Thank you, Mr. Chairman. You know, we now have 29 million people in America who are either out of work or looking for work, and we also are facing a problem of trillions of deficit spending that affects those jobs. There's four pillars to what we need to do to turn our economy around. One is the issue of cutting government spending and turning that deficit around. Two is to deal with making sure we're keeping taxes low and regulations fair that promote growth of jobs and not hinder that growth. We must also have trade enforcement law changes that allow us to grow in another way. China alone, for example, is exploiting loopholes big enough to sail a freight ship through. They tax and embargo the export of raw materials and rare Earth minerals. They mandate local content requirement so American companies can't build in the U.S. and ship to China. They steal patents, copyrights, and reverse-engineer U.S. technology and products. They offer below-market government loans to their companies, and they manipulate their currency. All of this has created a great wall of illegal and unfair manufacturing trade practices, and we cannot sit by while they undermine our jobs. But a fourth pillar has to do with how we need to grow our resources, an important issue for the Energy and Commerce Committee. While the Outer Continental Shelf of this country is off limits for oil drilling, we are passing by massive amounts of jobs and massive amounts of economy for our Nation.
Editor's note · Context
The speaker addresses the need for economic reforms to combat unemployment and unfair trade practices.
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