The American economy is in crisis. We must take immediate and decided action to ensure that we do not slip further into recession. The housing and credit crises have combined with our national debt and trade deficit to create a volatile situation. People are losing their jobs, homes, and savings.
Our past spending and taxing policies have resulted in a shrinking middle class and an erosion of the American Dream for far too many families. Minnesota has lost 56,800 manufacturing jobs while the entire nation’s economy moves from good-paying, middle-class jobs to unstable, low-paying service sector work.
We have abandoned fiscal responsibility. Whether the war in Iraq or huge subsidies to oil companies making record profits, time and again, we have mortgaged our children’s future for misplaced priorities today.
The Solution
Addressing the economic emergency first. The United States has an annual Gross Domestic Product of almost 14 trillion dollars. Ours is the largest, most dynamic and most complicated economy in the world. It is critical to our lives that we use the best available expertise to help keep it on track.
Building from the present to the future. The bailout packages are designed to intervene in the economic slide. They do not provide the ultimate solution but rather are designed to serve as a basis for a turnaround. It is now imperative that we join with the world community to enact financial and economic policies that protect and strengthen the future global economy.
We must continue to grow our economy. I am hopeful that Congress will approve an additional stimulus package for States in the form of block grants or matching funding for building and infrastructure projects. This will create jobs and economic growth while addressing pressing infrastructure problems.
We must provide some relief to homeowners and other borrowers. The interwoven mortgage and credit crises are stalling our economy. The Federal Reserve Board has taken steps to assure market and credit liquidity, but there is more work to do. We must plan for the future by addressing the root cause of these crises. We must approach all future financial regulation with a view to the recent mortgage and securities collapse. We cannot continue to allow banks that back mortgages and securities to push risky and boutique products only to bail them out when that risk does not pay off.
We must ensure a fair and progressive tax code for all Americans. We must reform our tax code and keep from diminishing the middle class. I believe that repealing the Alternative Minimum Tax is a top priority. Ultimately, we need to work boldly to enact policy that provides a foundation of fiscal responsibility with the opportunity for sound investment.
We must invest in emerging industries. The best way to ensure the future strength of our economy is to invest in rapidly growing industries like bio-technology and renewable energy technologies. Minnesota has the potential to be a global leader in things like wind and solar energy. We will see an even greater benefit, in Minnesota and across the country, if we invest in manufacturing these technologies. Investing in the medical and technology sectors as well as the future green economy means investing in R&D. As we consider how we spend our dollars, we must give our taxpayers the greatest return on their investment. This means investing wisely in ways that create jobs, strengthen our economy and build a brighter future for our children and our planet.
Education is the greatest tool in ensuring a robust economy. A high-quality education system at every level can transform our economy. We can ensure that all of our children succeed in the global economy and that this country maintains its leadership position in the global marketplace but it takes an investment. We must invest in our children and invest in the future of America. This begins with early childhood education and goes beyond our current commitment to K-12. Our young people deserve a high quality post secondary education. That is a sound investment in our future. We owe this to our children and to our country..
The Bottom Line
We must restore fiscal discipline to governing while restoring the equal opportunity for prosperity to all Americans. I will work to return fairness to our tax code while ensuring that our economy grows as we navigate the complex and changing business environment. We must use both innovation and discipline to strengthen our economic outlook and create jobs here in Minnesota.
Ultimately, the future of our economy lies in the education of our children. As a nation, if we are to continue to compete in the global economy, we must ensure that our children are prepared to be our future leaders. As I serve in public office. I promise to use my knowledge gained from my experience in business and the legislature combined with my creativity and compassion to do all that I can to restore our education system, our economy, and our state, to greatness.
