Balance is important.
Without an effective balance, disastrous consequences can occur.
Republicans have long championed personal responsibility. Democrats have long championed opportunity for all. I want to build and preserve a nation where we have both.
To that end, we need a balanced approach that blends spending cuts with careful investments, particularly in education and renewable energy. We need economic growth. And finally, we need targeted taxes and revenues that protect the middle class.
The catastrophic housing, banking and economic crisis of late 2008 led to the Troubled Asset Relief Program (TARP) or bailout of the big financial instiutions at the end of the Bush Administration. The severity of that crisis is difficult to put in perspective. One statistic is that in the last month of the Bush Administration, the economy lost 740,000 jobs and just last December gained 200,000.
Although Congress attempted to respond to the lessons of the crisis with new federal legislation and regulations, the fact of the matter is that the big banks and financial institutions are still too large and too powerful. Much could be done efficiently and with relatively less regulatory complexity if we reduced the size of the big banks and returned to local and regional financial instiutions who are more concerned with the repayment of a loan than passing the debt to an unsuspecting financial investor.
Most complicated problems are not solved by one approach. To preserve our fragile economic recovery, create jobs, reduce the deficit and fulfill our national commitments to our veterans, our seniors and our children, we must achieve a balance. Often, the balance will only be achieved by Democrats and Republicans working together.