Monday, January 14, 2008

Governor Romney on The State of The Economy

Governor Romney Talks About The State Of The Economy


Governor Romney On Today's Detroit Economic Speech (CNBC's "Squawk Box," 1/14/08):

CNBC's Carl Quintanilla: "What specifics are going to come out of the speech this morning?"

Governor Romney: "Well, Michigan has been going through a one-state recession, and I think a lot of people think, well, that's just too bad for Michigan. But I think they have to recognize that what Michigan is facing now by virtue of foreign competition from China, Korea and others is exactly what the entire nation is going to face soon. And unless we turn around the course here in Michigan, the whole nation is going to have some tough times. What I'll be talking about is ways to strengthen the auto industry. First, with a very substantial investment, and I'll describe how big it is, in research and development as it relates to the development of new automobiles, high energy, high efficiency vehicles. In addition, we'll be talking about taking head on the extraordinary legacy cost burden which Detroit has, as well as the legal cost burden and CAFE burdens. Everybody keeps on piling anvils on top of Detroit and saying, 'Why are you having a hard time doing a good job?' We'll talk about ways we can alleviate that burden."

To watch Governor Romney, please see: http://www.youtube.com/watch?v=lz2R0kZT8Hw

Governor Romney On Helping Industries Facing Extraordinary Challenges (Fox Business News' "Money For Breakfast," 1/14/08):

Fox Business News' Alexis Glick: "I know you're going to unveil your economic plan today. How do you put money back in their pockets and turn the situation particularly for the people in the state of Michigan?"

Governor Romney: "Well, it's not so much just putting money in pockets as it is investing in the industry and helping bring back an industry that's facing some extraordinary challenges. You see, what's happened to the automotive industry is not entirely of its own making. First, you have CAFE requirements that were put on the industry with no help, no funding of this mandate. Then you have massive liability costs that are put on the industry. Then rising health care, completely out of cost, excuse me, out of control which makes it very difficult for the industry. And now, they're even talking of McCain-Lieberman about having a new kind of energy tax, a cap and trade program that would make it even more expensive to buy fuel or to have electricity to make cars. You put all those things in an industry with no help whatsoever and not surprisingly that industry has a hard time swimming."

To watch Governor Romney, please see: http://www.youtube.com/watch?v=NSwJoRoW8vQ

Governor Romney On Helping Small Business (Fox Business News' "Money For Breakfast," 1/14/08):

Fox Business News' Alexis Glick: "Let's talk for a moment, this hour, we're dedicating to small businesses, which of course are the largest generator of new jobs. You have been in the corporate world. You have a lot of experience in it. How do we boost small business jobs, and what do you say to those Americans out there who right now own small businesses who are getting hurt by this economy?"

Governor Romney: "Well, they're getting hurt by the economy, and so we're going to try and get the economy to turn around. But they're also getting hurt by a bunch of factors that are hurting big businesses as well. Health care costs that are completely out of sight and keep rising, regulatory burdens which are particularly difficult on small businesses, a taxation code which doesn't make sense. We have the highest tax rate next to Japan and the entire industrialized world. That doesn't make a lot of sense. We also put the legal burdens of our legal system on small businesses. You make it very hard for small business. We've got to strip down. We've got to get the weed whacker out and clear up the weeds that make it hard for small business to start and to thrive."

To watch Governor Romney, please see: http://www.youtube.com/watch?v=8-h3ZuGf2A8

Governor Romney: Washington Must Take Action (Bloomberg, 1/14/08):

Bloomberg's Peter Cook: "Governor, polls also suggest that the economy in Michigan is the big issue for voters. Who is most to blame for Michigan's economic situation?"

Governor Romney: "You know, I'm not sure who's most to blame. You can point fingers in lots of directions, from the leadership in the state, to the leadership in Washington to leadership of unions and management. But the key is that somebody's got to do something about it. You've watched a state in a one-state recession for almost a decade, and no one talks about what to do to help Michigan. When the nation begins to feel a hiccup, we all talk about a stimulus package, the need to put money in the hands of consumers and so forth. But when Michigan has been suffering for 10 years, people have sat by and been somewhat idle. In my view, we're going to have to make sure that the U.S. auto industry does not continue to shed jobs, and cause the state to go further and further into a very troubling situation. It's important to us for economic reasons, for personal reasons, to help families that are hurting, and also because as a nation, we do not want to see the auto industry continue to shrink and ultimately disappear. It's a national security issue for us, and it is an economic issue."

To watch Governor Romney, please see: http://www.youtube.com/watch?v=oOfWMfKyvvc


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