THE

HOVDE ECONOMIC PLAN

Protecting the American Dream

Political Outsider. Economic Ex4er5.

America is heading toward an economic collapse

Reckless spending from both Democrats and Republicans has brought the American economy to its knees. The United States is heading toward an economic cliff, and if we dont immediately change course our nation will suffer a nancial collapse far greater than what weve seen across Europe. America borrows almost 40 cents of every dollar it spends; we have more than 100 percent debt to GDP; and the Federal Government accounts for 24 percent of our nations Gross Domestic Product. Our economic growth rate is an anemic two percentwhich is just half the level of most post-recession recoveries, and the unemployment rate sits at 8.2 percent. Worse yet, the real unemployment rate (U-6 rate) is 14.8 percent. Now, the Congressional Budget Ofce has estimated that our Debt will be double our GDP by 2037 (CBO, 6/2012). Simply put, the path we are on is unsustainable. Career politicians from both parties who care more about getting reelected than they do securing our nations future got us into this mess, and now it is time to make the difcult and responsible decisions. We need to elect citizen legislators from the private sector who understand the economy and who know how to balance a budget and sign the front side of a paycheck. Time is running outbut if we act now, we can still right Americas nancial ship. Getting our nations scal house in order is not going to be easy. It will require shared sacrice and the courage to make the tough decisions that are necessary to put us back on track. In order to protect the American Dream for our children and grandchildren, we must all band together to do whats right for the future of our nation.

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Protecting the American Dream

Eric Hovdes Eight-Point Economic Plan

1. Defeat the Debt and Balance the Budget 2. Reform the Tax Code 3. Deregulate our Economy 4. Reform the Federal Reserve 5. Reform Financial Services Industry 6. Repeal and Replace ObamaCare 7. Achieve Real Energy Independence 8. End Crony Capitalism

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A PLAN FOR PROTECTING THE DREAM

Defeat the Debt and Balance the Budget America is heading toward a nancial cliff and if we dont immediately change course, we will suffer an economic collapse. Bring government spending back to 2007 levelsthe time just before the crazy stimulus and bailout nonsense started Reform the federal government from the bottom up by asking three questions of the more than 1,300 government agencies: Is the mission of each agency still relevant? Is the role of any agency being duplicated? Is each agency acting in a cost efcient manner? Reform Entitlementsensuring that Medicare, Medicaid and Social Security still exist for future generations Pass a Balanced Budget Amendment that forces government to live within its means Reform the Tax Code It has been proven time and time again that we cannot tax our way to prosperity. Lower tax rates across the board 25 percent corporate tax rate 10 and 25 percent individual tax rates Eliminate all corporate welfare and handouts to special interestsit distorts our free-market system and stacks the deck against small and medium-sized businesses Simplify the tax codebecause Americans spend between $160 and $300 Billion each year on tax preparation Rein in the IRSthe governments biggest bureaucracy is out of control and needs to be reformed Deregulate our Economy The private sector creates jobsnot government. What the government can and should do is promote progrowth policies, and that requires getting Washington out of the way and cutting through bureaucratic red tape. Eliminate burdensome regulations that are stunting growth and stiing job creation 46 percent of small businesses are not hiring due to government regulations (Wells Fargo/Gallup Poll 2/2012) Regulations cost over $1 Trillion in 2011 (Competitive Enterprise Institute) Enforce common-sense regulations that already exist instead of imposing a litany of new ones Pass Senator Ron Johnsons regulation moratorium legislationRegulation Moratorium and Job Preservation Act Reform the Financial Services Industry The toxic relationship between Wall Street and Washington continues, and the Too Big To Fail mentality has been embedded into law by President Obama and Democrats in Congress. End Too Big To Fail mentalityif its too big to fail, its too big to exist Repeal Dodd-Frankmassive government failure that has embedded too big to fail into law Create and enforce uniform standards in the banking industry in order to level the playing eld for regional and community banks Force all derivative contracts to be traded on exchanges

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A PLAN FOR PROTECTING THE DREAM

Reform the Federal Reserve (FED) The FED purchased 61 percent of Treasury Debt issued in 2011. This is devaluing the dollar and causing the price of our basic necessities to rise dramatically. Regularly audit the FEDreview the advisory councils of the FED End the dual mandateit is absurd to task the FED with job creation Stop Quantitative Easing/Money Printingit is devaluing the dollar and driving up the price of our basic necessities Change the make-up of the FEDs Boardtoo many academics; not enough business people with real world, practical experience Repeal and Replace ObamaCare The health care sector has had the highest rate of ination over the last 30 years due to increasing government involvement. Promote private sector solutions because it makes no sense to increase the governments role in our health care system State and federal government control nearly 60 percent of the health care economy (Congressman Paul Ryan, 5/2009) Achieve a consumer-driven, free-market approach to health care that is needed because power over medical decisions belongs in the hands of consumers Institute tort reform Institute a Premium Support System for low-income consumers Achieve Real Energy Independence Achieving true energy independence will create thousands of American jobs and help bolster our economic recovery. End the transfer of wealth to countries that oppose our interests In 2011, 59.4 percent ($392 Billion) of the U.S. trade decit was due to oil imports End the moratorium on domestic drilling on public lands Build the Keystone XL Pipeline Immediately utilize our untapped resources, which include: More than 1.5 trillion barrels of oil (six times more than Saudi Arabia) More than half the worlds oil shale supply Nearly 100-year supply of natural gasadopt portions of the T. Boone Pickens plan, such as a natural gas trucking eet End Crony Capitalism We must break the cycle of back room deals and special favors in Washington that is bankrupting our country and corrupting our political system. Reduce the size and scope of big government that has allowed crony capitalism to thrive Eliminate all corporate welfare and handouts to special interests End earmarksspecial projects are helping bankrupt our country Rein in unwieldy government contracts Stop loan guarantees that are used as favors for political contributionsSolyndra received $535 Million in loan guarantees after its owner contributed to the Obama campaign Reform government rule making authoritysweetheart deals stack the deck against small businesses trying to make ends meet

For more infor<ation on Erics plan to get America back on tAack, visit www.EricForSenate.com
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