And although Romney doesn’t give a specific number on, say, controversial CAFE standards in his speech, he does say how he’s going to figure it out: he's going to employ his trademark data collection approach that helped him “Turnaround” Bain, the Olympics and the MA govt.

Check out the excerpts after the jump….

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."

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."

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."

NATIONAL TORT REFORM: Governor Romney Believes America Needs National Tort Reform, Not Reform State-By-State. "If innovation is the key to our long term leadership, then some tort lawyers are cashing out our country's future."

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."