Renewing American Exceptionalism

Floor Speech

Mr. PENCE. Mr. Speaker, I rise today, the day after I had the privilege of speaking at one of the storied venues in American public life. The Detroit Economic Club for 75 years has been a place where American leaders of every political persuasion and philosophy have come to talk about the economy of this Nation. I had the real privilege of being able to address that gathering yesterday, and I want to express my appreciation to the organizers and the board for that. But I thought I might reflect for a few minutes this morning on my comments because what I sought to do at the Detroit Economic Club yesterday was really broaden the debate here in Washington, DC.

We live in no ordinary times. Our economy is struggling in the city and on the farm. Unemployment is at a heartbreaking 9.6 percent nationally; 42 million Americans are on food stamps; and America has seen better days. After years of runaway Federal spending, borrowing and bailouts by both political parties, I believe there is a better way. I believe that we can renew American exceptionalism by returning our national policy to the principles and practices that made this economy and our economy the freest and most prosperous in the history of the world. I believe if we return to the practice of those principles, as I said yesterday in Detroit, that we can restore and rebuild our economy.

Fiscal discipline is where it all begins, though. We have to put our fiscal house in order, and clearly the American people on November 2 sent a deafening message to policymakers here in Washington, DC. that they want a government that lives within their means again. Fortunately, there is no shortage these days of ideas about putting our fiscal house in order: admirable suggestions of the President's Debt Commission that we will learn more about this week; the Republicans' Pledge to America; there are thoughtful proposals and blueprints by Members of Congress in both political parties, and I commend them all.

On my part, I have coauthored legislation to establish a constitutional spending limit amendment. I think it is time that we limited Federal spending to 20 percent of our economy in the Constitution of the United States of America. We have a saying back in Indiana, Mr. Speaker, that good fences make good neighbors. I think we ought to use the Constitution of the United States in the years ahead to put fence lines around spending to give this and future Congresses a clear guideline of just how much of the American economy this government can consume, and to give them an incentive for growth.

But let me say, fiscal discipline alone will not be enough to bring jobs and prosperity back to America. We need an agenda for growth, and that is what brought me to Detroit yesterday. What I described and sought to describe were the building blocks, the traditional

American building blocks of growth, an incentive-based agenda. I think it is five-fold. First is sound monetary policy. Second is not only tax relief but tax reform. Third is access to all American resources in energy. Fourth is regulatory relief and reform. And finally, it is expanded international trade. S-T-A-R-T. I believe that it is a prescription for a fresh start in the American economy. And what I expanded on yesterday was my belief that if we will in this next Congress which will gather just weeks from now, if we from both ends of Pennsylvania Avenue will repair to these ideas and seek to advance not the arguments that are happening in Washington even at this very hour at the White House, do we preserve tax rates, do we let some tax rates expire and become tax increases, but rather how do we really pursue policies that will release the trapped energy in this economy.

Some experts suggest that there is more than $2 trillion in profits on the sidelines in this economy. I believe in pursuing sound monetary policy at the Fed, having them focus on price stability and by preserving all current tax rates but then embracing tax reform like a flat tax. I believe the time has come to abandon our progressive tax rates and have the same flat rate, after a generous allowance, on individuals and businesses. What could be more fair that the more money you make, the more money you pay to the government, but everybody pays the same flat rate.

We need to develop an all-of-the-above energy strategy that gives the American people access to new technologies, new resources that are in our own making and in our own reach. We need to bring regulatory reform to lessen the burden on small business owners and family farmers that regulatory red tape provides. I think it is time for regulatory PAYGO, Mr. Speaker. I think if we are going to raise regulation in one area, we ought to lower it in another. And how about a 10-year timeline on any new regulations. And, of course, expanded trade has to be a critical part of any growth agenda.

With that, I would send any of those that are looking into my Web site at MikePence.house.gov, I would love to have them take a look at our speech at the Detroit Economic Club yesterday. I hope that it starts a conversation in this and the next Congress about growth because I believe that as we put our fiscal house in order, it is imperative that we return to the practices and principles that have made this the most prosperous nation in the history of the world, and I believe with all my heart will make this Nation the most prosperous nation for decades and decades to come, so help us God.

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