There is broad consensus in Washington that a “balanced approach” between spending cuts, controls, and increased revenue is the only possible way to reduce our $14.3 trillion national debt and avert a Greek-style debt crisis. I share this perspective.
As the ongoing debt negotiations advance, members of Congress should evaluate the components of a debt package through one question: Will this make it harder or easier for the American people to create jobs? For my part, I have never met a job creator in Florida that has told me they are waiting for Congress to pass another tax hike before they start growing their business.
Unfortunately, there are indications some are willing to accept that higher revenues in a debt package should come from a $1 trillion tax hike, even at a time when the unemployment rate is 9.2 percent and 25 million Americans are unemployed or underemployed. I vehemently disagree with this approach and will oppose a net tax increase on the economy that makes its way into a debt reduction deal.
To be clear, new revenues are an essential component of any viable debt reduction deal. We can’t simply cut our way out of this debt; we also need to grow our way out of it. The best way to do this is by increasing the number of taxpayers gainfully employed in our economy and by easing burdensome regulations, not by raising taxes.