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Sen. Cruz: 4% Growth is the Solution
Senator Ted Cruz spoke powerfully about 4% growth in a keynote speech at today's National Review Institute Summit in Washington, DC. Cruz urged that growth is the solution to our country's problems, and argued that every debate over policy in the coming years must "be focused like a laser on economic opportunity."
Discussing the jobs crisis, Cruz asserted that a decade of sustained 4% growth would result in the creation of 10 million new jobs. How about the national debt? A decade of strong growth would raise $3 trillion in new tax revenue. This is more revenue, Cruz noted, than any scheme to raise tax rates on the rich could generate. And 4% growth would raise all boats, lifting approximately 3 million Americans out of poverty in a decade.
Cruz didn't have time to mention all the other benefits of strong growth. But we urge everyone to read our work on this, available here.