Economy

Economy

On January 27, 2009, one day before the scheduled vote on his $800 billion deficit-financed stimulus, the American Recovery and Reinvestment Act of 2009  (ARRA), also known as the Pelosi-Reid Plan, President Obama came to Capitol Hill and spent only one hour discussing his proposed economic policies with House Republican members.  During this brief time, I had an opportunity to tell our new president my doubts about the effectiveness of his proposed stimulus. I told President Obama that our government should not repeat mistakes of the past including the borrow and spend policies that led to a decade long recession in Japan. 

As of 2012, President Obama has proposed four budgets with annual deficits exceeding $1 trillion and our National Debt has increased over $5 trillion from $11 trillion to more than $16 trillion. President Obama has presided over 42 months of unemployment over 8 percent, the longest period since the Great Depression in the 1930s, and the lowest labor participation rate in 40 years.  Under President Obama’s leadership, Americans have been suffering through the weakest of 10 economic recoveries associated with financial crises in the past 130 years.  These disappointing results speak for themselves. 

New and expanded government programs and spending impede job creation by entrepreneurs and small businesses who are the sources of most innovation and the engines of America’s economy.  Instead, I support reducing federal government spending, eliminating counterproductive regulations and lowering the tax burden to increase incentives for businesses to create the jobs that will grow our economy.