Jobs and the Economy

I believe that the free enterprise system is the engine that drives our economy. However, under the guise of free-market ideology, the Bush administration and the Republican establishment have pushed irresponsible tax cuts, cronyism, obscenely wasteful pork programs, and irresponsible regulation policy. The short-sighted, disastrously irresponsible economic policies of the last eight years have left the majority of Nebraskans – and Americans – behind. American workers are the most productive in the world, yet as productivity has soared, wages have stagnated. We’re faced with a unique set of economic challenges, but also enormous opportunities. I believe we need a new vision for the American economy; an economic agenda for the 21^st century.

Fiscal Responsibility

Restoring sanity to our fiscal policy is not only an economic necessity, but a moral imperative. Persistent budget deficits siphon capital away from productive enterprises toward current consumption – in effect mortgaging the prospects of future generations. By returning to a balanced budget, we can spur investment and create jobs, restore the strength of the Dollar, and avoid an entitlement meltdown.

Smart Trade

95% of the world’s customers live outside our borders. By opening foreign markets to American companies, international trade lowers prices for consumers, creates jobs, drives innovation, and even helps to prevent war. I believe we need to aggressively pursue smart trade agreements which allow Nebraska companies and workers to compete on a level playing field. We need to ensure that all new trade agreements contain tough labor, product safety and environmental standards, and to rigorously enforce such standards in existing trade agreements.

Enforcing Intellectual Property Rights

In the age of globalization, information technology and the internet, many American-made products aren’t physical goods at all, but ideas, software, information, and media. However, many of our trading partners don’t respect intellectual property rights, putting us at a competitive disadvantage. I believe enforcement of intellectual property rights should be a requirement in any new trade agreement, and that existing protections must be rigorously enforced.

Innovation

If America is to retain its leadership in the global marketplace, we must aggressively promote science, technology, and innovation. I support making the R&D tax credit permanent and instituting a five-year tax holiday for high-tech startups and green technology firms. I’ll vote to eliminate tax breaks for companies that park money in tax havens, and replace them with tax incentives for companies that innovate and invest in America.

Monetary Stability

As a trained economist, I know how vital sound money is to the health of our economy; unfortunately, this is important issue is rarely discussed. Our current monetary policy needs to be modernized to reflect the changes globalization has brought about. Due to these developments, the Federal Reserve has been able to expand the supply of money very rapidly without proportional increases in the Consumer Price Index. Loose monetary policy makes for a temporary boom, but it also misleads investors, creating unsustainable high asset prices. This always leads to a painful correction, such as the recent collapse of the housing market and the bursting of the dot com bubble. By restoring Congressional oversight for the Federal Reserve we’ll restore investor confidence in the US economy and ensure strong, stable, long-term economic growth.

A Competitive Regulatory Environment

I believe we need a smart regulatory environment that protects workers, consumers, and investors without imposing unnecessary costs on businesses. We need to take immediate action to reform regulations that are detrimental to American competitiveness, such as the Sarbanes-Oxley Act. I’ll work with Republicans and Democrats to identify and reform or repeal unnecessary, outdated, and anti-competitive laws and regulations.

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