Economic issues Political positions of Jeb Bush

1 economic issues

1.1 agriculture , farm subsidies
1.2 bailouts
1.3 budget, taxation, , labor

1.3.1 2015 campaign positions
1.3.2 florida governor


1.4 consumer protection , financial regulation
1.5 corporate subsidies
1.6 gambling
1.7 international trade
1.8 minimum wage
1.9 privatization , public employees
1.10 sharing or gig economy
1.11 social security
1.12 utility rate increases

economic issues
agriculture , farm subsidies

bush has declined express position on subsidies corn farmers.

bush supports country of origin labeling regulations meat.

bush opposes labeling of genetically-engineered foods.

bailouts

bush, served senior advisor barclays banking company after leaving office florida governor, supported 2008 troubled asset relief program (the wall street bailout ), authorized $700 billion in loans u.s. government banking sector. bush endorsed bailout @ 2012 hearing before house budget committee.

bush opposed 2008-2009 auto-industry bailout.

budget, taxation, , labor
2015 campaign positions

in announcing presidential candidacy in 2015, bush stated goal president annual gdp growth of 4 percent , 19 million new jobs. many economists believe sustained 4 percent gdp growth highly unlikely. in july 2015 interview union leader, bush said how achieve aspiration of 4 percent growth:

[w]e have lot more productive, workforce participation has rise all-time modern lows. means people need work longer hours and, through productivity, gain more income families. s way re going out of rut re in.

later same day, bush said statement people need work longer hours referred part-time workers want work longer hours, in line bush s previous statements problem of underemployment.

in september 2015, bush unveiled tax plan. plan cut corporate tax rate 35 percent 20 percent; allow companies deduct capital investments; phase out taxation of u.s. corporate income earned abroad; cut capital-gains tax rate individuals 23.8 percent 20 percent; eliminate alternative minimum tax , federal estate tax; double size of standard deduction; expand earned income tax credit; reduce current 7 income tax brackets (ranging 10 39.6 percent) 3 brackets of 10 percent, 25 percent , 28 percent; , eliminate deduction state , local taxes. bush s plan 0 out marriage penalty married couples filing joint returns, plan not reduce marriage penalties on tax credits; low-income couples lose or of earned income tax credit (eitc) choosing marry. bush called ending preferential tax treatment carried interest, fellow republican contender donald trump , many democrats have called for.

bush s tax plan described similar tax proposals of 2012 republican presidential nominee mitt romney various populist, supply-side variations, including several proposals benefit lower-income taxpayers. bush s tax plan has been described similar george w. bush tax cuts of 2001 , 2003. speaking in september 2015 on fox news sunday, bush said bush tax policies didn t (add deficit) static thinkers on left think because created dynamic effect of high growth. politifact rated assertion false, concluding evidence doesn t show high growth occurred in wake of bush tax cuts.

an analysis of bush s tax plan nonpartisan tax policy center conducted economist leonard burman , others estimated plan lose $6.8 trillion in first decade (relative current tax code), , $8.6 trillion in next decade. center concluded: [bush] plan improve incentives work, save, , invest, unless accompanied large spending cuts, increase national debt as 50 percent of gdp 2036, tend put drag on economy.

under traditional accounting methods, bush s plan add $3.4 trillion u.s. national debt on ten years. before plan released, bush campaign commissioned 4 republican economists write analysis of plan; report, used dynamic scoring accounting methods favored republicans, determined bush plan add $1.2 trillion debt , stimulate additional 0.5 percent of gdp growth annually. according new york times, 0.5 percent estimate not based on economic model, rather chosen 4 republican economists educated guess ; economists disagree wildly on tax policy s effects on economic growth.

bush s plan cut federal income tax rates across board, wealthiest taxpayers enjoy largest tax cuts, although wealthiest taxpayers lower benefit in terms of tax reduction percentage, , in terms of being dropped income-tax rolls altogether. new york times analysis concludes plan reduce effective income tax rate on filers making $10 million or more per year approximately 21 percent, down 26 percent in 2013, recent year data available. tax foundation analysis determined greatest percent increases in after-tax income under bush s tax plan go top 1% of u.s. earners, earning more around $406,000; such filers see after-tax incomes increase on average 11.6% ... biggest change income group. according citizens tax justice, more half of bush s tax cuts (52.9%) accrue wealthiest 1%, while poorest 20% of wage earners receive less 3% tax cut. plan eliminate federal income taxes families making $38,600 or less annually , reduce federal taxes third additional 42 million families.

bush opposes tax increases, has declined sign grover norquist s anti-tax pledge. bush said not sign pledges circulated lobbying groups. bush declined sign norquist s pledge during 3 campaigns florida governor, saying doesn t believe in outsourcing principles.

a bush spokesperson told washington times in october 2014 not support tax increases of kind, although in 2012 bush indicated accept hypothetical budget deal containing 1 dollar in tax increases every ten dollars of spending cuts.

as florida governor

while bush in office, florida s outstanding debt rose $15 billion more $23 billion. state s annual debt service payments rose $928 million $1.7 billion.

according south florida sun-sentinel news analysis, florida governor, bush championed tax cuts chiefly benefited business , wealthy. under bush s governorship, florida reduced , repealed state s 0.2% tax on stocks, bonds, , other intangible assets. during bush s tenure, state increased reserves $1.3 billion $9.8 billion, coincided florida receiving highest possible bond rating first time.

bush governor during 1 of strongest revenue periods state of florida, due in part boom in property values fueled u.s. housing bubble, revenue grew despite tax cuts implemented.

bush instituted several state sales tax holidays , enacted manufacturing deduction electricity. cato institute, libertarian think tank, has stated bush prolific tax cutter, let spending rise toward end of tenure. in biennial fiscal policy report card on america s governors, cato institute gave bush grades of b (2000), (2002), b (2004), , c (2006).

bush has said during tenure florida governor, $19.3 billion in tax cuts enacted. politifact rated statement half true, saying partially accurate leaves out important details. politifact noted $19.3 billion figure based on estimates , projections cumulative revenue changes each year. large amount of claimed $19.3 billion comes phase-out of federal estate tax, enacted act of congress , not florida state government. economist martin sullivan, in report tax analysts, concluded tax cuts in florida totaled $13 billion during eight-year bush era; sullivan s figure not adjusted inflation , excludes estate tax (because required no legislative action go effect). tax cuts resulted in tax savings 2006 of us$140 per person, per year.

bush vetoed $2 billion state budgets (florida has line-item veto).

according national association of state budget officers report, state spending in florida cut average of 1.39 percent each year bush in office governor, cuts coming public assistance, higher education, , state discretionary spending.

consumer protection , financial regulation

bush frequent critic of consumer financial protection bureau , dodd–frank wall street reform , consumer protection act of 2010. in november 2013, bush asserted new financial regulation rules instituted dodd–frank in response great recession inhibited economic growth, stating while banks made terrible , costly decisions in past, doing business more responsibly. in november , december 2015, bush advocated increasing capital requirements banks reduce threat of large ( big fail ) financial institutions. in december 2015 campaign appearance, bush said open idea of reinstating depression-era glass-steagall act, created firewall between investment banks , commercial banks , repealed gramm–leach–bliley act of 1999.

as presidential candidate in 2015, bush has proposed eliminating various consumer protection , food safety regulations, , imposing freeze on new regulations. bush proposed new requirement cost of new regulation must offset s savings , endorsed proposal require up-or-down vote congress on economic regulations cost @ least $100 million.

corporate subsidies

in 2003, bush put unprecedented package of on $500 million in state , local incentive money lure scripps research institute expand palm beach county, florida. package, described los angeles times incredibly generous ... standards of economic development deals, offered new facilities, equipment , enough operating money pay staff salaries years in effort spur biotechnology industry. in promoting plan, bush made ambitious predictions of 40,000 jobs in spin-off jobs within 15 years of operation. twelve years later, plan largely failed deliver blockbuster biotech cluster bush promised, , in 2014 there 27,611 biotech jobs in florida, according state statistics.

the use of corporate subsidies part of economic-development plans declined in popularity after bush left office, , free-market advocacy group club growth criticized bush scripps scheme in 2015 report. bush spokesman defended initiative, saying diversified economy, created high-wage jobs , contributed significant scientific research advances.

gambling

before , during term governor of florida, bush opponent of expanded legalized gambling in state. before term, bush had served on board of anti-casino group no casinos. in 1999, bush told st. petersburg times: opposed casino gambling in state , opposed whether on indian property or otherwise ... people have spoken , support position. (bush referring 3 failed referendums approve casino gambling).

international trade

bush has repeatedly expressed support trans-pacific partnership, writing have no problem supporting tpp. bush supports granting trade promotion ( fast track ) authority obama administration complete deal.

bush supported 2005 dominican republic–central america free trade agreement (dr-cafta).

minimum wage

in 2005, bush stated opposed raising federal minimum wage, stating: need leave private sector. think state minimum wages fine. bush later clarified opposed raising federal minimum wage, , not support abolishing altogether.

as florida governor, bush opposed 2004 ballot measure (approved florida voters) indexed state minimum wage inflation.

privatization , public employees

in unsuccessful 1994 race governor, bush talked blowing state agencies, , said wanted club [florida s] government submission.

as governor, bush proponent of privatization , shrinking state workforce. when took oath of office second term, bush stated in inaugural address @ florida state capitol in tallahassee (surrounded state buildings) there no greater tribute our maturity society, if can make these buildings around empty of workers.

over bush s 8 years in office, florida eliminated between 5,000 , 13,000 state-worker jobs, depending on counting method used.

beginning in 2002, bush privatized state s child protective services system, continuing shift had begun under bush s predecessor. under bush, state government doubled funding state s child welfare services, privatized state s entire child welfare service system , subcontracted out work of caring foster kids. bush inherited 1 of—if not the—worst foster systems in nation, , changes system had mixed results; supporters stated changes had improved outcomes, while critics criticized system losing track of 500 children, including died, such rilya wilson.

other state services privatized under bush include state government s personnel department, ... prison food services, medicaid program, , defense of death-row inmates. bush unsuccessfully pushed privatize state library collection , move collection private university.

in speech @ florida state university in tallahassee in july 2015, bush called adopting three-out, one-in rule across federal workforce (with exceptions positions deemed critical ). under system, 1 new federal hire made every 3 federal employees leave. bush asserted cut size of federal workforce 10%. in same speech, bush called stripping federal employees of civil service protections, did not specify civil service laws try change.

in october 2015 interview sean hannity, bush said that: let s create little bit of recession in washington, d.c., can have economic prosperity outside of washington. remark criticized d.c. shadow senator michael d. brown, said: first impression s reflective of way these people think our city, isn t place americans live reason. why place 650,000 taxpayers live—many of whom veterans?

sharing or gig economy

bush has defended companies identified sharing or gig economy, such uber , airbnb, calling them positive examples of disruptive innovation.

social security

asked former president george w. bush s efforts privatize social security, bush said: have made sense then, re way beyond that. bush has instead proposed various other cuts program.

bush favors raising retirement age (i.e., age collecting social security retirement benefits) 65 68 or 70. position attracted scrutinity given fact retirement age 66, not 65 bush stated, , under current law, full benefits must delayed 67. bush has called raising retirement age gradually, on long period of time people entering system. , think need in relatively short order. bush has proposed raising retirement age social security current target age of 67 1 month every year, starting in 2015, 2022, workers have 70 claim full benefits, or 65 benefits.

bush has proposed means-testing social security (i.e., reducing benefits higher-income seniors). proposed eliminating provision reduces social security benefits seniors work , make more $15,720 year, , eliminating 6.2% payroll tax on seniors work beyond retirement age.

utility rate increases

under sb 888, bill signed law bush in 2006, utility companies in florida may recoup advanced costs building nuclear plants—even if never constructed. duke energy (which merged progress energy in 2012) took advantage of law charge 1.7 million duke customers in florida advance fee pay proposed nuclear plant project canceled , proposed repairs facility closed instead. under october 2013 settlement florida public service commission (psc), customers on hook $3.2 billion in expenses, while insurers pay $835 million , shareholders pay rest. year later, under pressure consumers , environmentalists, psc ordered duke energy florida credit $54 million ratepayers.

in 2009, 2 years after leaving office, bush wrote op-ed in support proposed $1.27 billion annual base rate increase florida power & light (fp&l), florida utility company. bush stated increase necessary allow utility companies make adequate return on investment expand efficient, clean power generation. fp&l s owner, nextera energy inc., largest florida corporate donor bush s right rise super pac, contributing more $1 million group in first 7 months of 2015.