Issue Position: Economy and Jobs

Issue Position

Issue Position: Economy and Jobs

How Washington Can Give Americans a Fighting Chance

One of the most important lessons I learned as a small businessman is that you need every advantage to succeed. American now must compete with emerging economies like India and China, and while we have the ingenuity and resources to succeed globally, with the stroke of a pen, Washington constantly straightjackets America's advantages when it should be securing our economic future.

Our tax code is the most complicated in the world, and our tax rate is among the highest. Meaningful tax reform is our only option. At a minimum, we must extend the tax cuts passed in 2001 and 2003, both to return money to hardworking American families and continue the investment in new growth spurred by the cuts on capital gains and dividends taxes. American businesses should be able to devote the bulk of their time and resources to doing business rather than complying with the tax code.

Additionally, businesses face a daily struggle to comply with over 144,000 pages of miscellaneous regulatory rules that cost upwards of $400 billion per year. While we must maintain a healthy environment, safe products, and fair standards, many well-intended regulations have resulted in excessive costs and few benefits. That is why I will continue to fight to ease unnecessary regulatory burdens.

But the solution to both of the problems must start by cutting Washington spending and shrinking a bloated Federal government. It is unacceptable to me that average Americans are forced to tighten their belts, while federal spending continues to accelerate: 45% percent just since 2001! Medicare and Social Security costs in particular are skyrocketing, and we must find ways to keep our promises to Americans seniors while restoring fiscal discipline and responsibility to runaway costs.

We must also develop a comprehensive national energy policy that will allow us to be less dependent on foreign sources of energy and reduce high costs that act as a tax on American businesses and families. With abundant energy sources in ANWR and off our shores, we must reduce the regulatory hurdles that stand in the way of energy exploration in an environmentally responsible way, while continuing to encourage the development of new technologies like hydrogen and fuel cells. We must also expand nuclear energy, which is clean, safe, abundant, and currently supplies half of South Carolina's homes and businesses.

Finally, to promote a strong economy and protect American jobs we must negotiate trade agreements that open new markets for American products. While President George W. Bush's Administration has worked aggressively to do this, it has often done so without much support in Congress. Congress must also get serious about enforcing current trade agreements to ensure that no country is violating trade laws and unfairly hurting American businesses.

History has proved the best way to grow the economy and create jobs: limit the size of government, cut taxes, and give businesses the opportunity to compete on a level playing field. In today's competitive world these goals have never been more important to give America a fighting chance.

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