While we have a robust $14 trillion economy, I am concerned about the long-term strength of our national and local economies. I believe that we have the opportunity to right the course of our nation and I will be working hard for your interests and the generations to follow. We must provide them with the same economic options and capabilities that were provided to us. I will work to protect your wallet from corrupt special interests by promoting an omnibus tax reform bill; enhance our local economy by promoting a level playing field for small businesses, reversing the outsourcing of government functions, and extending COBRA indefinitely to protect the health of workers affected by changes in the economy; and work with local and county governments, community organizations, and the faith community to meet local needs for which the government is not well-suited to improve the quality of life for all.

Protecting the Local Economy

I will work tirelessly to reverse the outsourcing of government functions. The bundling of federal service contracts hurt small businesses and reduces competition that could result in lower prices in the provision of those services. The metropolitan DC area has a relatively high level of professionals in various industries.  I plan to promote the extension of COBRA indefinitely until a worker finds new health care coverage. It allows workers who struggle in finding comparable work or in new jobs that do not provide health benefits to protect their health and financial security. I will also promote allowing small businesses to band together to obtain health care for their employees and evaluate the options available for expanding the National Health Service Corps, which could benefit many urban, as well as rural areas around the country.

National Indebtedness

The national debt of $9 trillion owed by the U.S. government is a financial time bomb and a moral tragedy, driven by irresponsible elected officials of both parties and people who love money more than anything else – more than the long-term financial health of the country, more than maintaining the financial health of the economy for their children and grandchildren. While economists theorize about how much debt capacity the government can reasonably issue, I think that the less debt the government has, the better. It unnecessarily soaks up investment capital that could be put to better use.  The economy is vibrant and flexible.  However, if we continue to have a weakening dollar and deficits as far as the eye can see, then we will begin to face more undesirable consequences in our economy as we prepare for greater expenditures associated with replacing our aging infrastructure and address rising social security expenditures.

Business Regulation

I will concede that I am not a huge advocate of business regulation. However, I also believe that the reasons that we have regulation of many industries are because of past business practices that defrauded consumers, destroyed the environment, and promoted anti-competitive behavior.  I believe that our businesses should try to leave our economy, environment and communities no worse off when their enterprises go out of business. Appropriate, but not overzealous, regulation is needed and, recently, our regulatory agencies have been hamstrung or run by the regulated interests they were supposed to be overseeing. The FTC is already proposing loosening longstanding and, in my opinion, necessary rules on media ownership. Those rules help support our democracy.  I will work to make sure that you’re financial and health interests are being protected.

The Ends Justifies the Means

Too often, our elected officials have held an “ends-justifies-the-means” laissez-faire approach to unethical and harmful behavior in the economy in the name of producing jobs or economic growth. However, this legalistic approach to the economy has considerable negative side effects. The credit issues surrounding the mortgage industry are an example of this view of the economy, where risk standards were slighted or ignored to allow more short-term profit to be made.  Economics based on taking advantage of and defrauding consumers (I recognize that some of the people caught up in the subprime problems are speculators who ignored good financial sense) to the financial benefit of the perpetrator is an unethical, immoral and ultimately unproductive way of sustaining our economy. For example, what justification is there for allowing hedge funds to pay lower taxes than any other business? They are not just profit engines because of the genius of their managers (although that is the case sometimes). Rather, they have an unfair, anti-competitive tax advantage over other parts of the financial services industry to help attract highly talented individuals.  We need more than just hearings, slapping executives on the wrist. We need to maintain a level playing field for ALL businesses, not just those who can influence the most elected officials with their contributions.