Economy and Jobs
Free markets, economic mobility, and equal opportunity are the drivers of innovation, entrepreneurship, and capital formation. Every piece of legislation should consider the impact on these drivers.
Our national debt is at a record high of $14.6 trillion and Congress continues to spend out-of-control. American Treasury Securities have lost their AAA rating, which would normally place upward pressure on interest rates and exacerbate our national deficit. Instead, the Federal Reserve continues to print money and purchase Treasury Securities to artificially bring their value up and corresponding interest rates down. This increase in money supply weakens the value of the U.S. Dollar, making the United States an unattractive place to invest money, start a business or grow a corporation. Joblessness is the result. This cycle will only stop when the U.S Congress stops spending.
These are the principles that will return America to economic greatness:
- Low taxes
- Fiscal constraint
- Low regulation
- Sound monetary policy
- Tort reform
- Fair trade
In order to establish sound monetary policy, the Fed must focus singularly on price stability. When the Fed attempts to use the money supply to create full employment or increase economic output, it weakens the dollar, creates inflation, causes bubbles, and intensifies the business cycle. The financial crisis of 2008 was not caused by "unfettered free markets." It was caused by government intervention in markets through manipulation of interest rates and money supply. I would support repealing the Humphrey-Hawkins Act of 1978.
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Washington, DC, February 14, 2013
FOR IMMEDIATE RELEASE
“This was a great day. I got to vote for regulatory fairness and for regulatory efficiency,” commented Congressman Jim Bridenstine following votes on two bills in the U.S. House of Representatives Wednesday. “Regulatory excesses of the past few years have been a severe impediment to economic growth.”
Washington, DC, February 12, 2013
FOR IMMEDIATE RELEASE
Congressman Jim Bridenstine commented in advance of tonight’s State of the Union Address to Congress:
I expect tonight’s State of the Union Address to be a wish list for liberals. The President will use the word “balanced” to call for more taxes, more debt, and more spending. There is nothing balanced about the President’s big government approach.
House Republicans have created a plan bold in name, but weak in substance. It’s called “No Budget, No Pay”. Here is the plan:
1. Suspend the debt limit until May 19th.
2. Make zero cuts to spending in the deal.
3. Violate the 27th Amendment of the Constitution by “varying” congressional compensation.
4. Let military sequestration take effect, cutting $500 billion from the Department of Defense.
5. Pass a Continuing Resolution codifying federal spending at post-sequester levels.