Growing an Economy that Works
Pencils, notebooks, backpacks, calculators – all of the essentials for heading back to school. You probably wouldn’t send your child to the first day of school without going over the check list and making sure they had everything they needed for a successful year. Likewise, when they finish school and head out on their own, you’ll want to be certain that they have the benefit of a strong economy. Whether it’s working, starting a business, or raising a family, I want my granddaughter to live in an America where the economy works and jobs, opportunity, and success are plentiful, not foreign concepts.
An economy that is burdened by excessive regulations isn’t likely to provide the economic growth we need for the next generation. All too often the costs of these regulations make their way to small businesses and consumers in the form of higher costs. In fact, in 2015, federal regulations cost $1.89 trillion dollars in lost growth and productivity. If the United States’ regulatory system were a country, it would have the ninth largest economy in the world behind India!
There is an alternate way forward, a better way forward, one that’s free of the maze of red tape and high costs created by today’s regulatory system. As outlined in the “A Better Way” agenda released by House Republicans, federal bureaucrats need to focus on fewer and smarter regulations. Instead of regulating just for the sake of doing so, agencies should first consider whether the federal government needs to regulate at all. Questions such as, “is this something state and local governments or the private sector is already handling effectively” or “is there enough research proving the need for this policy” need to be asked. My legislation, the Regulatory Accountability Act, is also included in the agenda. This common sense, bipartisan bill requires that federal bureaucrats adopt the least costly method to effectively implement the law and also increases public input.
Delivering affordable and reliable energy, empowering financial independence, preserving the Internet, putting students and workers first, ending lawsuit abuse, and keeping regulations in check are all pieces of an economy that works. The American economy must continue fostering competition and innovation.
The agenda for “A Better Way” to grow our economy, found online at better.gop, includes 101 solutions for Congress to consider. If we want a strong American economy, we don’t need Washington sticking its heavy thumb on the scale, tilting it out of balance. We do need regulations, but most importantly, we need regulations that make sense.