The nation's workers are struggling. Since President Obama took office, median incomes have fallen by nearly $2,000, labor force participation is near a 38-year low and 6 million workers can only find part-time work when they would prefer full-time jobs. This dismal job environment is a product of a weak economy that is barely growing at 2 percent.
Sadly, President Obama and Hillary Clinton think that 2 percent growth -- and the poor job market that comes with it -- is the best the nation can do. I know we can do better.
I have proposed pro-growth policies designed to achieve 4 percent growth, create 19 million new jobs and increase middle class incomes. I know these policies will work because I did it in Florida. We lowered taxes every year I was governor -- totaling more than $19 billion. We reduced regulations and cut the state bureaucracy by over 10 percent. These pro-growth policies made Florida number one in small business creation, helped create 1.3 million new jobs and increased middle class incomes by $1,300. We can create similar job and income growth for the nation. Here is how I will do it.
Fix Our Tax Code
Our nation's tax code is holding us back. We have the highest corporate tax rate in the developed world. More and more businesses are moving overseas and taking high-paying jobs with them. Small businesses -- the engines of job growth -- have had their tax rates rise under President Obama and now face rates of over 40 percent. Meanwhile, families have experienced declines in their take-home pay, and high taxes are discouraging some Americans from even seeking employment. To fix the way we tax, as president I will:
Reduce tax rates to ensure businesses have the incentive to invest, hire and expand in the U.S.
Cut taxes for working Americans to provide an immediate increase in take-home pay and encourage more people to find a job.
Expand working tax credits to ensure that work pays for low-skilled workers.
Permit working spouses to file separate tax returns to lower their tax burdens.
Eliminate the employee part of the Social Security payroll tax for older workers.
Cut Burdensome Regulations
America's regulatory system has failed, and workers are paying a big price in the form of fewer full-time jobs and lower wages. Regulations cost Americans an average of $15,000 per family -- totaling $1.9 trillion a year. These regulations stifle small business formation, which means fewer jobs and declining incomes for hardworking Americans. There is no reason why regulators should be permitted to harm the labor market. As president, I will work to repeal onerous regulations that keep too many businesses from hiring and expanding. My administration will:
Require regulators to live within a budget -- for every one dollar of regulatory cost they propose, they will need to also propose ways to save an equivalent dollar through regulatory relief.
Enhance and enforce presidential control over regulations to ensure that regulations do not impose large burdens on the economy or American workers.
Establish a two-year deadline for completing the federal permitting process for major transportation projects to get infrastructure developments going, creating jobs and growing our economy.
End Obamacare and Job-Destroying Welfare Programs
Too many of our social safety net programs discourage work. From the Supplemental Nutritional Assistance Program to our housing assistance programs, our welfare programs show a surprising disregard for finding able-bodied adults a job and getting them out of poverty. Obamacare has doubled down on this approach. It has reduced the aggregate number of hours worked by 1.5% and has taken four million full-time equivalent jobs out of the economy.
To ensure that all Americans have a path to a full-time job, I will:
Repeal Obamacare, address the root causes of health care costs and enable employers and workers to balance good benefits with fair wages.
Eliminate welfare programs that discourage work and replace them with state-led programs that will require work for able-bodied adults.
Washington liberals may be content with the "new normal" of 2 percent economic growth and a permanently weak job market. This will mean fewer opportunities for future generations, declining incomes for middle class incomes and more dependency on the federal government. I refuse to accept this "new normal." My plan replaces our broken tax code, overhauls our regulatory system and ends job-destroying programs like Obamacare. With these policies, we can produce a vibrant economy capable of creating millions of new high-paying jobs every year.