After acknowledging the “significant victory” Osama bin Laden’s death represents for the American campaign against radical Islamists, Newt Gingrich devotes the bulk of his latest column — posted at Human Events — focusing on jobs.
Washington is focused on the wrong issues.
The number one problem in America is the lack of economic growth required to create jobs. Americans are in pain from unemployment, the collapse of housing values, and the rising cost of gasoline and other commodities.
It is impossible to balance the budget at 8 or 9 % unemployment. If we add those who are underemployed or who have dropped out of the job market, this more inclusive unemployment rate (U-6) is nearly 16%. Job creation is the most important step to balancing the budget, so we can move the millions of people consuming tax revenue off unemployment and welfare into jobs where they are being productive and paying taxes. …
… Washington today must undertake five parallel policies designed to create jobs, put Americans back to work, rebuild the housing market and cut off inflation before it grows out of control:
1. Pass a powerful tax cut and regulatory reform package designed to launch a decade of job creation and economic growth;
2. Pass an American energy program that creates jobs here at home. An American energy program would not just create jobs in the energy sector. Lowering the cost of gasoline, heating oil, and electricity would stimulate job creation throughout the economy;
3. Repeal Obamacare before it does permanent damage to our health system and economy;
4. Bring the Federal Reserve under control by insisting on a sound dollar policy and by exposing and investigating the billions in secret deals the Fed used to shift money to giant foreign and American banks;
5. Cut spending decisively to create the fiscal space for a pro-growth economic policy.
As the Congress approaches the debt ceiling debate and other future confrontations with the Obama Administration, it must make sure job creation is the number one focus.
America only works when Americans are working. That is the heart of our current crisis.