Economy and Job Creation

Economy and Job Creation

The American free enterprise system is the envy of the world.  Our economy has become the greatest ever seen on the face of the planet because the Constitution gave our forefathers the freedom to roll up their sleeves, work hard, and to enjoy the fruits of their success with little to no interference from the federal government.  This freedom ingrained into our culture a spirit of entrepreneurialism, which has given Americans the drive to look for opportunities to take risks because of the potential rewards and is at the root of American economic success.  

However, I believe that the root cause of American economic success is under siege in the greatest wave of socialism to sweep our nation since the days of the Great Society.  The federal government does have a place, as does a responsible level of regulation, in ensuring that there is a fair playing field for individuals and businesses to compete with one another.  However, the federal government has no business picking winners and losers.  Over the past few years, through laws like President Obama’s health care law and the Dodd-Frank financial regulation law, the federal government has begun doing just that.  

These policies pursued by the Obama Administration, and the uncertainty in the economy they have created, are dampening the entrepreneurial spirit that has driven the American economy for generations.  Too many small business owners and other job creators in the 23^rd District of Texas have told me that they're hesitant to invest in growing their businesses and hiring new employees because they have not been able to answer the question, “What is Washington going to do to me next?”  In order to get our economy back on track, we must address the uncertainty in the economy that Washington has created and get the government out of the way and let private sector job creators do what they do best – create jobs and economic growth. 

Our nation is currently experiencing the worst streak of unemployment that we’ve seen since the Great Depression.  This streak has its origins in the economic crisis of 2008 and the recession that occurred around it.  President Obama took office amidst accelerating job losses, and his solution was to attempt to spend our way to economic prosperity by passing a $1.2 trillion “stimulus” bill.  The Obama Administration said that passage of this legislation, which cost over $10,000 per American household, would prevent the unemployment rate from exceeding 8%.  While President Obama’s policies didn’t create the economic crisis, they certainly have made it worse.     

The solution does not lie with more government and more government spending.  After being sworn into office in 1981, President Ronald Reagan set out to cut government spending, reduce the regulatory burden, and generally reduce the size and scope of the federal government.  These policies managed to pull our nation out of what was then the worst recession since the Great Depression, and resulted in the largest peacetime economic boom in American history.  Rather than attempt to replicate the successful policies of President Reagan, the Obama Administration pursued policies that attempted to spend, borrow, bailout, and regulate our way to economic recovery.  Instead of turning around the economy, these policies have created a great deal of uncertainty in the economy for private sector job creators and continue to hold back jobs and economic growth today.