Herman Cain (R)
Herman Cain is a businessman and political commentator from Atlanta, Georgia. Previously, Mr. Cain served as the Chairman of the Federal Reserve Bank of Kansas City from 1995-1996. Mr. Cain has served as the President of the National Restaurant Association and CEO of Godfather’s Pizza. Mr. Cain holds a master’s degree in economics from Purdue University.
Herman Cain has suspended his bid for the Presidency.
Herman Cain’s “9-9-9” plan has been the talk of the political town for the past few weeks. It does seem almost elegant in its simplicity: scrap the entire tax code and replace it with a 9% business flat tax, a 9% individual flat tax, and a 9% national sales tax. It seems almost workable, no?
However, we need to keep in mind the full consequences of eliminating the current tax code. Cain’s plan would get rid of deductions that many businesses rely on. The Manufacturing Tax Credit allows thousands of businesses to make goods here in the United States, and those businesses in turn employ tens of thousands of workers in well-paying manufacturing jobs. Eliminating this could raise costs for manufacturing businesses, forcing them to lay off workers or even close their doors.
9-9-9 would also get rid of incentives like the Green Manufacturing Tax Credit, which helps companies build environmentally-friendly products in the United States.
While it might seem simple, the complicated truth of 9-9-9 is that it would hurt companies that are trying to make it in America.
The former Godfathet’s Pizza CEO laid out his “9-9-9” economic plan in last night’s debate:
This economy is on life support. I don't want - we need a bold solution, not one that tinkers around the edges, not one that allows politicians to continue to pick winners and losers. I believe we throw out the entire tax code and put in my nine nine nine plan. nine nine nine. A 9 percent business flat tax, a 9 percent personal income tax and a 9 national sales tax. Now I've been told by some people, well, you can't get that done. I say why? Well, because you don't know how Washington works. Yes, I do. It doesn't.
The American people are ready to do something bold. We need a bold solution in order to get this economy growing at the maximum rate.
I agree with many of the others up here who say, you get the government out of the way. American entrepreneurship, American businesses, they will create the jobs if we provide some certainty.
Eight candidates for the Republican Presidential nomination faced off against each other last night at the Ronald Reagan Library in California. During the 1-hour, 45-minute debate, the candidates all spoke about the need to create jobs and attacked President Obama for failing to do more on that front.
However, not a single candidate made mention of manufacturing jobs. In fact, the debate transcript reveals that there was not a single mention of the word “manufacturing.” The closest any of the candidates got to this topic was when Jon Huntsman was asked if he agreed with Mitt Romney’s plan to label China a currency manipulator. His weak response, which we’ve included below, was not what we should expect from the candidate who wants to be seen as the intellectual alternative:
Q: Governor Huntsman, as you know, Governor Romney's new economic plan calls for the U.S. government to officially label China a currency manipulator, But "The Wall Street Journal" editorial page says such a move would cause a trade war, perhaps.
You're a former ambassador to China. You have served four U.S. presidents. In your view, what does Governor Romney not get about China?
HUNTSMAN: He doesn't get the part that what will fix the U.S- China relationship, realistically, is fixing our core right here at home, because our core is weak, and it is broken, and we have no leverage at the negotiating table.
And I'd have to say, Mitt, now is not the time in a recession to enter a trade war. Ronald Reagan flew this plane. I was in China during the trip in 1984. He went on TV, he spoke to the Chinese people -- I'd love to do that too, in Chinese itself -- and he talked in optimistic, glowing terms.
And it reminds me about this, Ryan, we are the most blue sky, optimistic people on earth. We're going to find solutions, and I have an offer for the two great governors over here.
And I hate to rain on the parade of the Lone Star governor, but as governor of Utah, we were the number one job creator in this country during my years of service. That was 5.9 percent when you were creating jobs at 4.9 percent.
And to my good friend, Mitt, 47 just ain't going to cut it, my friend, not when you can be first. We've got to remember, that to beat President Obama, we have to have somebody who's been in the private sector, understands the fragility of the free market system, has been a successful governor as it relates to job creation, and knows something about this world.
I've lived overseas four times, I've been an ambassador to my country three times, I think I understand that.
The American people are angry at Washington for not doing enough to create jobs. Anybody who wants to run the country needs to listen to what the people want: jobs, jobs, jobs.
Read the transcript here.