Pro-growth fiscal and regulatory policies are needed in order to address the problem of inflation. The exact opposite of President Biden's plan to address inflation would be implemented.
President Biden's plan calls for government-driven growth that imposes more regulations and increases government spending on an already volatile economy. One way or the other, the higher federal spending is unsustainable and will burden the economy with an unsustainable increase in the tax burden.
The folly of President Biden's approach is demonstrated by the results of anti-entrepreneur economic policies. The policies enacted by these states make it difficult for entrepreneurs to succeed. They have policies that make it hard to get a business permit and professional license.
Legislation that is already law in California is being pushed by the President when he promotes the PRO Act. Most of the people who work in the gig economy are not able to work as independent contractors because of the reclassified status. It is anti-worker, anti- job, and anti-entrepreneur.
The benefits of the gig economy to the independent contractors who want to be a business of one, but also to the owners of the local shops and companies who have found the right workers is a pressing problem. With multi-talented gig workers free to work on a diverse array of projects, small business owners can more easily find workers who have the skill sets they need, allowing them to better manage their operations.
The job losses and forgone opportunities started to stack up even before the anti-entrepreneurial bill became law. The current and potential gig workers were the most upset by the implementation of the law. Gig workers don't want to work traditional 9-to-5 and wait for the whistle to blow.
Independent workers in many fields harshly criticized state lawmakers for denying them the freedom and flexibility of gig work and held rallies at the State Capitol and across the state. There was broad support for Prop. because of the opposition toAB 5. Drivers and delivery workers weren't included in the regulations. Similar damage would be done at the national level by the PRO act.
Texas takes a lighter tax and regulatory approach. Texas is the best place to start a business. Texas is fourth in the rankings for startup states. Robert Allen, president and CEO of the Texas Economic Development Corporation, says entrepreneurship is a " Texas state of mind."
There is much more to the story. Large economic benefits are created by entrepreneurship.
Texas has a lower percentage of small businesses owned by minorities than Hawaii. Georgia is the first place on a list of the best states for black entrepreneurs. Lifting those at the bottom out of poverty is one of the benefits of minority entrepreneurship. The Hamilton Project believes that entrepreneurship may help close the gender wealth gap.
There is a need for a pro-growth economic response from Washington D.C.