January 21, 2014
Congressman Robert Hurt
My colleagues in the House and I remain focused on invigorating our stagnant economy, as we have passed numerous measures that seek to improve the environment for private sector job creation. Unfortunately, the President's policies are having the opposite effect as economist Terry Miller outlines in a recent Wall Street Journal piece entitled, “America’s Dwindling Economic Freedom” (Jan. 13, 2014).
Mr. Miller explains the correlation between a country's economic freedom, which gauges a country's fiscal soundness, size and scope of government, and regulatory structure, and that country's economic growth and the wellbeing if its people. While the United States has historically been among the world's most economically free countries, its ranking has fallen in recent years to the point that we are now outside the top ten nations. The consequences of these policy changes are real and problematic, as they lead to fewer jobs, less income mobility, and less growth.
In the article, Mr. Miller analyzes this trend, stating, “It’s not hard to see why the U.S. is losing ground…The Obama Administration continues to shackle entire sectors of the economy with regulation, including health care, finance and energy. This intervention impedes both personal freedom and national prosperity.” Miller goes on to discuss how other countries have adopted policies to expand economic freedom and therefore jobs and prosperity.
In today's global economy, it is critical that we adopt policies to enhance, not degrade, our country's competitiveness so we can continue to be the leading economic force in the world. This requires removing government impediments to job creation, getting our fiscal house in order, and promoting appropriate, commonsense regulatory policies. These principles are exactly what my colleagues in the House and I have been fighting for since day one – policies that encourage our free market system to flourish so that our job creators are not stifled by a heavy-handed government.
As a member of the Financial Services Committee, I have supported policies that enable robust private capital formation so those investments can generate good jobs. This includes a bill that I introduced, the Small Business Capital Access and Job Preservation Act (H.R. 1105), which has passed the House with bipartisan support. Overregulation and government red tape will not move our country toward economic freedom.
I look forward to continuing to work to restore the economic freedom that made the United States the world's most powerful economy so that we may ensure a brighter future for our children and grandchildren.
If you need any additional information, please visit my website at hurt.house.gov or call my Washington office: (202) 225-4711, Charlottesville office: (434) 973-9631, Danville office: (434) 791-2596, or Farmville office: (434) 395-0120.