Herman Cain

Having served on the boards of directors of several major corporations over the last 20 years, I have had the responsibility of voting to hire a new CEO, and of voting to fire a current CEO, many times. In both instances, the decision was based on assessed potential and performance.

Directors hold CEOs responsible for results, and the prudent use of company resources such as cash, equity and human resources. Specific metrics are established for both annual and multi-year performance, which are evaluated in making the hire or fire decision.

If a CEO is underperforming and on the brink of being fired, then we look to see if he or she has identified the right problem, and has established a plan of action to get things back on track. If the plan is convincing and the performance metrics were missed by a reasonable amount, then he or she would be given a specific amount of time to get back on track.

The Board has to decide what’s convincing, what’s reasonable and how much time should be allowed for a course correction. Then it has to take action.

President Obama’s economic policies have failed to an unreasonable degree. He has no plan for a course correction. He has promised a plan for focusing on job creation since he has been in office. He has had over two and a half years to get it right, and now he wants a month to write another speech, following a three-day bus tour that produced nothing but a bunch of photo-ops. We are not convinced we will hear anything new. A board’s action would be unanimous:

Mr. President, you’re fired.

I realize that only the voters can fire President Obama in November 2012. But his performance and his potential plan for serious economic growth are not likely to change anything. The board of directors would have no choice.

But America has a choice. Elect Herman Cain president in 2012.

Here’s Phase 1 of my economic growth plan. It’s called the 9-9-9 plan.

A 9% business flat tax. Gross income less all investments, all purchases from other businesses, and all dividends paid to shareholders.

A 9 percent individual income flat tax. Gross income less charitable deductions.

A 9% national sales tax. This significantly expands the tax base, which helps everyone.

This plan has the following advantages:

• It is fair, revenue-neutral, transparent and efficient.
• It puts zero tax on capital gains and repatriated profits.
• It replaces the payroll tax.
• It will aid capital availability for small businesses.
• It saves taxpayers $430 billion in annual compliance costs.
• It eliminates the uncertainty holding this economy down.

Current economic conditions call for bold moves to boost and supercharge this economy. If we are in an economic recovery as the administration claims, this economy is still 6 million jobs below the worst recovery since the Great Depression. The latest evidence shows that we are still in economic decline.

This plan is bold and doable. It has been developed and analyzed by some of the best economic minds in the nation. Remember, I surround myself with good people. That’s the key to my success and it will continue to be.

I offer this plan to the president, the Congress and the “super committee”. I could wait until after I am elected president, but America can’t keep waiting.

Struggling businesses and 15 million unemployed people can’t wait.

We need serious economic growth now! Please Mr. President, just do it!

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