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An Economic Strategy
Posted by Randy | December 01, 2010

A report by Gallup has said Americans are most likely to choose deficit and debt reduction as the best approach for dealing with the economy over other alternatives like raising taxes and increasing stimulus spending.

I agree, which is why I have cosponsored a balanced budget amendment and introduced legislation to cut federal spending by 40% over five years.

Do you agree? If not these, what other economic strategies do you support?

 
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Discussing the Lame Duck Session on WRVA
Posted by Randy | November 17, 2010
I want to make sure that you have the chance to listen to my interview from earlier this morning on the Jimmy Barrett Morning Show on WRVA in Richmond.  During the interview, I discussed a variety of issues, including Fort Lee and the lame duck Congress.

You can listen by clicking here.
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Preparing for the Year Ahead
Posted by Randy | November 16, 2010
Throughout the week this week, I am attending several organizational meetings and working group sessions with my colleagues as we think ahead and prepare for the 112th Congress. One of the primary topics of discussion? Top priorities for the new Congress, like addressing spending and helping to create jobs for Americans.

I want to hear from you as we plan for the 112th Congress – what are your top priorities for the new Congress and what specific ideas do you want to see implemented?
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Defense Cuts Secrecy
Posted by Randy | October 26, 2010

Don’t miss my op-ed that ran this week in the Richmond Times-Dispatch on the secrecy surrounding defense cuts and its potential impact on our national security. You can read the full article here: http://www2.timesdispatch.com/news/2010/oct/24/ed-forbes24-ar-581163/

What are your thoughts on this issue? You can leave your comments below.

 
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Hearing From Hampton Roads Small Business Owners
Posted by Randy | October 25, 2010
Today I was happy to participate in the Hampton Roads Chamber of Commerce Congressional Forum. The main topics of discussion? The economy and government spending.

Rather than speaking at the forum, I was more interested to hear first hand from our local business owners to understand what concerns they have with the economy, and what they believe Congress needs to do (or not do) to encourage business growth and, ultimately, the creation of more jobs.

Overwhelmingly, small business owners agreed that 1) balancing our federal budget is a non-negotiable, 2) raising taxes in a down economy will be detrimental to small businesses, and 3) we must lower our federal debt because it has a negative impact on our global competitiveness.

Our small business owners are the backbone of our economy, and it is important that Washington listens to them when thinking about any proposals for economy recovery. Read about some of my recent work addressing those concerns here.

 
 

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$22.3 Million in Stimulus Payments for Dead People
Posted by Randy | October 07, 2010
The inspector general found that about 72,000 stimulus payments were sent by electronic-transfer and checks to dead people.

The Social Security Administration says that the stimulus package didn’t include a provision allowing it to try to retrieve funds that were mistakenly sent out, so it can’t try to retrieve the rest of the money. Money transferred electronically may be sitting untouched in bank accounts of dead people.

The combined total of the mistaken payments is $22.3 million.  About $12 million hasn’t been returned.

This is just one reason why Americans are so frustrated with waste, fraud, and abuse in federal spending, and just one of the reasons I voted against the stimulus package. There is no excuse for a $22.3 million mistake, especially when the bill is being footed by American taxpayers.
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Economic Solutions That Create Jobs
Posted by Randy | September 15, 2010
According to a recent survey of small business owners by Citigroup Inc., only 17% had plans to hire additional employees. When our nation’s small businesses – who employee half of our nation’s private work force – are not hiring, it impedes economic growth.

Washington needs to abandon deficit spending and stimulus quick-fixes and instead return to economic principles that promote recovery and encourage the creation of much-needed new jobs. There are several steps that Congress can take that would create jobs and spur innovation:

Make tax cuts permanent. Implementing lasting tax cuts will help to restore economic freedom in the United States and put our country on the path to a brighter future. I have cosponsored the Economic Freedom Act (H.R. 5029), which would reduce taxes for American businesses and families.

Decrease burdensome regulations on small businesses. In our current economic situation, we must show our small businesses that we support them by continuing pro-growth policies like lowering taxes, simplifying the tax code, and reducing burdensome regulations.

Develop lasting energy solutions. We need a bold initiative that will encourage investment in new forms of energy, thus ending our dependence on oil and creating thousands of new energy jobs for Americans. I have introduced the New Manhattan Project for Energy Independence, which would create a national challenge for lasting energy solutions.

Lower the debt. Our national debt is expected to reach 93.1% of our GDP this year. Economic experts say even a 1 percent increase in GDP can create almost one million jobs. We must make a commitment to decreasing the national debt, which is why I have introduced a bill to cut government spending by 40% over the next five years.

What other solutions do you have that would help create jobs for American families?
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Thomas Jefferson on the Debt
Posted by Randy | September 14, 2010
"To preserve [the] independence [of the people,] we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude.” – Thomas Jefferson, 1816

Our Founding Fathers knew that overwhelming national debt would undermine the ability of our nation to act in our own interest. Today, our national debt levels are impacting us here at home and they are impacting us globally. We need a mechanism in place to force Congress to enact fiscally responsible spending measures and rein in out-of-control debt.

I am a cosponsor of H.J.RES.1, a Balanced Budget Amendment, which will force Congress to enact fiscally responsible spending measures, reduce the deficit, and ensure that the money our citizens work so hard to earn is not spent on wasteful spending and programs. The bill requires that Congress not spend more than it receives in revenues, requires the President to submit a balanced budget to Congress, and requires a 3/5 majority vote to increase the debt limit.

A Constitutional amendment will force Congress to eliminate unnecessary and wasteful spending and make the decisions necessary to balance the budget and eliminate the federal deficit.
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Stimulus Watch: By the Numbers
Posted by Randy | September 10, 2010

  • $1,161,000,000,000:  The total cost of the Democrats “stimulus.”  The nonpartisan Congressional Budget Office (CBO) estimates the cost of the bill will reach $814 billion and interest on the debt for the bill will be at least $347 billion.

 

  • 9.6%:  The unemployment rate for the month of August 2010.

 

  • 283,000:  The number of jobs lost in June, July and August 2010.

 

  • 3,582,000:  The number of gross jobs lost since the “stimulus” was signed into law.

 

  • 6,249,000:  The number of Americans unemployed and searching for work for more than 27 weeks.

 

  • 45.4%:  The percentage of people between the ages of 16 and 24 years old with a job.  Prior to the stimulus, employment among 16 to 24 year olds had never slipped below 47.5 percent.

 

As you know, I was one of only 17 Members of Congress to vote against both this stimulus and every other stimulus and bailout under the Bush and Obama Administrations because I believed that they would not work.

As I have said from the beginning, real economic growth comes from generating income and wealth for American families, and income and wealth come from increasing commerce and growing jobs. I believe we need to focus on solutions that provide more opportunities to small businesses, so that they can begin to create more jobs and lead us back on the path to economic recovery.

I want to hear your thoughts – what do you think is the best way to create jobs for Americans?
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Chart: Half of Public Debt Owned by Foreign Entities
Posted by Randy | September 01, 2010

This chart shows an alarming truth – nearly half of our public debt is owned by foreign nations, like China.

 

(chart from gop.gov)

I believe this is wrong. That’s why I have not only voted against all of the bailouts and stimulus packages that have added to our skyrocketing debt, but also cosponsored the Cap the DEBT Act. The premise of this commonsense bill is a simple – require a two-thirds vote by the House and the Senate to raise the debt ceiling. You can read more about it in this post.
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