Rubio: "We Need A New President For A New Age"
Follow CBSMIAMI.COM: Facebook | Twitter
CHICAGO (CBSMiami) — Florida Sen. Marco Rubio spoke about his plans for an "innovative economy" and "revolutionized higher education system" in his first domestic policy speech as a presidential candidate in Chicago Tuesday morning.
"We need a new president for a new age – one with original ideas to unlock the two great doors to the future: the doors of innovation and education. Only through an innovative economy can we translate new technologies into new middle class jobs, and only through a revolutionized higher education system can we equip all our people to fill those jobs," Marco said in prepared statement.
The first step to an "innovative economy," according to Rubio is to reform the corporate tax code.
"To build the most innovation-friendly economy in the world, we must build the most business-friendly economy in the world. Right now we have, quite nearly, the exact opposite. The United States has the highest corporate tax rate in the developed world. We have a tax code that punishes American companies for competing in the global economy, and a regulatory system that prevents small businesses – the primary engines of innovation and job creation – from competing against established players."
Rubio said today there are more businesses dying than being born. He added that over the last decade, the U.S. has lost $179 billion worth of domestic companies through foreign takeovers.
"When I am president, I will empower innovators rather than punish them. I will cut our corporate tax rate to be competitive with the average of 25 percent for developed nations. If this had been done ten years ago, instead of losing $179 billion worth of American businesses, we would have acquired $590 billion worth of foreign firms."
Rubio said if elected, he would establish a territorial tax system.
"When an American company earns money overseas, it is taxed once in the country it is earned in and again if it is brought back to America. We are the only G8 country that levies that second tax, and the understandable impact is that many companies choose never to bring their money back home. Apple, for example, has $171 billion sitting overseas. That money would be an immediate economic boost, but because Apple would be punished for bringing it back, they choose not to."
The GOP presidential hopeful also took a jab at Democratic contender Hillary Clinton and said he would put a cap on the amount that U.S. regulations could cost the economy.
"Just since 2008, federal regulations have cost us $771 billion. Many of these regulations are the result of an alliance between big business and big government. Hillary Clinton argues the economy is rigged in favor of wealthy interests – but what she won't tell you is that big government is doing the rigging. A massive regulatory apparatus inevitably becomes the instrument of those with the lawyers and lobbyists necessary to influence it."
He added Clinton's ideas for country were those of the past.
"The race for the future will never be won by going backward," Rubio said. "It will never be won by hopping in Hillary Clinton's time machine to yesterday."
While not naming fellow GOP president candidate Jeb Bush by name, Rubio criticized policies enacted by his father and brother during their stints in the White House.
"We have learned, painfully, that the old ways no longer work — that Washington cannot pretend the world is the same as it was in the 1980s, it cannot raise taxes like it did in the '90s and it cannot grow government like it did in the 2000s," he said.
On higher education, Rubio called for an overhaul of the accreditation process, among other reforms.
"The lesson of history is clear: to empower today's workers, we must equip them with today's skills. And to do that, we need our higher education system to innovate at the same rate as our economy."
Rubio said over the next decade there will be 3.5 million new manufacturing jobs and 2 million will be left unfilled if the education system stays stuck in the past. Looking to the future, Rubio said a major change needs to be made.
"Our higher education system is controlled by what amounts to a cartel of existing colleges and universities, which use their power over the accreditation process to block innovative, low-cost competitors from entering the market.
Within my first 100 days, I will bust this cartel by establishing a new accreditation process that welcomes low-cost, innovative providers. This would expose higher education to the market forces of choice and competition, which would prompt a revolution driven by the needs of students – just as the needs of consumers drive the progress of every other industry in our economy."
As to how he would deal with the problem of crushing student loan debt many people face today, Rubio said he's proposed an idea called Student Investment Plans.
"It would let students partner with investors who would pay their tuition in return for a percentage of their earnings for a few years after graduation. It may result in a profit for the investor or it may not – but unlike with loans, none of the risk lies with the student."
Finally, Rubio addressed his opposition to so-called "net neutrality," which would prevent Internet service providers from setting different download speeds for different types of content.
"I led a coalition opposing efforts to cede Internet regulatory power to the International Telecommunications Union. I also advanced a comprehensive wireless plan to expand unlicensed spectrum. Spectrum is the highway of the digital age, but the amount made available to the public is limited, and the result is a digital traffic jam. As president, I will reallocate spectrum for public use."
Rubio concluded by telling those in attendance that the U.S. was on the doorstop of the future and if they were ready to move forward into a new age and embrace the challenges, and opportunities, he was their candidate.
In response to his speech, the Democratic National Committee issued the following:
"Marco Rubio talked today about hopping on a 'time machine to yesterday' – but, let's be real, Retro Rubio is the only one here who is attempting to master time travel. Rubio continues to peddle the same failed Republican policies that cripple the economy and squeeze the middle class. Stop me if you've heard this before: he's in favor of more tax cuts for the rich, deep cuts to public education and Pell Grants, and he continues to stand against net neutrality. With plans like that, Americans don't want to go for a ride back in Marco Rubio's DeLorean."
Holly Shulman, National Press Secretary
