With the news Wednesday morning that the economy shrank by 2.9 percent in the first three months of 2014, Sen. Marco Rubio, R-Fla., tackled issues he believes will help turn those numbers around.

"First, we need modern reforms to our anti-poverty laws," Rubio said. "I've proposed replacing the flawed existing earned income tax credit with a wage enhancement credit."

Rubio said Wednesday at the Kirby Center at Hillsdale College that he was encouraged by President Obama's appearance at the Working Families Summit earlier this week but says more needs to be done.

"The ideas he offered are more symbolic than they are substantive," Rubio said of Obama.

Rubio is proposing changes that include boosting per-child tax credits and eliminating the Affordable Care Act. The Florida Senator also argued that something needs to be done with the rising issue of student loans and retirement.