Economy and Federal Spending
The key to getting our economy back on track and getting Americans back to work is finding ways to help private-sector businesses thrive. As someone who started and ran his own small business for nearly 30 years, I understand the challenges these businesses face, and, as a member of the House Committee on Small Business, I will continue to push for common sense policies that will reduce the tax and regulatory burden under which entrepreneurs and business owners must operate. If we do this, it will give businesses the incentives to grow and hire more workers, unleash the entrepreneurial spirit of the American people, and promote real, sustainable economic growth. While we need to pursue these kinds of reforms within our current system, in the end I believe we need to eliminate the income tax and replace it with the FairTax - a national sales tax that would replace all other forms of federal taxation. Rather than taxing productivity, like our current tax system, the FairTax would foster economic growth, keep American businesses competitive in the international marketplace, hinder tax-evasion, and encourage investment.
We must also balance the federal budget, which will help to restore confidence to financial markets around the world, give banks the confidence to begin lending once again to small businesses, and ensure that the next generation of American entrepreneurs are not saddled with excessive taxes. Annual deficits have been over $1 trillion for four years straight, and the national debt is quickly approaching $17 trillion. In 2006, when President Obama was still in the Senate, he said that “increasing America’s debt weakens us domestically and internationally,” and that “leadership” means not “shifting the burden of bad choices today onto the backs of our children and grandchildren.” I couldn’t agree more, and I plan on fighting every day here in Congress to reduce federal spending and get our nation’s fiscal house in order. However, we cannot fix our nation's finances without an honest, grown-up conversation about entitlement reform. The two biggest entitlements, Social Security and Medicare, are each insolvent, and a crisis is around the corner if we continue to ignore the problem and fail to act. Since Americans who are nearing retirement age and those who are already retired paid into Social Security and Medicare their entire working lives, Congress must ensure that they receive the benefits they rightfully expect and have been promised.
However, the fact remains that Social Security and Medicare face serious solvency problems in the long term, and the unfunded liabilities of these programs range in the tens of trillions of dollars. If we do nothing to reform them, future beneficiaries will receive only a small percentage of their promised benefits – if they receive anything at all. For this reason, we must look for common-sense reforms that will provide the benefits promised to those near or in retirement while at the same time protecting Social Security and Medicare for future generations.
More on Economy and Federal Spending
Washington, D.C. – Congressman Steve King released the following House Floor statement on his Davis Bacon Repeal Amendment to H.R. 5538, Department of the Interior, Environment, and Related Agencies Appropriations Act:
To watch Congressman Steve King’s full remarks, click here.
Washington, D.C. – On Wednesday, July 6, 2016 at 1:00 p.m., the Task Force on Executive Overreach will hold a hearing titled, “The Federal Government on Autopilot: Mandatory Spending and the Entitlement Crisis.”
Washington, D.C. – Congressman Steve King released the following House Floor statement on his amendment to H.R. 5293, Department of Defense Appropriations Act, that blocks unaccompanied alien minors on military bases by ensuring no funds are used by the DOD to carry out or in response to the “Memorandum for Secretaries of the Military Departments Director, Joint Staff.” King’s amendment passed, and he ultimately supported the Department of Defense Appropriations Act:
Washington, D.C. – Congressman Steve King released the following statement after voting NO on H.R. 5278, Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA):
Washington, D.C. – Congressman Steve King released the following statement after voting no on H.R. 5055, Energy and Water Development and Related Agencies Appropriations Act:
Washington, D.C. – On Tuesday, May 24, 2016 at 3:00 p.m., the Task Force on Executive Overreach will hold a hearing titled, “The Federal Government on Autopilot: Delegation of Regulatory Authority to an Unaccountable Bureaucracy.”
Washington, D.C. – Congressman Steve King released the following statement after he and Chairman Bob Goodlatte sent a letter to Comptroller General of the United States, The Honorable Gene L. Dodaro, at the Government Accountability Office requesting immediate answers to critical questions raised within the criminal justice reform initiative the House Judiciary Committee launched almost a year ago.
Washington, D.C. – Congressman Steve King released the following statement after Dow-DuPont announced they did not choose Iowa as the headquarter location for their new agricultural company:
Washington, D.C. – Congressman Steve King released the following statement after voting no on the omnibus spending bill: