Joe Wilson

The productivity and creativity of the American economy has fostered tremendous prosperity for the United States. However our economy has been hit hard by a combination of different factors that have led to job loss, an undermining of confidence in our financial system, damage to retirement savings, and home foreclosures. The best way to respond to this challenge is not to add to the problem and uncertainty by spending trillions in borrowed dollars that only compound the debt we are passing on to our children. Small businesses and individuals need incentives to create jobs, to expand their operations, and to invest the capital necessary to get our economy back on track. Our focus should be on supporting these proven engines of job creation.

In the meantime, the federal government has the obligation to make some of the same tough choices American families are making. That means we cut back on out-of-control government spending, cut out waste and inefficiencies, and keep taxes low, so that Americans not only keep more of what they earn but have a government that respects their wallets. While the state is experiencing an economic crisis that has hurt so many hard working South Carolina families, it is not the time to try and push through a big government agenda.

Specifically, I have continued to support tax relief for American families and small businesses – including bonus depreciation for companies to purchase equipment, grow their business, and hire new employees. Realizing that one reason for the slowdown in America’s economy was a dramatic decline in the housing market, I have continued to call for a $15,000 tax credit for people who buy homes that are in foreclosure, are about to go into foreclosure, or that have new building permits that were issued since September 2007. This would encourage people to buy new homes and get the excess inventory of homes off the market to help to spur the economy.

There are proven methods to stimulate job growth and economic prosperity, and they are not built on more government and higher taxes. Historically, our nation has been at its best when we have relied on a simple principle – the American people know best how to spend their own money and they have the entrepreneurial spirit to build a stronger America.

One Response to “Strengthening our National Economy”

1. Tony Orlando says:

   June 2, 2009 at 3:44 pm

   I just stopped by your blog and thought I would say hello. I like your site design. Looking forward to reading more down the road.