The federal government has three responsibilities with regard to the economy…
- Protect individual rights
- Adjudicate disputes
- Provide a legal framework for free trade
I would add one additional responsibility to those. The federal government owes it to us, the taxpayers, to spend our money wisely and effectively.
I will call on Congress to balance the budget. I will veto any budget bill that does not balance income and expenditures. If my veto is overridden, I will do my best to balance the budget through control of discretionary spending..
I will also challenge Congress to reduce the deficit by not only balancing the budget, but by eliminating spending on redundant and ineffective programs.
I will call upon Congress to end federal minimum wage restrictions. Each state should have the ability to shape their labor market based on local conditions and their citizen’s needs. In particular, federal wage restrictions disproportionately provide a barrier to young, urban and minority workers who are seeking employment. Eliminating this significant barrier to entry into the workforce will make better lives a possibility for those individuals.
Likewise, many regulations disproportionately impact small businesses. Mom and Pop operations and startups struggle to meet the regulatory burden placed upon them. The result is a smothering effect on the creation and growth of new businesses. I will direct all federal agencies to review and cut unused or outdated regulations.
Agencies will consolidate and streamline remaining regulations to reduce volume and complexity. The net effect will be a clearer, simpler regulatory environment, one that will make compliance and enforcement more straightforward.
I will call on Congress to cut or reduce direct government subsidies to businesses. I will work with state governors to achieve the same goals. States who elect to continue direct subsidies to businesses will receive reduced federal spending dollars.