It is not the job of the federal government to intervene in the economy. In fact, government manipulation of the economy tends to make challenging economic circumstances worse.
Yet, our government does continually intervene in numerous ways, and it is complicating matters for all of us.
The only true economic duty of good government is simply to foster growth by staying out of the way to the greatest degree possible. Less regulation, lower taxes, and fair-minded, business-friendly policies are, together, the formula that allows business and industry to thrive, not just survive. And when business and industry thrive, a healthy economy results.
The following solutions would provide a solid policy foundation for rebuilding an environment for true economic recovery.
BOLD SOLUTION A: Pass a Balanced Budget Amendement
Legislators in Washington have plainly demonstrated that they need accountability when it comes to budgeting. We balance our books at home and at work. Our federal government ought to do the same thing so that we are not constantly straining under the weight of its irresponsibility.
I support the passage of a balanced budget amendment to the U.S. Constitution that includes, at minimum, the following requirements.
- Outlay shall not exceed receipts in any fiscal year
- Proposed presidential budgets must also balance
- At least a three-fifths majority (preferably greater) of each chamber of Congress is required for:
- Any outlays exceeding receipts
- Increase in the national debt
- Bills to increase revenue
- Exceptions apply when war is constitutionally declared
BOLD SOLUTION B: Cut Spending Immediately and Significantly
Our economic problem is principally a spending problem. If we do not quickly get spending under control, our economy won’t just continue to falter. It will actually collapse.
To date, Senator Rand Paul’s Platform to Revitalize America is the single best plan I’ve seen to cut spending in an immediate and substantive way. It eliminates four unnecessary or failed government agencies; restores non-military spending to pre-2008 levels; balances the budget in five years; and achieves a $19 billion surplus by 2016.
I am a strong advocate of Senator Paul’s plan and would support it in Washington.
BOLD SOLUTION C: Replace Our Antiquated Tax Code
Our voluminous, maze-like, antiquated tax code is an object lesson in how to stymie business, penalize families, kill job growth, and consequently, hobble the economy. Our federal government currently taxes too much and too often. The current U.S. tax code must be quickly scrapped and replaced with something simpler and fairer.
Of all the proposed tax plans I have assessed, I believe Herman Cain’s 9-9-9 Plan would most immediately jumpstart the economy. I have publicly stated that I would work to advance 9-9-9 legislation in Washington.
For a detailed description of the 9-9-9 Plan and why I believe it is the right plan to embrace, please visit my Bold Solutions page on Tax Policy.
BOLD SOLUTION D: Roll Back Burdensome Restrictions and Red Tape
While some regulations serve a valuable purpose, too many regulations impose hardships on business and industry. Overregulation can make it difficult or impossible to start a business, expand, create jobs, change course nimbly, or even operate cost-effectively. Many of the laws on our federal books today have precisely this negative effect.
Unnecessary and over-burdesome regulation must be rolled back in order to provide desperately needed relief so that business and industry can grow again. To learn more about how I would address overregulation, visit my Bold Solutions page on Regulatory Reform (coming soon).
BOLD SOLUTION E: Advance Energy Independence
Energy is another crucial component of our economy. We all need it, and when energy costs are too high, or plentiful supplies are not available, the economy falters.
Our current damaging energy policy must be reversed. For further information on my ideas for reforming and reinvigorating this aspect of our economy, please visit my Bold Solutions page on Energy.
BOLD SOLUTION F: Audit the Federal Reserve
Whatever other valuable measures we take to right our economy, disaster will ensue if we do not have a sound currency.
The Federal Reserve has tremendous control over the value of our money. Though it functions as the central bank of the United States, the Federal Reserve has not once, since its establishment in 1913, been subject to a full audit on behalf of the American citizens it was ostensibly created to serve.
All other businesses in the U.S. are potentially subject to audit by the IRS, the Federal Reserve’s collection arm. It is time that our central bank itself finally opened its books to a full and proper audit. The American people have a right, finally, to obtain a far more detailed view of how our currency is being handled and affected by the Federal Reserve’s policies and transactions.