This "recovery" is the worst in U.S. history.
According to the Bureau of Labor Statistics, 12 million Americans are unemployed and another 8 million are working part-time but desire full-time employment. All told almost 23 million of our fellow Americans are unemployed or underemployed. The "official" unemployment rate is around 8%. Add in those Americans who are underemployed and those that have given up and the "real" unemployment rate is almost 15%. Average family income has decreased by 8% over the last five years and median family net worth has decreased 25% over the last decade.
Over the last decade our economy has only created an average of 17,000 jobs per month when we need 150,000 jobs per month.
The recent "recovery" is the worst in U.S. history. If our country had the same proportion of persons of working age employed as we did in 2000, we'd have another 14 MILLION Americans working. The current plan of higher taxes, higher debt, higher spending and greater regulations, combined with the coming burden of ObamaCare and declining economic freedom are the main reasons this recovery is so weak. America is ready for a rebirth of economic freedom -- let's take the government burden off the backs of entrepreneurs and working Americans.
As a business owner myself, I know the biggest obstacle to creating jobs is uncertainty. Right now, about the only thing businesses are certain of are higher taxes, more regulations, rising energy costs and the unknown healthcare costs of ObamaCare.
I will fight against government policies that push American jobs overseas. We need to cut the cost of doing business in America -- lower healthcare costs for everyone, lower tax rates on American businesses, lower energy costs and reduce regulations that have crossed the common sense line. I will also incessantly work for lawsuit reform; American businesses bear the largest litigation costs in the world.
I support the following as measures to restore a vibrant economy:
Reduce taxes on business and individuals. We need a simpler tax code. Remove the special interest loopholes put in the tax code by lawmakers giving special favors to favored industries. Main Street should be treated the same as Wall Street.
Reduce regulations on business. Government regulations are out of control -- look no further than the E.P.A. Regulatory costs are estimated to be $1.75 trillion annually. Those costs are paid ultimately by YOU -- the consumer.
Reduce uncertainty in the business community. We must defund ObamaCare and make permanent the Bush tax cuts. This will allow business owners to plan for the future. We also need the Federal Reserve to restore free market principles to our capital markets that provide the fuel for a resurgent economy.
Eliminate the federal deficit. Government spending is currently 40% of GDP. That's too high. Public sector spending is crowding out the private sector. Our "debt to GDP" ratio is 100% -- we are on the same path Greece and Italy traveled.
Utilize American energy resources. Shovel ready jobs are in the energy sector. America is the Saudi Arabia of wind, coal, natural gas and oil shale. Not only can we create more jobs by going after these energy sources, but we can keep costs down and reduce our trade deficit.
Tort reform. America is the most litigious society in the entire world. Lawyers and lobbyist enrich themselves to the detriment of our economy by bilking the economy of billions of dollars. We need "loser pays" nuisance lawsuit reform.