Weekly Columns

We Need A Plan To Turn The Economy Around

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Washington, May 16, 2012 | comments

Every day I hear stories of how more layoffs are threatened and economic uncertainty is being brought about by bills such as the health care law and regulations that stifle innovation.  In order to create jobs and get folks back to work, Congress needs to work together in a bipartisan way to be a part of the solution.

The best way to lower the unemployment rate and promote job growth is to create an atmosphere that rewards hard work, keeps government out of the way of innovation and incentivizes our businesses to invest in new jobs and equipment.  However, we cannot achieve this if the current administration continues to propose and enact the same failed economic policies.   Policies from Washington are making it difficult for small businesses to grow. Massive government expansion into health care, banking and a wide variety of other areas has become a major hurdle to job creation — and small businesses are being hit the hardest.

With very good reason, employers are slow to hire because they are concerned that Washington is not on their side. They see this through threats of higher taxes and new regulations.  I believe our economy works best when we reduce regulations, lower taxes and allow hardworking taxpayers to keep more of what they earn. That is why I voted to extend the 2001 and 2003 tax cuts, and I will continue to support legislation that lowers taxes for all Americans.  Keeping the tax cuts in place will give businesses some cost certainty, which in turn will give them more confidence to hire additional employees. 

The administration is pushing for more of the same failed Washington economic stimulus spending, but what we need instead is to focus on getting the government out of the way and reducing red tape, so small businesses can begin to grow, hire and thrive again.  One example of Congress working to do this was the passage of H.R. 3606, the bipartisan JOBS Act, in March.

This bipartisan legislation focuses on removing unnecessary obstacles for small businesses so that they are able to grow and create jobs.  Specifically, the legislation frees up capital needed for small businesses to begin hiring.  By passing legislation like the JOBS Act, we will get closer to an economic recovery because job growth occurs when entrepreneurs and businesses are able to invest and expand.

However, passage of the JOBS Act is still not enough.  We are leaving so much on the table if we don’t reduce unnecessary regulatory burdens, reform our broken tax code, maximize domestic energy production and start living within our means.  It’s going to take everyone working together – both Republicans and Democrats – to get our economy moving again. 

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