Restoring Fiscal Order
Our most urgent task must be to stop the federal government’s overspending and restore fiscal order. We have a $16 trillion debt, nearly the size of our overall economy, and the blame for this problem spans across the political spectrum. The overspending and heavy debt burden are creating a great deal of uncertainty. Given this economic climate, many small businesses and entrepreneurs are understandably hesitant to take the risks to create jobs and opportunities.
Debt has consequences. The consequences may be hidden, but they are real. First, excessive debt is a form of taxation passed on to our children and grandchildren. Second, debt results in the sale of the assets of our country overseas to nations like China, which do not protect human rights or properly steward resources. Third, debt potentially creates inflation, which is the most regressive form of taxation hurting the elderly, those on fixed incomes, and the poor. The Federal Reserve recently acted to inject more money into the economy, basically printing money. You see the higher prices at the gas pump, higher food prices, and increased costs of other household goods.
America is broke, but we are not broken! There is a way out of this fiscal mess, but it will require creative thinking and bold resolve. If Congress and the next President act with constructive engagement and are serious about structural reforms that are going to reduce spending, get rid of the debt, and simplify our tax code with the right type of tax reform, we can release the entrepreneurial power of America’s small businesses and create new jobs that support families and help preserve our nation’s economic security. I stand ready to help lead this effort.