America Needs Conservative Economic Policies Across the Board

The welcome news that the U.S. economy added 130,000 jobs in January is an encouraging sign of rebounding economic growth. With the Republicans in control of the Executive and Legislative branches, conservatives must seize every opportunity to pursue the free market economic policies that we know deliver prosperity to the American people. Under President Trump, real progress is being made on this front – but there are important areas where conservatives must refocus our efforts to secure our nation’s long-term prosperity and fiscal security.

Federal regulations cost our economy a staggering $2.1 trillion, according to the Competitive Enterprise Institute, and reducing the regulatory burden should always be at the top of any conservative’s governing agenda. As a small business owner in Wichita, Kansas, it was the experience of watching the government grow too large and meddlesome that compelled me to run for Congress in 2010. I wanted to see the government open up opportunities for small businesses to thrive – not stand in the way – and to turn back the tide of statism and regulatory tyranny that stifles innovation and erodes our constitutional order.

Rolling back the intrusive and growth-killing regulations of the Obama and Biden Administrations is one of the most important ways that President Trump has unlocked economic growth in both his first and now in his second Administration. One of the President’s most significant action areas has been repealing the environmental regulations that strangled America’s hard-won energy independence. Additionally, the President’s “10-to-1” Executive order requiring agencies to eliminate 10 regulations for every new one not only cuts red tape – it reins in an unaccountable administrative state that has grown far beyond what the American people ever consented to. Continuing on this trajectory can bring only good things for American businesses and workers.

Reducing the tax burden on hardworking Americans is a perennial cri de coeur for American conservatives – and for good reason. The Left-wing presumption that the state should assume an ever-larger place in our lives is buoyed by tax policies that punish hard work and discourage the investment and risk-taking needed for the economy to thrive. Thankfully, President Trump and the Republican Congress were able to extend the tax cuts passed in his first Administration; but there is so much more that needs to be done to deliver a fair, transparent, and competitive tax system to the American people. For example, we should prioritize efforts to lower our corporate tax rate so that we stop losing multi-billion dollar companies to countries overseas with more competitive tax regimes. And for individuals, rather than relying on deductions and carve-outs, conservatives should be looking at more innovative solutions that bring greater transparency and simplicity to the tax system.

Conservatives cannot afford to trumpet our stewardship of the economy while ignoring the elephant in the room: America’s unprecedented deficit. On the same day we received the good news about job growth, the Congressional Budget Office delivered yet another sobering report on our nation’s fiscal health: projecting that the budget deficit will reach $1.85 trillion, or 5.8% of GDP, by September 30, 2026, with long-term projections showing a swift march to insolvency.

These kinds of deficits are unprecedented outside of a national emergency like a war or financial crisis, and are largely driven by an entitlements system in dire need of reform. Unfortunately, all too many of our political leaders refuse to grapple with the hard questions this raises – preferring instead to continue spending like there’s no tomorrow. The American people won’t be served by this ostrich-like approach. The truth may be unpalatable, but voters deserve to hear it – and to see a serious effort by leaders on both sides of the aisle to deal with this looming crisis. If we care about our country’s future, conservatives must lead the charge to address this looming crisis before it reaches catastrophic proportions.

Finally, we must recognize the vital role that international trade has played in fueling America’s economic dominance. The American economy depends upon vibrant markets the world over, which prize goods and services made in the United States or envisioned by our businesses and institutions. The economic structures we created in the aftermath of World War II, which some in my party now view with hostility, enabled us to deliver the greatest period of human flourishing in human history. While there is always room for debate about the efficacy of specific policies, a turn towards protectionism will only deprive Americans of the incalculable opportunities that derive from a free-trade, free-market economy.

The facts are clear: Pro-market, pro-growth policies at home and abroad, combined with responsible stewardship of the public purse, will deliver the prosperity and fiscal security needed for America to continue to thrive. Conservatives have had some important economic wins in the past year – but we need to stay focused on delivering for the American people on all fronts.