As the former mayor of St. Paul, I made it my top job to make sure that we grew jobs in the city. As your U.S. Senator in Washington, supporting polices that encourage job growth is my number one priority. Doing so will help keep Minnesota and the U.S. competitive.
When I arrived in Washington in early 2003, the economy was in the doldrums with a lackluster growth rate, job losses and a rising unemployment rate due to the effects of the September 11 attacks, the bursting of the tech bubble, and corporate scandals. Thanks in large part to pro-growth tax policies put in place in 2003, Americans’ hard work and their enduring entrepreneurial spirit, the economy has recovered strongly with a record number of Americans working, historically low unemployment and rising earnings for our workers. If one looks at the data and the economic picture, it is clear that the economy is in great shape
Despite the remarkable economic turnaround and current performance, I recognize the uneasiness and uncertainty that exists across the state and the country regarding our economic future.
Without question, our economy faces challenges from high energy prices to greater global competition. That is why I am working on a wide range of initiatives to address these economic insecurities. Nevertheless, I remain ever confident about the future of the U.S. economy as long as we address the challenges we face and continue to empower Americans to create jobs and grow the economy.
Fiscal Responsibility
Since arriving in Washington I have also sought to uphold my promise to the people of Minnesota to pursue a philosophy of fiscal responsibility. I have used my position as Chairman of the Permanent Subcommittee on Investigations to uncover over $11 billion in government waste, fraud and abuse.
I support the President’s goal of reducing the deficit in half by 2009, which now may be met two years early. I voted for legislation to cut spending by $39 billion over five years and $100 billion over 10 years. I support line-item veto authority for the President, as well as legislative efforts to increase transparency and accountability. I am pleased to report that our pro-growth policies have resulted in higher tax revenues, and a better budget outlook.
Tax Relief
Many of President Bush’s tax relief provisions that have given taxpayers much needed tax relief are set to expire in 2010. Failing to renew these tax relief measures will result in one of the largest tax increases in history and will affect families’ ability to plan for their retirement and their children’s education. The 10 percent tax bracket will disappear, child tax credits will revert to $500—half its current level, the marriage penalty will return, and estate and gift taxes will increase from zero to 55 percent. In the end, if we fail to renew these important tax measures, and lot of families will see a significant increase in their taxes.
To ensure the economy’s continued health, we must continue the pro-growth tax policies that have not only helped the economy recover but have significantly reduced the deficit through record tax revenues. Making the President’s tax relief permanent will ensure that small businesses, teachers, college students, and hardworking families will not see their taxes skyrocket.
Minimum Wage
I believe that an increase in the minimum wage is long overdue in order to help raise the living standards of America’s hardworking families. The minimum wage was last increased in September 1997. Minnesota, along with 17 other states and the District of Columbia, has a higher minimum wage than the federal wage. I believe it is time that we raise the minimum wage for all of America’s hardworking families, and I have consistently voted to do so.
Small Businesses
As a member of the Senate Small Business Committee, I believe that America’s economic future is tied to the growth of small businesses, which is why it is imperative that we support the growth and vitality of our nation’s entrepreneurs. Congress and the Administration have made great strides toward promoting small business growth throughout the country.
The President’s tax relief has helped small businesses in the form of lower marginal rates, increased business expensing and dividend and capital tax relief. In addition, there is bipartisan consensus to provide the necessary funding for the Small Business Administration so that it can effectively carry out its mission.
Global Competitiveness
Thanks to pro-growth policies that have lead to robust economic and job growth, the U.S. economy continues to outperform its major competitors—most especially the E.U. and Japan. While pro-growth policies are vitally important to maintaining our leading position in the world, there are other important things we need to do to keep us ahead of the curve when it comes to competing in today’s global marketplace. We need to reduce America’s dependence on foreign sources of oil; we need to reform our legal system; we need to focus on math and science education; and we need to continue to work to toward opening foreign markets to American goods and services.
I have worked closely with a bipartisan group of Senators on a number of bills that seek to bolster America’s economic competitiveness, and I am hopeful we will pass this important legislation soon. In today’s globally oriented environment, we need to ensure that we remain consistently competitive in the world trade and economic market.
Ben Franklin once said, “Empty out all the coins in your purse into your mind and let your mind fill your purse with gold.” Franklin’s words ring true today: the currency of our future rests in our ability to compete globally. Like all good savings plans, we must first invest in ourselves, which includes our economy, our businesses, and our students. An investment today is a future filled with opportunity.
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