By U.S. Senator Deb Fischer

** Click here to download the audio recording of this week’s column** 

Parents worry. It’s a fact of life. Every day, we worry about the safety and happiness of our children. But more and more, parents in Nebraska and across our country are worrying about whether their children will have the same opportunities as previous generations.

Unfortunately, the state of the American economy today gives us all good cause for concern. Nearly seven years into the economic recovery, we are not recovering quickly enough. 

In fact, Americans are slogging through the slowest recovery since the early 1960s. By way of reference, in 1961, John F. Kennedy was president, a gallon of gas cost 31 cents, and a McDonald’s hamburger cost 15 cents. 

In every economic recovery since those days, the American economy grew an average of 3.7 percent per year. Since 2009, growth has averaged a mere 2.1 percent per year.

This year, it slowed to just one percent.

The share of Americans in the workforce has also fallen, now below 63 percent. That is nearly three percentage points below where we were when the current recovery began. During the past eight years, expensive and burdensome regulations have multiplied. According to the Joint Economic Committee, federal regulations now cost an estimated $1.9 trillion per year, more than $15,000 for each American household.

These numbers are worth worrying about, but there is another, even more alarming figure: America’s national debt is a staggering $19.5 trillion.

These numbers paint a dark picture, but there is some good news. We still have time to change course. In the Senate, I have worked with my colleagues to reduce wasteful spending and burdensome regulations in several important ways. 

In 2015, I introduced the Grants Oversight and New Efficiency, or GONE, Act. This bill, which was signed into law in January, will save millions of dollars by closing expired grant accounts and increasing oversight over federal grant programs. It’s a simple but prudent step. 

I have also introduced and pushed for votes on several waste-cutting amendments during the appropriations process, including one to wind down the Advanced Technology Vehicles Manufacturing Loan Program, an outdated and ineffective stimulus-era program.

I also believe the American people are tired of the uncertainty created by annual end-of-year omnibus spending bills, which is why I am an original cosponsor of Georgia Senator Johnny Isakson’s Biennial Budgeting and Appropriations Act. By transitioning to a two-year budget cycle, we can provide certainty for federal agencies and time for lawmakers to conduct oversight to ensure taxpayer dollars are spent efficiently and effectively.

Now, reducing the national debt does not mean we stop investing. It simply means we make smarter choices. Just as we need to prioritize projects like our national defense and public safety, we must also invest in infrastructure to promote commerce and strengthen our economic outlook.

Last year, I was proud to be a leader on the long-term highway bill. This legislation, which was signed into law in December 2015, will provide much-needed certainty for states, businesses, families, and the travelling public. In that same vein, this fall, the Senate passed the Water Resources Development Act. This bill is another key infrastructure policy that will enable our economy to grow by eliminating unnecessary regulations and modernizing our ports and inland waterways. In both cases, by prioritizing our infrastructure, we are investing in our economy’s ability to grow. In each effort, I worked closely with concerned Nebraskans to make sure we addressed the specific needs of our state.

There is one last thing we can do to ensure a healthier, more hopeful economic future: keep government, and its excessive regulations, out of the way. If we do this, we can unleash the fundamental creativity of the American people. We can encourage entrepreneurs and innovators, like those who have made Nebraska part of the new “Silicon Prairie,” to pursue their passions, create jobs, and provide vital goods and services.

If we make responsible choices now, we can provide our children with a hopeful future. This is something with which parents across our country can all agree. 

Thank you for participating in the democratic process. I look forward to visiting with you again next week.