Therefore, last Wednesday when President Obama addressed the economic issues facing our nation, I hoped he would provide solutions that foster job creation and cut spending.
Unfortunately, the president’s speech lacked the specifics about his economic plan that I had hoped for him to discuss. While he failed to provide detailed information on his new plan, he did make one thing clear: the government spending sprees won't be stopping anytime soon.
Funneling vast amounts of money into the government sector only increases our nation’s debt, stifles job growth and hurts our overall economy. The truth, which the White House administration has failed to recognize, is that we cannot spend our way out of a recession, nor will expanding the government create more jobs for the American people.
We are at a point in our nation’s history where serious changes need to be made on how our government operates. If we want to remain a free market society, we need to make serious policy changes now in order to secure a better tomorrow for ourselves and for future generations.
Nothing is more important to my Republican colleagues and I than putting Americans back to work. Last week, House Republicans introduced a two-point plan that will help reduce the economic uncertainty that is currently restricting our recovery.
The first measure tackles the problem of overspending in Congress. In the past two years alone, non-security discretionary spending has increased by 85 percent, which is simply unacceptable. By reducing the majority of these spending programs back to the FY 2008 levels, we can save taxpayers $100 billion in the first year alone.
The second point focuses on creating an atmosphere in which American families and small businesses can thrive. The best way to encourage such an atmosphere is to freeze the current tax rates for two years and extend the Bush tax cuts.
I cannot express how pivotal extending the current Bush tax cuts is to stabilizing our economy. Allowing these cuts to expire will increase taxes by $3.8 trillion and will have detrimental effects on our nation’s ability to grow. If the president is truly trying to create more private sector jobs, letting the Bush tax cuts expire is not the way to do it.
Renewing these important tax cuts will put more money into the American people’s pockets and will encourage investments. Furthermore, these extensions will give small businesses the financial stability they need to expand and create more jobs.
Our nation's economy is in dire straits. The only way to help repair it is by cutting spending and halting tax hikes—not by growing government or uncontrolled spending. This way, we can create more jobs without financially burdening future generations.
Everyone can agree the economy is one of the most important issues facing Americans today. And with this year’s legislative session quickly coming to an end, the window to pass meaningful legislation is rapidly closing. Therefore, I sincerely hope President Obama and congressional Democrats will join House Republicans’ bipartisan effort to put Americans back to work.