Resource Development and Production is the Answer
I have often said that you cannot cut your way to prosperity. I believe that the same is also true about taxes; you cannot tax your way to prosperity. While it is obvious that some cuts must be made, many reforms must be undertaken, and some new revenue must be generated, I do not believe that these are long-term solutions to our debt problem. I support a much different approach to combating the deficit and our debt.
The U.S. used to be a nation of producers. During our industrial revolution, we developed our resources, broadened our manufacturing, and dominated the world marketplace with our innovations. If you look at the last time the U.S. government ran surpluses, it was during the Dot-com era, where we helped drive what has now become e-commerce. While some contend that this era was just a bubble, and I do not dispute that, this era does show what happens when the U.S. actually produces something.
Consequently, I believe that we need to do everything we can to encourage domestic manufacturing and promote the safe development of our natural resources nationwide, but especially in the Arctic. If we take these steps, we can generate more jobs and greater wealth. This in turn, will broaden our tax base and help generate more tax revenue, without raising taxes. More producers and manufacturers in the U.S. means more jobs, more jobs means more tax revenue, and more revenue will help us run surpluses so that we can fund our pre-existing obligations, pay down our debt and reduce our dependence on foreign governments. While fiscal discipline is important, production and manufacturing are the keys to our solving our debt problem.