Issue Position: Rebuilding Economic Strength for America

Issue Position

The recent recession is the result of bad government policy and private sector greed. In 1995, the Clinton Administration changed regulations to force lenders to help more Americans afford homes of their own. This was a well-intentioned initiative, but it forced banks to give loans to people who were poor credit risks. Lenders, at first reluctant, eventually saw it as a way to make more money. More people in the housing market meant higher demand and higher prices. As long as the value of houses went up, a repossessed house was always worth more than the mortgage so lenders made money no matter what. That led to more and more "creative" and irresponsible mortgages. In 2008, the bubble burst and America paid the price. Congress deserves the most blame for allowing this to happen. Leading members of Congress were warned, but chose to do nothing for fear of alienating campaign donors.

The lesson? The government often gets things wrong. When it comes to laws and regulations, more is not better. Smarter is better. Most American businesses are run by honest executives and powered by the best workforce in the world. The real strength of the American economy lies in everyday businesses in every town across our country. It does not lie in Wall Street or Washington. It is America's inherent strengths that are bringing our economy back today, despite a series of government missteps.

Washington needs to be more humble, and recognize its limits. Democrats and Republicans need to work together for the benefit of the American people. Congress and the President both need to stop making promises we can't keep. Our government has enough on its plate already, and we should focus on doing those things well.

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