Jobs & Economy5 August 2016

Notes from Norm: A Better Way to a Stronger Economy

CNBC reported, “…The 1.2 percent growth rate in the second quarter combined with a downward revision to the first three months of the year to produce an average growth rate of just 1 percent.”

That news didn’t just jolt America’s confidence in the economy.  It sent shockwaves through the world’s economy, too.

While America continues to gird itself for a national election which has been ugly and seems to just keep getting uglier we must also understand the forces at play that are stalling our economic growth.

The fact that it is the weakest post-recession recovery since 1949 should demand we stop listening to the voices of those who tell us how wonderful our economy is today.

Instead, we need to focus on how we can restore vitality to critical sectors of our economy to get it moving at a pace that will create more and high-paying jobs.

Burdened with $19 trillion in national debt – roughly $60,000 in debt for every American citizen – over $162,000 for every American taxpayer – we know that spending our way to a brighter economic future is not the solution.

Both candidates for President assure us they know the secret to getting America back to work again.

Yet, regardless who wins the fact remains that until we tackle the out-of-control spending, excessive government regulation and the spiraling cost of entitlements, we’re fighting the economic war with one hand tied behind our back.

There is, of course, a better way.  As outlined by Speaker of the House Paul Ryan we can restore innovation and ingenuity to our economy and allow the marketplace to come alive again.

In “A Better Way” the Speaker and his colleagues share more than 100 specific ideas on how to get America’s economy back on track.

But, overall, they focus on some of the key points as follows:

  • Fewer and smarter regulations. Cut down on needless regulations and make the rules we do need more efficient and effective.
  • More affordable and reliable energy. Connect our energy boom to consumers, responsibly produce more of our own resources, and end needless delays that hold up jobs and projects.
  • More financial independence and no more bailouts. Reward people who work hard and do the right thing, and put an end to Wall Street bailouts.
  • More choices for workers and students. Make it easier for people to excel in schools and workplaces, and rip up the red tape that gets in their way.
  • Real Internet innovation. Establish clear and consumer-friendly rules that prevent the FCC from making up regulations as it goes along.
  • A crack down on lawsuit abuse. Keep trial lawyers in check, and improve protections for consumers and small businesses.

Truth be told we’ve heard for almost 8 years how this President nearly single handedly save the American economy from ruin.

Yet, the real truth is that the American economy is a massive system that doesn’t need the federal government intervening in it every step of the way.

If one goes to the American Action Forum “Regulation Rodeo” website, you will learn just how much government intervention has taken place during the Obama Administration.

Nearly 4,000 regulations – more than $930 billion in new costs to taxpayers – and an additional 670 million paperwork hours to keep up with them!

As for national debt according to www.factcheck.org, “The federal debt has more than doubled — rising 116 percent — and big annual deficits have continued.”

But, poverty has increased – home ownership rates have gone down – and the kind of jobs in the Obama Economy are proving more and more unlikely to provide the kind of living for American families we need to have if we are to give everyone access to the American Dream.

To be sure the President isn’t to blame for all that ails our economy.

He had help.

With a Democratic Majority in the House and Senate he shoved through massive spending bills and created ObamaCare despite fervent opposition from conservatives in Congress.

Thankfully, Republican majorities in the House and the Senate have helped to stop many of the President’s initiatives that would have further burdened our economy.

But, he has resorted to other measures to get what he wants.

In bypassing Congress, he engaged federal government agencies to create a massive series of new government regulations that will continue to choke economic growth until they are undone.

Congress must do more in its efforts to restrain the cost and growth of government.  It must provide ideas and leadership to support a vision of an American economy that sees growth for years that will create new jobs – good paying jobs – and further improve opportunity for all Americans.

By following the goals and objectives outlined by Speaker Ryan that are firmly grounded in our Constitution, the Congress can play a constructive and positive role moving America forward.

Another four years of the Obama Economy moves all of us further away from having our share of the American Dream.

It doesn’t have to be this way.  It shouldn’t be this way.

When it comes to job creation and economic growth there is a better way.