Rising energy prices and the current housing crisis have squeezed the middle class, causing our economy to suffer. As the economy slows, Congress should take action that encourages investments and ensures certainty for businesses, industry, and the American taxpayer. While Congress was quick to move on a stimulus package, more should be done to ensure the long-term health of our economy. Pro-growth tax cuts passed in 2001 and 2003 are set to expire. Without certainty, our economy cannot flourish. Yet Congress considered more than $200 billion in tax increases, which I opposed, just last year.
The first priority for Congress should be fiscal discipline. If Congress follows the same path as last year, we will see proposals that increase taxes followed by bills that increase spending. Growing the size of government, increasing taxes, and discouraging investment is the opposite of what our economy needs. Congress should instead consider proposals that reduce spending, lower the deficit, and make the tax cuts passed in 2001 and 2003 permanent before they expire. Expiration will mean tax increases that not only affect job creation and growth, but will also reach deep into the pockets of middle class families. Congress needs to provide permanent relief for all taxpayers.
Next, the high price of oil and natural gas has had a stifling effect on our economy. Our country needs a realistic, long-term energy policy that develops the current resources we have while looking toward new alternatives for the future. I support the development of alternative and renewable fuel sources for both vehicles and electricity production, but we must make this transition wisely. Putting all of our efforts into just one source - be it natural gas, coal, geothermal, wind or solar energy - would be irresponsible and unrealistic. Instead, we have to consider the big picture and how to provide for the growing energy needs of our families, our businesses and our economy for decades into the future. Congress should support a long-term energy plan that responsibly meets our current needs and also plans for our future.
Finally, this country is facing an historic crisis in our housing market, and unfortunately Nevada has been leading the nation in foreclosures. The mortgage crisis has hit Clark County particularly hard. Nearly one in 20 homes is in foreclosure. In Washoe County, 14 percent of the area's active homes for sale in December were bank-owned. Statewide 3.4 percent of all homes - three times the national average - went into foreclosure in 2007. I was recently named to the House Financial Services Committee, which oversees the mortgage industry in our country. Congress should work to correct the abuses in the lending market without over-regulating or impeding future investment. Home ownership is a part of the American dream, and we need to rebuild consumer confidence in lending institutions and put an end to predatory abuses in the industry.
Under the current leadership of this Congress our economy has faltered, our cost of living has increased, and our long-term energy security needs remain unmet. Congress should be embracing pro-growth policies that encourage investment and keep more money in the pockets of the American taxpayer. Until energy and job security become a real priority for this Congress, the long-term health of our economy will remain in doubt. While some legislative action has taken place, more work needs to be done. I will continue to support pro-growth policies that promote a strong economy and help middle class families prosper.
• Congressman Dean Heller is a native of Carson City. He previously was an assemblyman in the Nevada Legislature and the Nevada Secretary of State.