Although our most recent recession officially lasted from December 2007 to June 2009, the reality is that our economy is still struggling. This recent Wall Street Journal piece about the fragile recovery, "When Even Pessimism May Be Too Optimistic," says that our economy is "barely flying at stall speed" -- a metaphor I understand well as an aviator.
The column, by David Wessel, outlines many of the challenges we face, including slowing retail sales, a weak manufacturing sector, and an ongoing recession in one of our biggest overseas markets, Europe. Add that to the recent instability in the Middle East and the looming "fiscal cliff" here at home, and we have a recipe for continued economic struggles.
The economy is complex, and government cannot bring about a recovery by force of will. But one thing we can do to give some certainty to the private sector is to stop the tax hike looming at the end of this year, and enact comprehensive tax reform next year to make the tax code fairer, flatter, and simpler. In August, the House approved legislation to do both of these things. I'll continue leading the fight on this issue and on other initiatives, such as Red Tape Rollback, to allow our Hoosier job creators to do what they do best.
Thank you for your continued interest in Congress and for supporting my efforts in Washington. Take care.