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Arrington: How Pro-Growth Policies Can Avert a Fiscal Crisis

January 03, 2023

Ways and Means Republican Rep. Jodey Arrington (R-TX) detailed how restoring fiscal responsibility in Washington will require Congress to rein in runaway spending and return to policies that strengthen and grow the economy in a new op-ed in the Washington Examiner.To read Rep. Arrington’s full op-ed, click here.

Key excerpts:

  • Republicans’ Commitment to America includes pro-growth policies that will put our economy back on track and prevent a fiscal crisis. “If we grow our economy while controlling spending, we have a better chance of putting our country on a sustainable fiscal path and avoiding a financial crisis. The GOP’s plan for the House majority, known as the Commitment to America, does just that. Three key economic policies of the Commitment to America stand out the most – doubling down on pro-growth tax reform, removing burdensome regulations, and incentivizing able-bodied Americans to return to the labor force.”
  • Republican tax reform helped unleash an unprecedented economic renewal. “We saw tremendous growth in GDP that surpassed all economic expectations, including from the Congressional Budget Office. Within three years of enactment, unemployment hit a 50-year low, business investment hit an all-time high, companies moved their headquarters from overseas, and wage growth for working families hit the highest percentage increase in decades.  Notably, six million people were lifted out of poverty. Despite false alarms of tax cuts blowing a hole in coffers of the U.S. Treasury, tax revenues, even before the pandemic stimulus, hit an all-time high. This year, total tax revenues were almost $5 trillion. This is more than $1 trillion above pre-pandemic levels, adjusted for inflation. These numbers are staggering and may seem counterintuitive following massive tax cuts, but it’s simply the result of pro-growth policies and market incentives unleashing American free enterprise.”
  • Democrat policies contributed to the worker shortage and has resulted in a shrinking economy. “Democrats have stripped work requirements from welfare programs and have even paid people more to be on government unemployment than they made in their previous jobs. They have hijacked pro-family and pro-work tax policies by giving them monthly paychecks regardless of their ability to participate in the labor force. This not only traps people in a cycle of poverty, but it also puts a strain on the millions of small business owners and hampers our overall productivity, which will only accelerate our spiral into a sovereign debt crisis.”

Read Rep. Arrington’s op-ed here.