Since the Democrats regained a majority in Congress in the 2006 midterm elections, the United States has gone from an economic powerhouse to a country in its worst recession since the Great Depression. What did the Democratic Party do in response?
President Barack Obama, Senate Majority Leader Harry Reid and House Speaker Nancy Pelosi made things worse by interfering with business after Obama took office.
The Republican Party platform states that it believes in a free-market capitalist economy with sensible regulations. In a country with almost 10 percent unemployment, what we need are changes in our economic policy that put people back to work.
Peter Diamond, the 2010 Nobel Laureate in Economics and Massachusetts Institute of Technology professor, said on CNN’s “Fareed Zakaria GPS” that there are fewer jobs because there is a reduced demand for labor. We need to create labor by increasing the demand in the consumer market.
For example, at 35 percent, our country’s corporate tax is second-highest in the world. Such a tax on businesses causes companies to hire fewer workers because of the economic burden. It is this burden that causes companies to ship jobs overseas, leading to even fewer opportunities for the unemployed in America, forcing them to stay on government-provided financial assistance.
Small businesses, which do a large portion of the hiring in the U.S., also suffer under the weight of excessive taxation and government interference. For example, the health-care reform that was passed by Obama and other Democrats will hurt these local businesses because it forces an additional cost upon them starting in 2014. That is one reason why many Republicans have pledged to repeal this measure.
Putting more Americans back to work is the major economic goal of the Republican Party. As Nov. 2 draws closer, Democrats will attempt to maintain control over the American government, economy and people through oppressive taxes that prevent people from taking control of their own financial destinies. To pull this country out of the recession more quickly we need to create more jobs by lowering taxes.
Corporate taxes are one step in the right direction, but personal income taxes must be taken into account as well. Middle-class families and senior citizens have been hit particularly hard by our recession. Continuing the Bush tax cuts would help to keep these groups afloat in a difficult economy. Simply allowing these cuts to expire would cost the Baby Boomers dearly by targeting their nest eggs.
The economy should be a major concern to all of us here at Rider. Upon graduating, we will join the workforce, competing with the graduates of other universities throughout the country and the world for our jobs. If the economy does not continue to recover, finding that dream job will become even more unattainable.
-Jess is a junior journalism major.