With the official unemployment rate at 10% and the real unemployment rate over 18% (accounting for people who can only find part-time employment or have given up looking for work), it's clear that job creation should be the country's top priority. That is why I firmly believe we need additional economic stimulus. But this time we need to do it the right way.

Here are three steps we can take that will move the economy forward without increasing the federal budget deficit. These steps will also dramatically reduce our trade...