Americans have reason to be skeptical of how Democrats are currently approaching helping America confront the growing economic threat from Communist China, argues Health Subcommittee Republican Leader (and former Trade Subcommittee Republican Leader) Rep. Vern Buchanan (R-FL).
As members work to resolve differences between the House and Senate legislation, partisanship is getting in the way of meaningful solutions, like incentivizing manufacturing and job creation in the U.S., helping start-ups here at home, and making the U.S. the world’s innovation capital.
Partisanship Is the Problem
“…partisan agendas and bad ideas threaten to leave us with a feckless response to China’s clear plans to dominate the global economy. Speaker Nancy Pelosi and House Democrats have already demonstrated more interest in subsidizing Big Labor and green energy special interests than winning the economic war against China.
“Even though the Senate version of this legislation passed with a healthy 68-32 bipartisan vote, Pelosi crafted a House alternative with no input from the Republicans….
“Pelosi’s provisions that assist labor unions and give away massive green energy subsidies will only drive up costs, add to inflation, and help Chinese manufacturing.”
Incentivize American Jobs and Manufacturing
“First, let’s incentivize more manufacturing and job creation in the United States. My colleague Rep. Brad Wenstrup (R-OH) has introduced important legislation that would produce more American-made medicines and advanced manufacturing in the U.S., critical first steps to competing with China.”
Help American Businesses Grow
“In an environment where American businesses face runaway inflation and a volatile job market, Congress needs to focus on making it easier for businesses to do what they do best — creating jobs, innovating, and investing capital back into our communities.”
Make the America the World’s Innovation Capital
“The U.S. has fallen behind our global competitors that offer more generous research and development (R&D) incentives. If our competitors are refueling their economic engines, we must do the same. It’s time for America to step on the innovation gas pedal.
“For example, we need to let companies fully expense (write off) R&D costs in the year they are realized. We should also provide a tax break to any company that brings its R&D back to the U.S. We should double the current R&D tax credit to add even more muscle to America’s innovation punch.”