Lowden Economic Recovery Plan
Creating Real Jobs for Real People
Restoring Financial Security to Nevadans

In order to get our economy back on track so that we can create real, private sector jobs, America must borrow less, spend less and tax less.  My economic recovery plan is guided by a few basic principles:

1)    When a government job is created, a private sector job is destroyed via higher taxes on job-providers,
2)    We cannot continue to borrow money to support government spending because we only destroy the prosperity for future generations, and
3)    Increased taxes reduce the funds available for all private sector investment – which is solely responsible for real job creation.

Nevada has one of the highest unemployment rates in America and we have the highest home foreclosure rate of all 50 states.  Failed policies from Washington have only made our recession worse for working families and retirees.  It is time for a real economic recovery plan – one that places control back into the hands of those who can best create real, short and long-term economic stimulus – the Nevada taxpayers.

Harry Reid believes that big government is better capable of creating jobs than ordinary Nevadans.  He believes that we are not to be trusted with our own money, so he takes more of it to spend on wasteful, ineffective government programs and taxpayer-funded bribes to buy votes from fellow senators.  It is shameful that Harry Reid has used his position of power to waste our precious tax dollars in such a way.

Nevadans want solutions that will work.  Nevadans want jobs and the stability that long-lasting employment and careers can provide a family.  Therefore, as we begin this election year, I am proud to provide my economic plan for Nevada so that voters will see a clear contrast between my plan and the plan Harry Reid has been carelessly executing over the past year.

1) Immediate and permanent tax relief. The best way to immediately stimulate our economy is to leave the money in Nevada – in the hands of hardworking taxpayers – and quit sending so much of our money to Washington where it is squandered.  As your United States Senator, I will immediately work to:

• Cut the business tax on American job providers.  Too many businesses and the jobs they provide have fled America to go overseas – where companies can find a friendlier tax and regulatory climate.  We live in a global economy today and that is not going to change.  We can either acknowledge this simple fact and begin to compete, or we can continue to lose leading industries and businesses – and the good jobs they provide – to countries like China, India and Ireland.Our corporate tax rate of 35 percent should be cut immediately – and it should be done so permanently – so that businesses have the stability and predictability they need in order to reinvest in America and in American job creation.  If I am elected to the U.S. Senate, I will work with others to try and reduce this tax to 15 percent.

• Cut the payroll tax. It is only common sense to me and so many Nevadans that we must encourage job creation and economic growth.  You do not accomplish this important goal by penalizing job creation – by way of excessive payroll taxes.  People in Nevada are hurting for jobs, and I have no doubt that if companies had the money to hire and to expand – they would.  Every business owner wants the ability to make a profit, compete and grow their business.  Our government should be encouraging companies to not only retain their current workforce, but to create new jobs, as well.  We have no choice.

• Work to eliminate the Capital Gains Tax. Nevadans and taxpayers from all over America work hard to earn a paycheck and a living.  We expect an honest day’s pay for an honest day’s work – and we also anticipate having to pay taxes to fund essential functions of government.  When we have earned our money and paid taxes … we then decide to risk what we have left on a home, a business, some land, or the market, it is simply not fair for the federal government to take more – especially after we have already paid taxes on those dollars earned.

Our free market is based on the concept of economic freedom – and allowing Americans to invest their money as they wish.  Harry Reid and his Washington allies believe that the federal government needs to put their hands back into our pockets after we have already earned money, paid our taxes and choose to invest those dollars at our own risk.  If we want to encourage investment, which ultimately provides economic strength, vitality and jobs, we must not penalize taxpayers with an additional, burdensome Capital Gains Tax.

• Permanent Repeal of the Death Tax. When hardworking Nevadans have spent their entire lives building their American dream into a reality, with a family, a home, a farm or a business, they should be able to pass down to future generations the fruits of their labor.  Keep in mind, these dollars have already been earned and they have already been taxed.  It is unfair, and frankly, un-American, to deprive families from passing down their assets from generation to generation simply because they cannot afford the heavy tax burden created by the Death Tax.The Death Tax has been phased out for this year (2010) – but it kicks back in on New Year’s Day in 2011, forcing some families to surrender up to 55 percent of their money to the federal government.  As your U.S. Senator, I will fight for permanent repeal of the Death Tax.  If it is not fair on our working families in 2010, why is it fair for 2011 or any other year?

2) Long-term job creation for hardworking Nevadans.  With a 13.7% unemployment rate – near the highest in the nation – the Silver State cannot afford any more of Harry Reid’s disastrous big-government “solutions.”  We need real results for the real problems we face.  Once elected, I will immediately work to:

• Diversify our energy resources. Today, with alternative energies such as wind, solar, and geothermal, we possess the power to become more energy-self sufficient than ever before.  We could significantly reduce our dependence on unstable and hostile countries in the Middle East if we effectively and efficiently develop our own energy right here in America.  I am not talking about a quick-fix; this is not about short term relief at the expense of a comprehensive, long-term solution.

I am committed to the dependable, affordable, and environmentally clean production of energy for America’s future.  I am committed to an energy policy that enhances our economic and national security – and one that includes development of all sources of energy – renewable energy, nuclear, natural gas, clean coal and domestic oil production, and any other forms of energy that can become economically viable and affordable to consumers.  I am also committed to creating good jobs for hardworking Nevadans.  We can do all of this by investing in modern energy technology right here at home, plain and simple.

Finally, I will strongly fight any efforts to impose Cap-and-Trade legislation on American consumers.  The last thing Nevada families need right now is an energy policy that causes power rates to skyrocket and places our American job-providers at a significant disadvantage to our global competitors.  Cap-and-Trade in America, as advocated by Harry Reid, will permanently cripple our economy, kill jobs and force businesses to move out of our country for good.

• Encourage innovation and investment in new industries. From the automobile to the iPhone, America has led the world in innovation and technology for generations.  Whether it is research programs at some of our top universities or simply a determined individual with a vision, Americans have a remarkable can-do spirit.  And it is this spirit that will allow us to restore financial security and peace of mind for us and for our children.

But we cannot just sit back and wait for emerging industries to come to Nevada.  The Silver State has global appeal, so we must aggressively pursue new investments and technology, through comprehensive tax reform and an educated workforce – not more bloated bailouts and government takeovers.  Under Harry Reid’s failed leadership, Nevada now faces unprecedented challenges.  However, I know we can harness the innovation, imagination, and ingenuity of Nevadans to not only meet our challenges, but rise far above them.

Local agencies – such as the Nevada Development Authority and the Economic Development Authority of Western Nevada, among others – are tirelessly working to recruit entirely new businesses and industries to Nevada.  I support their mission and I will work as a tireless advocate for Nevada and our friendly tax base.  I will not threaten specific industries with higher taxes and onerous federal regulations – picking winners and losers of private sector job creators – simply for political gain.

• Protect and preserve Nevada’s signature industries. In today’s economy, it is important to look for ways to expand and diversify our job market, but it is equally important that we not lose what we’ve created.  Our tourism, mining, agriculture and manufacturing industries have created countless jobs and prosperity for Nevada families.  They continue to this very day.  Government must not discourage these industries from continuing to prosper and invest their capital, labor and talents into Nevada’s future.

• Enact real and meaningful lawsuit reform. Finally, I will work towards lawsuit reform so that junk lawsuits don’t continue to threaten economic development, diversification and freedom.  Small businesses already have to spend too much money on accountants to help them understand a complicated and onerous tax code.  With such a litigious society, we make it even more expensive for job-providers by forcing them to hire attorneys to either protect against or defend frivolous lawsuits.  All of this money could be better utilized to hire additional employees and purchase equipment – both of which stimulate our economy.

Finally, when elected leaders threaten our largest economic industries, we need a senator who won’t sit on their hands and remain quiet.  If a President or any other elected leader, no matter what political party they belong to, threatens people by telling them to avoid traveling to our state, I will be the first to call them out.  This occurred recently and Harry Reid said nothing – and Nevada’s economy suffered significantly for it.

3)  Accountable and transparent government spending. Enough of taxpayer-funded bailouts, backroom deals, taxpayer-funded bribes and misguided, expensive and ineffective policies.  Overspending and overreaching in Washington has led to record national debt, a weaker dollar, and risky financial exposure to other countries.

We must navigate off this path and pursue a strong dollar policy – one that will protect our families, their budgets and their businesses.  As Ronald Reagan once said, inflation can be the cruelest tax of them all.  We must put an end to Reid’s reckless spending and restore accountability to the budget process.

Ending generational theft is a must.  Our government is stealing from future generations with reckless tax-and-spend policies.  This constitutes a down-payment on future economic disaster.  Harry Reid is recklessly spending money today that we don’t have – only to leave the bill for our kids and grandkids.  It must stop.

Just this past December, Harry Reid led the effort in Congress to raise the debt limit above $12 trillion.  Soon, he will have to raise it above $14 trillion.  That number is so astonishing, it’s hard to say or read.  But we must not turn away in frustration.  We have to stop the spending.  What Harry Reid and his friends in Washington are doing is maxing out our nation’s credit card.  And, instead of doing what’s responsible and paying it down and ultimately paying it off, they are opening a new one and maxing it out, too.  As Washington continues with the reckless spending, they keep asking taxpayers to raise the limits on the federal credit card.  It’s time to say NO and stop the spending.

As your next U.S. Senator, you can be sure that I will:

• Work to significantly reduce the deficits of Reid and Pelosi. In a time when hardworking moms and dads have to watch every penny they spend, shouldn’t we expect the same from Washington?  In most families, if your income goes down, then your spending has to as well.  Why should Washington be any different?Out-of-touch politicians in Washington have clearly lost sight of what it is like to live on a budget, and it is time to send them a reminder.  Every Nevada taxpayer owes more than $110,000 of the national debt, and each day under Harry Reid’s misguided direction, our children are saddled with more debt and more fear for their financial future.  We cannot allow Reid to continue spending away our future prosperity.Now, more than ever, we need to renew our commitment to fiscal restraint and accountability in Washington. That is why I propose that the federal government implement an immediate spending freeze and that all federal departments and agencies cut 5 percent of their spending, except those tasked with protecting our national and homeland security.

• Work to end massive bailouts and sweeping Washington takeovers.  Under Harry Reid’s watch, the federal government has taken over banks, car companies, the student loan program and they run Fannie Mae and Freddie Mac – which got us into our crippling foreclosure crisis.  Now, they are trying to take over health care.   Government exists to help us by funding essential services.  It should seek to do no harm.  Unfortunately, however, Washington has gone too far, and now our nation – and our state – is in greater economic jeopardy than ever.  When will Harry Reid and his followers in Congress learn?

I, for one, do not want to return to the Carter days of high interest rates, high unemployment, and high inflation. Nevada already has the highest home foreclosure rate in the nation, and almost the highest unemployment rate – with a record number of bankruptcies.  The real way to revitalize our economy is not through oppressive regulation and out-of-control spending. Instead, it is through returning to the principles our country was founded upon: individual freedom and opportunity.  That means less government involvement in our daily lives and more personal economic freedom, choice and control.

This is why I strongly supported the recently considered Thune Amendment which would have immediately ended the TARP bailout program, refunded any unspent funds to the treasury to pay down debt and would have required any spent dollars that benefited financial institutions to be refunded to taxpayers – with interest.  Unfortunately, Senator Reid opposed this legislation and it died in the Senate.

• Keep our money in the pockets of those who earned it. It is amazing that when it counts, Harry Reid – supposedly the most powerful Senator in Washington – fails to deliver what Nevada families need most – jobs and economic growth.  Private sector jobs are created when we allow people to keep more of their hard-earned money here in Nevada.  Currently, we are sending too much money to Washington where it is squandered away on wasteful programs, or used to subsidize other states’ programs.

When Paul Laxalt served his final year as our U.S. Senator – in 1986 – Nevadans received 98 cents back for every federal tax dollar we sent to Washington.  Today, after approximately three decades of Harry Reid in Washington and nearly 6 years after he became his party’s leader in the Senate, we only receive 65 cents back for every dollar.  We went from 33rd in federal funding to 49th – all under Harry Reid’s watch.  This is especially significant for a state like Nevada, where the federal government owns and regulates 87 percent of our state.  Some Nevada counties are 98 percent owned and regulated by the federal government, only leaving minimal acres for private property and investment.

If I am elected to the Senate, I will fight to make sure that we send less of our hard-earned money to Washington by reducing our tax burden here at home.  Instead of seeking more from Washington, I will work to see that we can capture more control over our lands from the federal government and how they are managed.  I want to keep our money right where it belongs and is best spent – in the pockets of Nevada’s working families and retirees.

The people of Nevada deserve a leader who will fight for us.  The culture of Washington elitism is not acceptable.  I will be a strong voice for Nevadans in the U.S. Senate.  I will protect our interests and ensure that Nevada’s needs come first in Washington – not the other way around.  It starts by getting government off our backs so we can restore economic growth and freedom for all Nevadans.

America and our state of Nevada share a rich history of being a land of opportunity.  But, if you look at the last eighteen months, you would never know it.  I believe we can do better.  I believe that together, we can revitalize Nevada’s economy by creating our own stimulus, with our own money and our own can-do, entrepreneurial spirit.

Of equal importance, we need the rest of the country to recover from this deep recession, as well.  As a U.S. Senator from Nevada, with my background in the tourism industry, I know how critically important it is for all Americans to have jobs, earn a living and be able to save some money on the side.  Our economy in Nevada relies on businesses and individuals having discretionary funds available so that our convention and tourism industries can flourish.