I believe that limited government and free enterprise are the most effective ways to enable the American people to improve their quality of life, provide greater opportunities to their children, and achieve the American Dream.
Unfortunately, the Obama Administration has taken the opposite approach: orchestrating a vast expansion of government to increase its control over nearly every aspect of our economy. The result has been the slowest and weakest economic recovery since World War II, with millions of Americans trapped in poverty.
The result of nearly eight years of central planning from Washington – Obamacare, Dodd-Frank, the EPA’s war on coal, higher taxes, and overregulation – has been an economic catastrophe.
The percentage of Americans working or actively seeking work is at its lowest level since the 1970’s. Incomes are falling, wage growth is stagnant and the number of Americans living in poverty has increased by nearly 7 million during the Obama Administration. New business formation is at a 35 year low. And the Federal Reserve admitted recently that despite years of an extraordinary and accommodative monetary policy in place, the economy was not healthy enough to absorb higher interest rates, signaling slow economic growth far into the future.
I have fought the Obama agenda every step of the way.
I have voted to repeal the regulations which are holding our economy back. I have voted for reforms to the regulatory process to protect small businesses and hold agencies accountable for overreaching their authority. I have voted many times to repeal Obamacare which discourages hiring especially for part-time and low-wage employees.
I have used my position on the Financial Services Committee to fight back against the President’s 2,300 page financial control law – the so-called “Dodd-Frank Act” – which is to household finances what Obamacare is to healthcare. This law is making it harder for Kentuckians to get a loan to buy a house, start or expand a business, and invest in their communities.
And I have been an outspoken proponent of tax reform to lower rates for all taxpayers by eliminating special interest loopholes. I especially support a plan to slash business tax rates – which are currently among the highest in the world – and allow for unlimited expensing to encourage hiring and investment, fostering American competitiveness. This type of reform would simplify the tax code, make compliance easier, and unleash the full potential of our economy.
As your representative, I have been focused on Kentucky’s signature industries including coal, manufacturing, bourbon, horseracing, and the thousands of Kentuckians they employ.
Earlier this year, I was appointed to lead a task force to develop an “Empowerment Agenda” which proposed reforms to 50 years of failed government welfare programs, and to replace them with policies to empower Americans to lift themselves out of poverty, escape the trap of government dependency, and remake lives of dignity, self-sufficiency, and work. Many of these proposals were incorporated into Speaker Paul Ryan’s Better Way to Fight Poverty plan.
This work is critical not just to improve our economy, but more importantly to improve lives. In America, the circumstances of your birth should not determine the outcome of your life. By creating more opportunity through the American principles of freedom, competition, entrepreneurship, and hard work, more Americans and more Kentuckians can achieve the American Dream for their families.