President Obama thought he knew what it would take to stimulate the American economy when he ran for office, and according to the AJC, Roy Barnes thinks he knows what to do if he becomes governor of Georgia: remove the capital gains tax for two years and spend like there is no tomorrow (because there won’t be for Georgians).
How Roy Barnes’ plan impacts me and the rest of Georgia
Personally as a Georgia citizen, I’m going to suffer if Roy Barnes becomes governor and goes into his spending frenzy. He will be taking money from the hospitals, schools and not-for-profit agencies in my city (and the rest of the state), which will require even more money out of my pocket to make up the shortfall this is going to create in those agencies.
He said as much in one of his speeches, which you can read about in the article titled, “Roy Barnes’ Economic Plan: Rob Peter (501 c3) to Pay Paul (Business).”
Roy Barnes thinks like Obama: Spend, spend, spend
Roy Barnes’ is now talking about his “Job Plan.” A 17-page manifesto that makes as much sense as the unabomber in my opinion, since it blows up Georgia’s current revenue stream (capital gains taxing).
Roy’s Job Plan is mirroring what is going on in Washington under the current Democrat Congress and President Obama: spend, spend, spend–and we’ll figure out how to pay for it later (after I’m not in office).
I’ve operated a business in Georgia, and you can’t spend more money than you have coming into the business. Georgia as a government is the same way. Sure we need more jobs, but you can’t be like Obama and just buy them. It isn’t working for him either. But Roy’s campaign spending (over a million more than his competitor) must be going to his head. He’s spend happy and he isn’t even in office yet.
Roy Barnes wants to spend $25 million for new park
One of the things Roy says he will do in his Job Plan is to build a $25 million biomedical research park. He says it will pay for itself'”in the long run, that is. In the meantime, guess who gets left holding the “pick up the tab” money bag? Yes, you guessed it: me and you.
Now if Georgia didn’t need Roy to spend $25 million on real necessities'”like school furloughs, unemployment, and other important stuff'”than we might care about him wanting to build a biomedical research park. Right?
If we were not already cash poor we might even be open to his idea about letting big business skate by for the next two years without paying a lick of capital gains tax, too. Right? But we’re definitely not in this economy, Roy.
Experts weigh-in, don’t support Barnes’ ideas
The AJC asked some local economic experts to weigh in on what they thought about Roy Barnes’ 17-page Job Plan and how he wants to pay for all of it by removing the capital gains tax for two years:
“It is not going to be self-supporting,” Georgia State University Bruce Seaman said.
“I haven’t seen evidence in the past that these things completely pay for themselves,” Emory University economist and finance professor Jeffrey Rosensweig added.
The experts say Roy Barnes’ plan will basically cost us money on down the road, too. So it isn’t bad enough he wants to cut the income we currently have'”or is asking us to pay more to make the research park happen: Roy is also asking us to expect to pay more on down the road as well.
An outsider sees the lunacy
“The idea of losing any revenue source seems nonsensical,” was a comment made by Meg Gray Wiehe, a woman with a nonpartisan group in Washington who was told about the plan.
Meg is probably wondering why in the world someone would say “No” to the revenue they currently have in this economic climate. Wouldn’t it be more prudent to keep what you already have?
Yes, Meg it is and hopefully the rest of Georgia will help show Roy Barnes the door very quickly'”back to his law office, where his kind of wheeling and dealing might work.
Resources: Personal opinion and AJC.com’s “Barnes plan: Remove capital gains tax for 2 years”