Rick Perry, Wall Street Journal:
Those at Ex-Im who have abused the public trust must be pursued to the full extent of the law. But it may be that the best way to mend Ex-Im is to end it. Here’s why.
One of the biggest challenges America faces is sluggish economic growth. This is complicated by an absurdly complex tax code, which is riddled with lobbyist-driven loopholes and saddled with the highest corporate tax rate in the developed world. The ever-expanding federal debt—fueled by ever-rising federal spending—is another major challenge, particularly because we can’t grow our way out of this $18 trillion hole. A third challenge is an explosion of new regulations, thanks to ObamaCare, the Dodd-Frank law and President Obama’s out-of-control executive branch.
If we want U.S. companies to win in the global marketplace, we have to do three things. First, we need to clean up the tax code, ensuring that corporate taxes are fair, simple and competitive. Today, the top federal corporate tax rate is 35%, one of the highest in the developed world. And that is before you pile on state and local taxes.
Second, we have to begin to retire the federal debt by reducing spending instead of increasing taxes. There is considerable evidence that as the size of a nation’s public debt approaches its annual economic output, growth slows to a crawl. In 2014, according to the Congressional Budget Office, the debt-to-GDP ratio was 74%—and climbing.
Third, we have to make the regulatory system stable and predictable so that it’s easier for U.S. businesses to get off the ground. The Competitive Enterprise Institute estimates that, over the eight years President Obama has been in office, more than 600,000 pages have been added to the Federal Register, Washington’s compilation of regulatory notices. From 2008 to 2011, more American businesses closed their doors than opened them, ending a record of business dynamism that had been in progress for at least 30 years, according to a Brookings Institution study released last year.