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Transition 2012

A guide to foreign policy and the 2012 U.S. presidential transition.

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Overnight Roundup: Romney Goes After Business Regulations

by Newsteam Staff
May 3, 2012

Photo of the Day: Mitt Romney meets the crowd in Chantilly, Virginia May 2, 2012 (Benjamin Myers/Courtesy Reuters). Photo of the Day: Mitt Romney meets the crowd in Chantilly, Virginia May 2, 2012 (Benjamin Myers/Courtesy Reuters).


At a campaign stop focused on women-owned small businesses in northern Virginia, Republican presidential candidate Mitt Romney spoke of lowering taxes and requiring regulators to remove a regulation for every new one added (NationalJournal), and said the current administration’s policies are hurting small business and, in turn, the overall economy.

“In a business like this, and you’ve got what about twelve employees working directly here, about twelve employees. The biggest cost for this enterprise is the people, of course, as in most enterprises,” he said. “If you’re told that the government is going to now set the wages of the people that are working for you through mandatory arbitration, because they’ve been unionized in a way that the people themselves didn’t want, why, you scare away entrepreneurs from starting businesses.”

Romney said also likened the current administration’s economic policy to that of the Carter administration.

Steve Holland writes in Reuters that comparing Obama to Carter “could help Romney frame the economic debate against the Democratic incumbent, who has presided over a slowly recovering economy with 8.2 percent unemployment, $1 trillion annual budget deficits, high gasoline prices and modest job creation.”

Holland notes that under Carter, who lost his 1980 re-election bid to Ronald Reagan, “U.S. economic growth was relatively slow, weighed down by double-digit inflation and rising gasoline prices.”

The campaign’s number one issue — the economy — continues to show signs of perking up, now with a four-year high in U.S. job creation, Gallup says.

Based on workers surveyed about whether their employers were hiring or letting people go, net new hiring is now at its best level since July 2008 and is near +26 — the highest score Gallup has recorded since tracking began in January 2008.

“The fact that more employees are reporting that their companies are hiring and fewer say they are firing is good news for the U.S. job market and those looking for work,” Gallup says, though part of the uptick may be seasonal and attributable to the usually warm weather in April. “Of course, the greater question is whether the improvement in job creation is more indicative of past reductions in the unemployment rate or of further declines yet to come.”

Newt Gingrich has officially ended his presidential campaign Wednesday (Politico). In his farewell speech, he recapped many of his policy positions, particularly his stance on domestic energy production, and pledged to continue to work on them as a private citizen.

“In a very real sense, we can be free of radical Islam, Saudi kings, and Chinese bondholders,” if we reinvent our domestic energy policy, he said; revamping energy policy and lowering gas prices to $2.50 per gallon was a centerpiece of his campaign.

— Gayle S. Putrich, Contributing Editor

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