Economy

For good reason, the American economy has long been the envy of the world. With a flexible economy built upon a wealth of natural resources and competitive demographics, we have achieved unparalleled success throughout our nation’s history. However, our modern debt culture of spending and deficit-fueled budgets have caused our debt to balloon. Many have adopted Modern Monetary Theory, which has convinced progressives we can spend with a blank check and led to the worst inflation in generations.

Even as we struggle in this contest of ideas, our economic foundation stands strong. The American spirit is innovative and entrepreneurial. President Trump’s Tax Cuts and Jobs Act (TCJA) of 2017 breathed new life into our economy. TCJA improved our international competitiveness and the standing of American businesses in the global market. We must return to these policies and build upon them.

It’s now very important that we continue to find productive ways to bolster our economic growth, reform our tax code, and diversify our focus to areas such as workforce development and reducing regulations and compliance costs for businesses. By making permanent tax cuts from TCJA, supporting flexibility in programs for the upskilling of our workforce, we can help ensure the economy has solid footing to grow. We must also support our domestic energy industry and promote energy independence. By supporting efforts like the POWER Act and introducing legislation like the Promoting Energy Independence and Transparency Act, I am working to ensure the potential of the energy industry is responsibly unleashed to the benefit of Utahns. The American economy can flourish again, and I will do all I can to foster this growth.

With this goal at the helm, I convened leaders from across Utah to put together a Debt & Deficit Task Force aimed at creating a framework for how we should address our nation’s debt crisis with Utah’s fiscally responsible values. The main pillars of our first solutions-based document are: 1) grow the economy, 2) save and strengthen vital programs, 3) focus America’s spending, and 4) fix Congress’s budget process. I have brought these ideas back to Washington and look forward to creating solutions with my colleagues on the House Budget Committee to reign in our federal spending and get our fiscal house back in order.