The United States is on an unsustainable path right now, an unsustainable course with massive debt, trillion dollar deficits going into the out-years, unemployment approaching 10 percent, and this administration, since January of 2009, has enacted $670 billion in gross tax increases with more tax increases planned by this administration and the Democratic leadership of Congress. It's no wonder we have high unemployment and uncertainty all throughout this country with regard to the business climate. So what can we do? How can we correct this course? How can we restore American competitiveness for the 21st century? Well, I think there are three things we can do. First, let's cut wasteful, massive government spending. Let's give the American public confidence that we can get our fiscal house in order. Let's send a signal to the bond markets and to our foreign allies and competitors that we can act responsibly. Let's lay out a path for entitlement reform, which is causing severe strain on the Federal budget and leading to this deficit spending. Just laying out a corrective path will send a positive signal. Secondly, we can lower the corporate tax rate to make U.S. companies more competitive globally with regard to our trading competitors.
Editor's note · Context
The speaker addresses the unsustainable economic path of the U.S. and proposes solutions to restore competitiveness.
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