The economy continues to be our nation's primary challenge. There is no doubt that something needs to be done to rebuild our nation's economic engines. But history has proven that we cannot spend, borrow, and tax our way to prosperity.
Giving away your hard-earned tax dollars to companies that made poor and often unethical business decisions, and spending your money on pork projects that don't create jobs only serves to grow our national debt. Economists share my concern that we are headed toward hyperinflation: prices will go up, the value of the dollar will decline, and interest rates on credit cards and mortgages will skyrocket. If we continue down this path, it appears that our children will be worse off than we are or their grandparents were. It's not supposed to be this way.
I support a budget plan that will move Americans toward prosperity without spending record amounts of taxpayer dollars and without increasing the tax burden on families and businesses. Especially during a recession, our priority should be to help businesses succeed by creating a business-friendly environment with reasonable tax burdens and responsible regulations that won't stifle job creation. Minimizing the tax burden on families will allow them greater flexibility to make ends meet. Lowering the Capital Gains tax will encourage private investment in our financial markets.
At the beginning of 2008, I stopped requesting earmarks. Earmarks are valuable tools for our communities, but the system is susceptible to waste, fraud, and abuse. I have asked the Democratic leadership to make the earmark process transparent for every American to see. The system should be 100% transparent as to the sponsor and recipient and subject to an up or down vote in the House. Until that happens, I continue to ask my colleagues on both sides of the aisle to join me and not take part in the system.
I will continue to stand up for your tax dollars and cast my votes in favor of economic prosperity.