The past year has been some of the most turbulent times in the history of our economy and I believe that we need to find a way to restore public confidence and private investment. President Obama and his Democrat party leaders in the House and Senate believed that a $787 billion economic stimulus package was the solution to our needs.
Broadly increasing federal spending to simply fill spending gaps is the wrong answer. It did not work to revive our economy during the Great Depression, and it did not work during the Asian financial crisis of the 1990s. I strongly opposed H.R. 1, the American Recovery and Reinvestment Act also known as the economic stimulus package.
I supported a more balanced approach that would have eliminated the 3.1% payroll tax for all American employees and lower the corporate tax bracket from 35% to 25%, in addition, the 15% personal income tax bracket would be lowered to 10% and the 10% tax bracket lowered to 5%. The alternative I supported also accelerated depreciation for small business capital investments and increases tax incentives for responsible home purchases. The spending provisions in the alternative package would have directed of $70 billion to large infrastructure projects including road, bridge, and airport improvements and includes one year, $40 billion package to assist unemployed or displaced workers with training and employment services. Most importantly, tax relief in the form of tax cuts provides assistance and benefits and benefits to everyone simultaneously without picking projects based upon political influence, social status, or regional bias. Recessions affect everyone and taxes are universally collected. Any stimulus that I will support must have uniform application so that all boats are lifted in tandem.
I am fully committed to searching for solutions to help revive our economy, however, piling on additional debt by spending hard earned tax dollars on undefined projects and bailouts. I, too, will continue to push for greater congressional oversight over the monies that have been spent as a result of the stimulus package.