eric hovde's economic plan

7/31/2019 Eric Hovde's Economic Plan

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THEHOVDEECONOMIC PLAN

Political Outsider.Economic Ex4er5.

Protecting the American Dream


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Reckless spending from both Democrats and Republicans has brought the

American economy to its knees.

The United States is heading toward an economic cliff, and if we dontimmediately change course our nation will suffer a financial collapse far greaterthan what weve seen across Europe.

America borrows almost 40 cents of every dollar it spends; we have more than100 percent debt to GDP; and the Federal Government accounts for 24 percentof our nations Gross Domestic Product.

Our economic growth rate is an anemic two percentwhich is just half the levelof most post-recession recoveries, and the unemployment rate sits at 8.2percent. Worse yet, the real unemployment rate (U-6 rate) is 14.8 percent.

Now, the Congressional Budget Office has estimated that our Debt will be doubleour GDP by 2037 (CBO, 6/2012).

Simply put, the path we are on is unsustainable.

Career politicians from both parties who care more about getting reelected thanthey do securing our nations future got us into this mess, and now it is time tomake the difficult and responsible decisions.

We need to elect citizen legislators from theprivate sector who understand the economy andwho know how to balance a budget and sign thefront side of a paycheck.

Time is running outbut if we act now, we canstill right Americas financial ship.

Getting our nations fiscal house in order is notgoing to be easy. It will require shared sacrificeand the courage to make the tough decisions thatare necessary to put us back on track.

In order to protect the American Dream for ourchildren and grandchildren, we must all bandtogether to do whats right for the future of our nation.

Paid for by Hovde for Senate Committee, Inc.

America is heading towardan economic collapse


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Eric Hovdes Eight-Point Economic Plan

1. Defeat the Debt and Balance the Budget

2. Reform the Tax Code

3. Deregulate our Economy

4. Reform the Federal Reserve

5. Reform Financial Services Industry

6. Repeal and Replace ObamaCare

7. Achieve Real Energy Independence

8. End Crony Capitalism

Paid for by Hovde for Senate Committee, Inc.

Protectingthe

AmericanDream


4/5Paid for by Hovde for Senate Committee, Inc.

Defeat the Debt and Balance the Budget

America is heading toward a financial cliff and if we dont immediately change course, we will suffer aneconomic collapse. Bring government spending back to 2007 levelsthe time just before the crazy stimulus and bailout nonsense

started Reform the federal government from the bottom up by asking three questions of the more than 1,300

government agencies: Is the mission of each agency still

relevant? Is the role of any agency being

duplicated? Is each agency acting in a cost efficient

manner? Reform Entitlementsensuring that Medicare,

Medicaid and Social Security still exist forfuture generations

Pass a Balanced Budget Amendment thatforces government to live within its means

Reform the Tax Code

It has been proven time and time again that wecannot tax our way to prosperity.

Lower tax rates across the board25 percent corporate tax rate10 and 25 percent individual tax rates

Eliminate all corporate welfare and handoutsto special interestsit distorts our free-marketsystem and stacks the deck against small and medium-sized businesses

Simplify the tax codebecause Americans spend between $160 and $300 Billion each year on taxpreparation

Rein in the IRSthe governments biggest bureaucracy is out of control and needs to be reformed

Deregulate our Economy

The private sector creates jobsnot government. What the government can and should do is promote pro-growth policies, and that requires getting Washington out of the way and cutting through bureaucratic red tape.

Eliminate burdensome regulations that are stunting growth and stifling job creation46 percent of small businesses are not hiring due to government regulations (Wells Fargo/Gallup Poll2/2012)Regulations cost over $1 Trillion in 2011 (Competitive Enterprise Institute)

Enforce common-sense regulations that already exist instead of imposing a litany of new ones Pass Senator Ron Johnsons regulation moratorium legislationRegulation Moratorium and Job Preservation

Act

Reform the Financial Services Industry

The toxic relationship between Wall Street and Washington continues, and the Too Big To Fail mentality hasbeen embedded into law by President Obama and Democrats in Congress.

End Too Big To Fail mentalityif its too big to fail, its too big to exist Repeal Dodd-Frankmassive government failure that has embedded too big to fail into law Create and enforce uniform standards in the banking industry in order to level the playing field for regional and

community banks Force all derivative contracts to be traded on exchanges

APLAN FORPROTECTING THE DREAM


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Reform the Federal Reserve (FED)

The FED purchased 61 percent of Treasury Debt issued in 2011. This is devaluing thedollar and causing the price of our basic necessities to rise dramatically. Regularly audit the FEDreview the advisory councils of the FED End the dual mandateit is absurd to task the FED with job creation Stop Quantitative Easing/Money Printingit is devaluing the dollar and driving up the

price of our basic necessities Change the make-up of the FEDs Boardtoo many academics; not enough business

people with real world, practical experience

Repeal and Replace ObamaCare

The health care sector has had the highest rate of inflation over the last 30 years due toincreasing government involvement.

Promote private sector solutions because it makes no sense to increase the

governments role in our health care systemState and federal government control nearly 60 percent of the health care economy

(Congressman Paul Ryan, 5/2009)Achieve a consumer-driven, free-market approach to health care that is needed because

power over medical decisions belongs in the hands of consumers Institute tort reform Institute a Premium Support System for low-income consumers

Achieve Real Energy Independence

Achieving true energy independence will create thousands of American jobs and helpbolster our economic recovery.

End the transfer of wealth to countries that oppose our interests In 2011, 59.4 percent ($392 Billion) of the U.S. trade deficit was due to oil imports

End the moratorium on domestic drilling on public lands Build the Keystone XL Pipeline Immediately utilize our untapped resources, which include:

More than 1.5 trillion barrels of oil (six times more than Saudi Arabia)More than half the worlds oil shale supplyNearly 100-year supply of natural gasadopt portions of the T. Boone Pickens plan,

such as a natural gas trucking fleet

End Crony Capitalism

We must break the cycle of back room deals and special favors in Washington that isbankrupting our country and corrupting our political system.

Reduce the size and scope of big government that has allowed crony capitalism tothrive

Eliminate all corporate welfare and handouts to special interests End earmarksspecial projects are helping bankrupt our country Rein in unwieldy government contracts Stop loan guarantees that are used as favors for political contributionsSolyndra

received $535 Million in loan guarantees after its owner contributed to the Obamacampaign

Reform government rule making authoritysweetheart deals stack the deck againstsmall businesses trying to make ends meet

APLAN FORPROTECTING THE DREAM

eric hovde's economic plan

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