The Candidate the Democrats Should Nominate but Won't

Bill Richardson is an economically conservative Democrat, which means he is an anathema to the far leftists who have taken over the party. From The Weekly Standard:

In July 2006 the Wall Street Journal touted New Mexico’s governor Bill Richardson as a man who “embraced tax cutting and benefited politically.” The Journal quoted Richardson approvingly for advising his party that “we have to be the party of growth and the American dream, not the party of redistribution.” Which party is Richardson talking about? The Democrats.

Indeed, the former U.N. ambassador and secretary of energy stands out as the only Democratic presidential candidate who has successfully enacted tax cuts and other pro-growth economic policies. When asked about the importance of tax cuts, Richardson says: “Cutting taxes and creating tax credits can be essential to creating jobs and a strong economy.” One of his first measures after he was elected governor in 2002 was to cut New Mexico’s top income tax rate from 8.2 percent to 4.9 percent over five years. “This was our way of declaring to the world that New Mexico is open for business,” Richardson told the Journal in 2005. Echoing what conservatives have been saying for decades, he explained: “After all, businesses move to states where taxes are falling, not rising.” At the midpoint of his first term, Richardson earned a “B” rating on the CATO Institute’s 2004 Fiscal Report Card on America’s Governors. Two years later, CATO explained the rating this way: “His income tax cuts were indeed substantial. The top marginal income tax rate has dropped a remarkable 35 percent as a result of Richardson’s actions and is still the largest income tax rate cut

in the nation over the past few years.”

Richardson seems to relish his tax-cutting image. Reacting to a four-star rating for his pro-growth policies from Inc. magazine in October 2006, Richardson boasted in a press release: “New Mexico is a national leader in job growth, we have invested in better schools and improved access to health care and–most importantly for the business community–we have cut taxes year after year.” In his 2007 state of the state address, Richardson continued to advertise his tax cutting credentials, declaring that New Mexico was a state “where tax rates go down, while salaries go up.” Most recently, at the winter meeting of the Democratic National Committee, Richardson reminded his audience that he “first passed a specific tax credit for creating good paying jobs” and was responsible for a host of other tax cuts and credits that helped “local companies that showed great promise for success and job creation.”

As advertised, Richardson’s list of pro-growth measures did include a 10-percent tax credit on wages and benefits attached to each new job paying more than $40,000. As a result, high-skilled manufacturing work rose steadily in New Mexico, as did real wages–on average 2.4 percent a year between 2003 and 2006. Albuquerque, with an unemployment rate of just 4.9 percent, won first place on the 2006 Forbes Best Places for Business and Careers list.

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