economy
A capitalist, free-market economy has been and will continue to be the best way to drive economic growth in America. The government needs to support an environment that allows businesses the freedom to innovate and expand without undue interference from government bureaucracy, while protecting the overall good of the people.
For decades and increasingly since the financial crisis of 2008, businesses have often been seen as working against the public interest rather than as important and beneficial engines of the economy. Law after law has been passed that hurt the ability of businesses to function efficiently and provide few tangible benefits to Americans. Instead, these regulations drive up costs and divert business resources away from the primary goal of economic advancement. Existing businesses then lack the ability and confidence to invest resources back into their companies and hire new employees. In some cases, existing small businesses have a hard time staying afloat, and entrepreneurs are deterred from creating new businesses. Excessive regulation can also protect large companies already in existence from increased competition, potentially deterring innovation and price competition.
Very few significant laws have recently been passed that seek to encourage responsible business growth. The tax code is complex and the United States has some of the highest corporate taxes in the developed world. Businesses navigate an endless stream of federal, state and local government bureaucracy in getting permits and starting businesses. An annual ranking of the ease of doing business in countries throughout the world showed that the United States dropped from #3 in 2008 to #8 in 2016.
Government needs to strike a more effective balance between cost-effective regulations that protect important public interests and excessive regulations that impose more costs than benefits. In particular, we believe that government should:
Reduce over-regulation.
Lower the tax rate for all businesses.
Simplify the tax code for businesses and individuals and eliminate tax deductions and loopholes that do not have a positive impact on the U.S. economy or otherwise serve the public interest.
Support necessary infrastructure projects that will allow businesses to be more effective and efficient.
Encourage policies that grow entrepreneurship and small businesses.
Support free trade as noted in Meridian’s platform under Free Markets and Free Trade.
Stabilize the U.S. federal deficit.
Fund scientific research that could potentially be utilized by businesses in the future and increase worker productivity.
Enact the proposals noted in Meridian’s platform under Education, Immigration, and Entitlement Programs to help the overall economy in various ways.