Democrats are recklessly spending and killing jobs, writes Bachmann

For months, Democrats have been on a reckless spending spree, passing the dangerous job-killing agenda of House Speaker Nancy Pelosi (Calif.), Senate Majority Leader Harry ReidHarry Mason ReidMeeting Trump Supreme Court pick a bridge too far for some Democrats GOP senators confident Trump pick to be confirmed by November Durbin: Democrats can 'slow' Supreme Court confirmation 'perhaps a matter of hours, maybe days at most' MORE (Nev.) and President Obama. They have disregarded Republicans’ amendments and pleas, but now they are faced with opposition, which can’t be ignored: outcry from the American people.

Droves of people have been taking their energy to the streets, and in a few short days, they will arrive at the voting booth. They are tired of establishment members of Congress passing new economic policies replacing private enterprise and personal wealth. They saw a threat to our shared values, our inalienable rights to a free life and the right to own the fruit of one’s labors. Simply stated, they want both parties to adhere to a principle of limited government.


And a limited government is possible. But after so many passed big-spending and big-government bills, what will Congress have to do to achieve it?

First, our bloated budget will be addressed: A 25 percent cut in federal government spending will be enacted to roll back the 25 percent increase in spending President Obama has made since taking office. Then, a balanced budget will be proposed and passed for 2011 with no tax increases. Congress will show its commitment to a limited government by canceling outstanding “stimulus” funds, returning repaid TARP funds to the U.S. Treasury and pledging to not increase spending beyond population growth plus inflation.

Next, we must ensure the government doesn’t operate beyond the parameters set in the Constitution and therefore get out of private business and the bailout business. For starters, the federal government will extract itself by putting Freddie Mac and Fannie Mae up for auction. The government will get out of the housing industry and bring competition into the mortgage industry. Likewise, the student loan, automobile, and banking industries will be opened back up to private business. 

The federal government will notify all state and local governments that it will not now or ever bailout any underfunded public employee pension or healthcare plans. Then, they will give the same message to private businesses, both unionized and non-unionized. Uncle Sam will never again be the financial backstop for Wall Street investors. 

Entitlement reform, like reinstating the 1994 welfare standards, will remind taxpayers they aren’t on a never-ending hook. Next, will be agency reform, such as downsizing the EPA to focus on conservation of safe air, land and water. American natural gas, clean coal, nuclear, hydro, petroleum, wind and solar-energy production will be legal with the proper safety requirements and without federal subsidies.

Last and certainly not least, Obamacare and all of its ugly, expensive tentacles must be replaced. Instead, Congress will initiate tort reform and will allow all Americans to purchase health insurance policies, with no minimum mandates, anywhere in the United States. They will use tax-free dollars, and all Americans will be fully allowed to deduct costs on individual tax returns. 

All this is simply to fix the mistakes Pelosi, Reid and Obama have made. To reach a truly limited government, Congress will create a pro-growth economy by cutting the business tax rate from 34 percent down to 9 percent — nearly the lowest rate in the industrialized world. Capital gains, the death tax and alternative minimum tax will be zeroed out. Section 179 expensing will be increased to 100 percent in the year of purchase. All marginal personal income tax rates will be no higher than 20 percent. Finally, Congress will review the current tax code and consider a replacement that every American can understand. 

In short, pro-growth Republicans in the majority will pass a massive repeal bill in order to do away with government rules and regulations that are proven to kill American jobs.

This picture of limited government, which now seems like just a dream, could be reality. We are a nation of lower taxes and limited government based on our founding. The American people have been calling for restraint. It’s not just Tea Partiers who believe in those principles, but multitudes of Americans from cities to small towns, rich and poor, young and old.

Republican lawmakers have been paying attention to these voices. But while we offered amendments to slow the expansion of government, Democratic leadership ignored us and our amendments were rarely presented for debate. We have been elected to serve the American people who are crying out for an immediate return to limited government. Republicans will continue fighting both in the lame-duck session and in the 112th Congress to preserve our founding values so we can continue as a principled and prosperous nation.

Rep. Bachmann sits on the Financial Services Committee