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
Bill Text Encourages IHS to work directly with Sioux City’s “Siouxland Human Investment Partnership”
Federal Disaster Relief Legislation Signed into Law by President Trump Today
Washington, D.C.- Congressman Steve King releases this statement applauding the passage of House legislation that contains funding for communities throughout the Midwest that have been affected by severe flooding in the region. The legislation passed the House today on a vote of 257-150, with Congressman King voting in favor of it.
Floor Speech Highlights Extent of Flood Disasters in Midwestern States
Washington, D.C.- Congressman Steve King releases the following video of testimony he presented to the House Committee on Transportation and Infrastructure this afternoon regarding policy priorities the committee should adopt in this session of Congress. King was invited to testify before the Committee by Chairman Peter DeFazio (D-OR) and Ranking Member Sam Graves (R-MO).
“Rep. Steve King is helping businesses grow and thrive, keeping our economy strong, and promoting the free enterprise system that drives opportunity and prosperity.”
Washington, D.C.- Congressman Steve King releases the following photo and statement after being presented today with the U.S. Chamber of Commerce’s “Spirit of Enterprise Award” in recognition of King’s consistent support for pro-growth, pro-jobs policies that strengthen the nation’s economy.
Offers the “Kitty Rehberg Bill” as an Amendment to House Republicans Year-End Tax Package
Washington, D.C.- Congressman Steve King releases the following video of his effort to amend the year-end tax package introduced by House Ways and Means Chairman Kevin Brady. King appeared before the House Rules Committee today in an attempt to get two amendments made in order for consideration on the House floor.
It has been a project 60 years in the making, since the first four lane section was opened in Moville in 1958.
But in 2018, a day we have waited six decades for is finally here. We’ve reached the end of the long and winding road leading to the opening of a four lane Highway 20 through Iowa. Today, I’ll be among those participating in the celebratory ribbon-cutting ceremony to mark this important occasion.
“Strong Small Business Voting Record” Earns King NFIB’s Top Honor
Washington, D.C.- Congressman Steve King, a member of the House Committee on Small Business, releases this statement following the announcement that in the second quarter the nation’s Gross Domestic Product (GDP) growth has surged to 4.1%. The GDP is a measure of the monetary value of all the finished goods and services produced within a country's border.