Greetings to our constituents, fellow Floridians, and all Americans. It is time again for my weekly update report to you all.
This week I posted a slide depicting the ten year federal program growth rates. I want to make sure you see it, so I’m including it below.
Click on image for larger view:
This graph illustrates clearly – and frighteningly — that we are not anywhere near reducing the size and scope of the federal government. Instead, the government, along with our debt and deficit, continues to grow. My friends from across the aisle continue to banter about the idea that conservatives are cutting deeply into Federal Government programs, but clearly, nothing could be further from the truth.
We are on an unsustainable path when it comes to our economic security, and continuing on this path is immoral. It is immoral for our children and grandchildren to be saddled with our fiscal irresponsibility. If we stay on this path, the future of the United States is that of a socialist egalitarian welfare nanny state – not a Constitutional Republic.
The American people must realize there is a choice between two very divergent futures. The solution does not include more taxes, which will only serve to grow the size of government.
Last week, we learned that 1st Quarter GDP growth was a lackluster 2.2%, coming off a year of 0.4%, 1.0%, 1.3%, and 3.0% per quarter GDP growth in 2011. The notion that we need more government “investment” is not a viable path forward to restore our economic standing.
This brings up an interesting question: What exactly is the rate of return on government investment? We grew the bureaucracy of education within the Federal Government, yet our worldwide standing in education has dropped. We created the United States Department of Energy nearly 40 years ago and yet we are still not energy independent. We spent billions of taxpayer dollars for bailouts and stimulus and as you can see, we are in an anemic economic recovery.
The most alarming part of the chart provided above is that total family income is down. This means we are consolidating the capital of hardworking American taxpayers.
My recommendation is to invest in tax reform which focuses capital generation with our small businesses and reinvigorates production and manufacturing in America. This is the means by which we can inspire individual industrialism, innovation, and promote the conditions which will result in the next level of American ingenuity.
We just ended our April 2012 legislative session and tax return season. What will tax return season look like next year? The choice is yours!
Steadfast and Loyal,
–Cybersecurity– This past Thursday, the House of Representatives approved H.R. 3523, the Cyber Intelligence Sharing and Protection Act (CISPA), by a vote of 248-168, I VOTED YES. The bill would amend the National Security Act of 1947 to enable cyber threat sharing and provide clear authority for the private sector to defend its own networks, while providing strong protections for privacy and civil liberties. The bill would prohibit the government from requiring private sector entities to provide information to the government, and by encouraging the private sector to “anonymize” or “minimize” the information it voluntarily shares with others, including the government. In addition, the bill would require an independent Inspector General audit of any voluntary information sharing with the government. The Congressional Budget Office (CBO) estimates that implementing H.R. 3523 would have a discretionary cost of $15 million over the 2012–2016 period, assuming appropriation of the necessary amounts.
Student Loans – This past Friday, the House of Representatives approved H.R. 4628, the Interest Rate Reduction Act, by a vote of 215-195, I VOTED YES. The bill would prevent interest rates on new federally subsidized Stafford Loans made to undergraduate students from increasing from 3.4 percent to 6.8 percent on July 1, 2012. The bill would extend the 3.4 percent rate until July 1, 2013. The cost of a one-year extension of the lower rate is $5.985 billion, and in order to pay for this cost, the bill would repeal the unobligated balance of the “Prevention and Public Health Fund,” a slush fund in the president’s government takeover of health care law. The remaining savings generated from repealing the $11.9 billion slush fund would be put toward deficit reduction. My desired solution would have been to repeal the section of the Patient Protection and Affordable Care Act which nationalizes college student loans. Competition in the private sector for college education loans will keep interest rates low, not allowing a government mandated monopoly.