Thursday December 11, 2008
Economy & Business
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Our country’s economy is a living, changeable thing, and it requires that we each find that economic path that works best for us and our communities. When Alexander Hamilton, in the above quote, speaks about finding our “proper element,” it brings to my mind the importance of providing the proper framework from the federal government so that each American can do just that. Our economic well-being is dependent upon many factors: tax rates, international trade and federal budget goals and realities. As I approach each facet, I do so with a commonsense approach that keeps as a priority the fact that it’s your hard-earned money that the federal government is taxing, taking and spending. As a member of the Senate Budget Committee, I have the opportunity to represent the commonsense fiscal discipline that Idahoans expect.
It is estimated that the average family today pays nearly 40 percent of its income in local, state, and federal taxes combined. In a family where both parents work, in many cases, one parent is essentially working to pay the government. This is unacceptable. There are currently many tax relief proposals in Congress that deserve careful consideration. I am dedicated to reforming the tax code to lower the burden on all Americans and to making the tax code fairer, flatter and simpler. Whether we cut taxes across-the-board, adopt a flat income tax or a national sales tax, it is imperative we take advantage of our financial prosperity and give some money back to the taxpayers.
I support free and fair trade and have confidence in the ability of U.S. agriculture, business, and industry to compete in global markets that provide increased access, reduced tariffs and reduced non-tariff barriers. However, trade must be free and fair if it is to work. When we open our markets, we also expect our trading partners to reduce trade barriers and to open their own markets to our goods and services. We can be tough and fair on trade at the same time by strictly enforcing all of our trade laws and also ensuring that domestic firms are protected with access to U.S. trade remedy laws.
Our country simply must commit to a cost-effective federal budget and the need to eliminate wasteful spending. Since my election to Congress in 1992, I have been fighting to reduce federal spending and the public debt. I am committed to reversing the federal deficit and returning our country to its recent fiscal prosperity. When necessary, Congress must balance that with the need of spending emergencies such as natural disasters and war. It should do so responsibly and with restraint. Such events should not serve to open the floodgates for unrelated and unnecessary spending. I will continue to work with my colleagues in Congress to practice the fiscal discipline necessary to ensure that we will not be harmed economically because of wasteful spending. President Bush's FY 2008 budget request puts our most critical national priorities first: protecting America at home and abroad, growing the economy and creating jobs, and reinstating budget discipline. In addition, the budget keeps the federal government’s promises to seniors, children and veterans. Deficits decline over time as the economy grows stronger and threats abroad are addressed. It is imperative that government lives within its means and spends taxpayer dollars wisely. As Congress proceeds with the FY 2008 budget and appropriations process, I will support Idaho’s spending priorities in a fiscally-responsible manner.