Highway Restoration Act:
In light of the increase in the gas tax in South Carolina by 12 cents over the next six years, I thought I would update you on a bill I introduced earlier this month on the distribution of our federal gas taxes.
It’s called the Highway Restoration Act of 2017, and it’s meant to direct more money to building and maintaining the roads and bridges we all use. The legislation simply requires that for users of the trust fund to take from the trust fund they must put money into the trust fund.
Click here to read more about it.
Streamlining the Federal Government: It’s remarkable how hard people work to earn a living. That simple precept is too often lost in Washington but has much to do with why government waste bugs people as it does. The people I talk to don’t mind paying for government that’s effective or efficient...but what they well know is much of government is not. As a consequence, they have little interest in paying for more. In this vein, let me highlight two things I have been reviewing with others members of the House Budget Committee as part of the process of building the budget for 2018: improper payments and the so-called "tax gap."
Allow me to explain....
Economic Expansion and 3% Growth: I’d ask that you take a look at the chart below. It’s part of my objection to the president’s budget being based on 3% growth over the next 10 years.
The financial cycle is not dead. We will have a recession again. I believe it will be sooner rather than later, given the fact that we are now in the third-longest economic expansion in American history. The average economic expansion has been 58 months; we are currently at 94 months.
What they are proposing is that we will have another 10 years of uninterrupted economic growth and that we will see 214 months of economic expansion. While I would love for this to occur, I wouldn’t want to build my family budget based on this happening. It would be unprecedented. And any time you’re basing economic projections on recessions disappearing and an uninterrupted economic expansion that defies every record in the history books...I’d say you’re playing with rosy and optimistic assumptions.