Economic Growth

The economic outlook is slowly improving after the stagnation due to the pandemic and governmental shutdowns, but there is still far more to do. Americans are still struggling to buy affordable homes and find jobs in a competitive arena. The pace of growth needs to be sped up to help get Americans back to work and restore economic prosperity.

The United States economy is growing more slowly than expected and inflation remains stubbornly high, two developments that pose risks to the economy which is expected to continue to lose momentum as high prices and elevated interest rates sap domestic demand. With these signs of weakness, especially as consumers dial back on services spending, consumers and businesses are likely to continue cutting spending and investments.

There are also suggestions of a slowing momentum in the labor market. The unemployment rate increase is attributable to labor force growth exceeding job growth rather than an increase in job losses. However, the result is the same: Having more workers competing for jobs puts downward pressure on wage growth.

Despite some indications of sluggishness in the United States, China and India are looking stronger. Many are projecting Asia’s emerging market economies as the “main engine for the global economy” and said growth in China and India will account for nearly half of global growth.

I believe in the power and opportunity of America’s free-market economy. America should never be second to no one. I believe in the importance of sensible business regulations that promote confidence in our economy among consumers, entrepreneurs, and businesses alike. I oppose interventionist policies that put the federal government in control of industry and allow it to pick winners and losers in the marketplace. That’s why I propose a 30% reduction in unnecessary and business unfriendly regulations.

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