Issue Position: Economy

Issue Position

Our economy is stuck in neutral with the economy expected to grow 2% in 2014. The real unemployment rate is over 12% (Bureau of Labor Statistics) even though the recession technically ended years ago. This is not what I call a healthy economy. It is getting more and more difficult to achieve the American Dream and to climb the economic ladder. I want all of our children and grandchildren to have the same opportunities I had when I immigrated to the United States in 1986. The complex tax code, suffocating regulatory burden, and federal programs like Obamacare are raising the cost of business, reducing working Americans take home pay, and creating disincentives to work. I want to unleash the economic engine that drives America. We need more problem solvers and innovators in Congress.

Debt: Our National Debt will soon reach $18 trillion -- 106% of our GDP. That equates to over $150,000 per taxpayer, which has tripled since George Bush took office. This unprecedented level of federal debt is contributing to the substandard economic growth of the last several years, and also poses a threat to our National Security. The Congressional Budget Office estimates that the interest payments on our National Debt, as a percentage of our federal outlays, will increase from the current 6% to almost 12% by 2018. This is only four years from now! If the interest payments on our National Debt begin to consume over 10% of our federal outlays, then the United States will be severely weakened. Harsh spending cuts to even the most essential federal programs will be unavoidable.

You elect a representative to Congress to lead on the tough issues, not ignore them. Our National Debt will saddle our children and grandchildren with a tremendous fiscal burden. We must act now to balance the Federal Budget by demanding real spending cuts in the near term, not 10 years from now.

I will support a Balanced Budget Amendment in order to force Congress to rein in the out of control spending and to restore confidence in the American economy.

Reduce Taxes and Regulations: Excessive federal taxes and regulations are needlessly crippling our economy, making it difficult for businesses to expand and hire more employees and pay them decent wages. The regulatory environment is like a black cloud over the American Economy. The code of Federal Regulations has grown from 71,224 pages in 1975 to 174,545 pages today. The cost of regulations has been estimated at over $2 trillion a year. This is unacceptable. As your congressman, I will work to streamline and restructure the federal tax code.

Every federal regulation with an economic impact of at least $100 million should be voted on by Congress. I will fight to make sure that Congress asserts its proper oversight role.

We need to restore the rule of law in America and end the practice of unchecked rulemaking by federal agencies. To revive economic growth in America, I will fight to reduce taxes and regulations wherever possible, starting with repealing Obamacare and replacing it with private market based healthcare reform.

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