CONTRESSMAN URGES STIMULUS FOR U.S. GROWTH; LIBERALS SHOULDN'T PLAY POLITICS WITH ECONOMY

The Highway Law, lowered interest rates, and the extension of limited tax breaks for low and moderate income families have all taken effect in the last month to help spur the economy. However, these initiatives alone are not enough; instead, they are just the beginning. Next week, President Bush will address the nation with his State of the Union message. In that speech, Mr. Bush will unveil an economic growth package that he believes would heal the country's ailing economy.

I am urging the President not to be short-sighted in his remedy. What we Americans need is a long-term answer, not just a quick-fix. The problem has been diagnosed; now is the time for a strategic solution. The following are a few key points that I believe must be included in that growth package.

We need to create an atmosphere that's conducive to future savings and investment, that begins with a tax cut for low and middle-income families. We follow that up with other incentives that provide relief to millions of Americans, such as tax deductible interest in Passbook Savings Accounts and tax credits to first-time homebuyers. Investment Tax Credits are also needed for America's farmers and small businesses; we're the only industrialized nation that does not already have this incentive on the books to induce continued research & development and the upgrade or expansion of existing business conditions.

Another area that needs a change is with Individual Retirement Accounts (IRA's). We must allow all taxpayers full deductibility of their IRA contributions up to $2,000 and other valuable enhancements including penalty-free withdrawals for first-time homebuyers and those who need money for their children's college education or a medical emergency before retirement.

These initiatives I have listed are just the beginning, but they will encourage business and industry to retool, to move forward, and to create more jobs. That's what America and Southern Missourians need a strategy that has results right now as well as additional benefits down the road. By implementing these changes, we are putting some financial incentives in people's pockets so they will begin spending now and investing in the future.

I look forward to playing a part in this process because what is said next Tuesday night will come to Congress for passage. I will close by warning the liberal left not to play politics with the economy. Too many people are already out of work and have turned to us for help. The longer it takes to hammer out a solution, the longer it will be that we see any results. We must not delay on this vitally important issue.