Wall Street Journal Not Thrilled With Romney's Jobs Plan

See, "Mitt Romney's 59 Economic Flavors." After the praise, some criticism:

On taxes, Mr. Romney would immediately cut the top corporate income-tax rate to 25% from 35%. His advisers say there's already a bipartisan consensus that the U.S. rate hurts American companies, and they're right. Even Mr. Obama agrees.

But on other taxes, Mr. Romney shrinks from a fight. He says he favors tax reform with lower individual tax rates but only "in the long run." His advisers say that means in the first two years of his Presidency, but then why not sketch out more details?

The answer may lie in his proposal to eliminate the capital gains tax—but only for those who earn less than $200,000 a year. This eviscerates most of the tax cut's economic impact and also suggests that he's afraid of Mr. Obama's class warfare rhetoric. He even picked Mr. Obama's trademark income threshold for the capital gains cut-off.

If Mr. Romney thinks this will let him dodge a class warfare debate, he's fooling himself. Democrats will hit him anyway for opposing Mr. Obama's proposal to raise taxes on higher incomes, dividends and capital gains in 2013. Perhaps Mr. Romney feels that his wealth and background make him especially vulnerable to the class charge, but if he won't openly make the economic case for lower tax rates he'll never get Congress to go along.

On spending, Mr. Romney joins the GOP's "cut, cap and balance" parade, setting a cap on spending over time at 20% of GDP. What Mr. Romney doesn't do is provide even a general map for how to get there, beyond cutting spending on nonsecurity domestic programs by 5% upon taking office.

That does sound a bit timid.

RTWT.