GROWING THE ECONOMY
Houston is booming and the American economy is thriving. Low taxes, common-sense regulations, and protecting the Texas oil-and-gas industry has increased prosperity for everyone living in the 7th District.
I was proud to help pass the largest tax cut in American history last year. As a direct result, our economy is thundering, and American dollars stranded offshore are returning to the U.S. in record numbers. Ninety percent of Americans saw an increase in their take-home pay, millions of Americans earned bonuses, the nation’s unemployment rate has dropped, and consumer and business confidence in the economy continues to grow. Recently, the non-partisan Tax Foundation released its latest analysis that the tax cut would create "over 1.44 million new full-time equivalent jobs" in the next seven years. It estimates the Republican tax cut will create at least 121,671 new full-time equivalent jobs in Texas alone.
Texas is abundantly blessed with nearly immeasurable oil and gas reserves, and Texas will be the nation's principal producer of energy for decades to come. America is on the brink of being the world's largest energy exporter, due to the repeal of the oil-export ban, which I strongly supported and spearheaded in the House. Ending our dependence on foreign oil will pay dividends for Texas and Houston. Oil-and-gas jobs are critically important to the economy of the 7th District, and I have been a steadfast champion of creating an energy strategy that supports the industry and creates jobs.
Among our economic engines is the Texas Medical Center. It is the best and largest in the world and is a leader in innovation and research. I’ll will always fight to protect it, and I will continue to be a zealous advocate for increasing national investment in medical and scientific research. Breakthroughs in these areas are vital to the economic and technological challenges we face in the 21st century.