The middle class and working poor in America face a severe threat in our increased cost of living. The idea of saving is almost impossible for many folks because prices have increased so much. Whether it is gasoline, groceries, health costs, or even tuition, the average American simply cannot afford to save much right now. We need to seriously address the cost problem in this country, first and foremost.
The only sustainable answer is to generate more economic growth. Economic growth and rising productivity will increase net take home pay for the middle class and working poor. Only with economic growth will government take in more revenue without tax increases.
Reducing out-of-control government spending and working towards a balanced budget is also vital. We can't continue to rack up more and more debt. Spending more than the government takes in year after year is a gigantic drag on the economy. I am proud to say that my first year in Congress was the first year in modern times that we actually cut spending from the year before. In order to continue to generate economic growth, we must pass tax reform that increases the incentives to work, save, invest, and start businesses. Reducing government red tape is also critical in this regard. Finally, we must focus on increasing domestic production of energy in order to insulate Americans from price shocks from radical price increases in oil because of turbulence in other parts of the world. The more energy we produce at home in the United States, the more prosperous our middle class and working poor will be.