Over the last three years, we have borrowed roughly $32,000 per taxpayer. We were told that this would “stimulate” the economy, with the White House promising that national unemployment would not reach more than 8 percent – instead we are now at 9.1 percent unemployment. The result is that we now have an additional 12 million people out of work and we are now on the brink of a double-dip recession. The simple fact is both TARP and the Stimulus failed and while Wall Street profited, Main Street suffered and the American taxpayer was left holding the bill.
Irresponsible spending by both parties over the years brought us a massive federal debt and the recent unprecedented U.S. credit rating downgrade. And yet, career politician Rep. Gerry Connolly (D-VA) has failed to offer any new solutions. If we are to solve our problems, we need real solutions that will restore America. I offer the following substantial policies:
- Simplify the tax code – Our nation’s tax code is 10 times the length of the King James Bible. We need to eliminate deductions and credits so that we have a simpler, flatter, and fairer tax. Studies have shown that tax reform will make our economy grow and make us more competitive in the global marketplace.
- Reduce government regulations on business, especially those in the energy sector – Our country is blessed with massive natural energy resources, but our regulatory environment is severely hindering the development of these resources. As a result, we end up importing energy from other countries, where environmental regulations are much less stringent. This is not just a problem for oil and natural gas, but for every form of energy, including:
- Oil and natural gas (both on land and off-shore)
- Harmonize our business regulations with our international trade policies - While we have over-regulated our industries, we have granted most-favored-nation trade status to countries such as China -- a country that does not respect human rights, intellectual property rights, or the environment, and one that unfairly manipulates its currency. The result has been devastating to our manufacturing industry and our trade deficit.
America can compete and beat any country in business, but not when the system has been designed against us. We have lived with many of these regulations and policies for decades and have watched our money and jobs leave our shores while the global environment suffers. Now is the time to change that pattern.
America can rise again. By adopting more sensible policies, we can simultaneously grow our economy and eliminate the debt. We just have to realize that the solutions are not as simple as running trillion dollar deficits.