Category Archives: job creation

Stimulus 2.0

This column originally appeared at US Daily Review.

As I mentioned here on US Daily Review last week in my column titled “Avoiding The “S” Word“, Stimulus II, the son of the first stimulus disaster was indeed presented Monday by the current President. The so-called American Jobs Act is more of the same. This is not surprising from a failed President, and a man who had never created a job or balanced a budget prior to or during his reign as President, unless it was with taxpayer dollars.

What the current President has done is created a plan that would take money from the people, and from the “big, bad evil” corporations, and put it toward government jobs. The current President has chosen to increase taxes on business and close so-called loopholes, rather that freeing up much needed capital so that American businesses can build bigger and hire more. I understand the President not wanting to go with the latter plan, that would not create enough votes for his re-election campaign. A plan where he creates government jobs and takes money from the business community, well that helps with his anti-capitalist base.

View this chart and see for yourself:

In Tuesday’s Wall Street Journal, House Majority Leader Eric Cantor had this to say about the current President’s plan, “Anything that is akin to a stimulus bill is not going to be acceptable,” he said. “Over half of the total dollar amount is so called stimulus spending. We have been there, done that. The country cannot afford more spending like a stimulus bill.”

As I have suggested before, if the current President were serious about job creation, the first two things he would do to address the high unemployment rate would be to reduce job-killing regulations and cut job-killing tax rates. Instead, the current President opts for more job-killing regulations, more job-killing tax increases and more government spending.

When the current President gave his campaign speech during a joint session of congress last week, he kept repeating, “pass this bill right away”. This was an obvious attempt to show leadership from a President who has not been able to do so in any other way after 32 leaderless months in office. His bill that he wanted passed right away, is more of the same, as Majority Leader Cantor said, it is more of the same, it is more of what has already failed.

The Wall Street Journal also pointed out today, “The White House says the tax changes would take effect in 2013 and estimates they would raise $467 billion in additional revenue over 10 years.”  So if you are one of the many unemployed Americans, don’t worry, Obama’s so-called jobs plan will be put into effect in just 15 short months, be sure to go to the current President’s website and signup for emails on progress of that “plan”.

It was amazing to watch and think during the Republican presidential debate last night, that any one of the people on that stage, will do more for America and job creation as President-Elect in November and December of 2012, than the current President has actually done while in office. We just have to hope that the Hopers and Changers who find themselves unemployed this go-round will be on the side of capitalism and free markets, and not on the side of government funded, government mandated attempts at job creation.

Hopefully Stimulus II is DOA.  It is worth noting that the bill itself is not designed to gain passage. It serves two purposes: It is something the current President can say he presented to congress; and hen congress does not pass the bill as is, the current President has a campaign weapon.

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Filed under employment, eric cantor, free market, job creation, jobs, obama

Job promotion need not cost a lot

This column originally appeared in the The Columbus Dispatch.

By Thomas J. Donohue

It seems like every politician in Washington has a jobs plan these days — or is at least promising one. While the focus is welcome, Americans are right to question whether the ideas are sound and whether all the talk will translate into action. At the U.S. Chamber of Commerce, we believe the time for rhetoric has come and gone. Twenty-five million Americans are unemployed, underemployed, have given up looking for work or are brand new in the workforce and can’t find jobs. They deserve to hear detailed, common-sense ideas that will at least jump-start job creation. What they aren’t interested in are empty promises or temporary, artificial government jobs that won’t last but will add to the deficit.

There are some practical, private-sector ideas that can be quickly turned into action. We’ve put them together into a plan we’re sending to the president and every member of Congress:

• Expand trade and global commerce. Congress has the tools to open new markets and create new American jobs by passing the pending free-trade agreements with South Korea, Colombia and Panama. Doing so would save 380,000 jobs and create hundreds of thousands of new jobs. The administration can immediately modernize export controls, allowing U.S. businesses to expand trade to the tune of 340,000 new jobs. We must also complete a Trans-Pacific Partnership and initiate trade talks with the European Union to spur U.S. exports to global economies. Congress can take immediate steps to safeguard 19 million intellectual-property-related jobs and create new ones by passing a patent-reform bill, along with legislation to shut down rogue websites.

• Produce more American energy. Let American energy workers responsibly develop all sources of domestic energy. By opening up offshore resources, we could create almost 250,000 new jobs. Expanding access to federal lands for oil and gas exploration would add 530,000 new jobs. Development of natural gas in the Marcellus Shale, as well as other resource-rich shale reserves, could generate 116,000 new jobs in Pennsylvania alone by 2020. And approval of the Keystone XL pipeline, connecting Canadian oil fields to refineries in Texas, would support 250,000 energy jobs.

• Speed up infrastructure projects. Passing a multiyear highway bill with adequate funding would enable states and communities to plan projects, hire employees and prevent layoffs. Removing regulatory and permitting obstacles to 351 stalled energy projects would create 1.9 million jobs annually. Eliminating impediments to $250 billion in global private capital for infrastructure projects here at home could create 1.9 million jobs in 10 years.

• Welcome tourists and business visitors. The travel and tourism sector already accounts for $700 billion in revenues and 7.4 million American jobs. We can create 1.3 million more jobs by 2020 just by restoring the U.S. share of the travel market to its 2000 level. We can do so by removing the hassle factor of visiting the United States, expanding the visa waiver program, promoting America as a premier travel destination and reforming the visa application process to ensure consistent, fair and timely procedures without compromising security.

• Streamline permits and provide regulatory certainty and relief. America’s economy and job creators need relief from a staggering amount of new regulations and mandates. The president should issue an executive order prohibiting agencies from issuing discretionary regulations that would have a substantial economic impact — until the economy improves.

• Pass job-creating tax incentives. Congress should swiftly enact pro-growth tax measures that stimulate business expansion without adding to the deficit. A repatriation holiday — reducing taxes on profits earned overseas — could bring at least $1 trillion back to America, creating 2.9 million jobs over two years of implementation. Congress should also temporarily reduce the capital-gains tax rate to help companies restore their balance sheets and free up cash for investment and hiring.

Timely action could significantly ease uncertainty, get existing capital off the sidelines, spur business and consumer activity and create American jobs — without adding to the deficit.

Now that Congress and the president are back in Washington, they must get to work so the 25 million Americans who are unemployed or underemployed can find work. Join us — and our network of three million businesses — in urging lawmakers to act now.

Thomas J. Donohue is the president and CEO of the U.S. Chamber of Commerce.

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Filed under chamber of commerce, economy, gongress, job creation, jobs

>The WSJ This Weekend

>Opening up the Weekend Edition of the WSJ today was quite an experience. There were many great articles. I will highlight a few here.

For GOP, No Experience Is No Problem: link

Peggy Noonan: Question Time Isn’t The Answer: link

Interesting proposals here. Noonan is right, this won’t happen here, but something that creates a better dialog is needed.

This might tend to produce fewer omnibus bills. “You expect me to know and talk about what’s in that? It’s 2,000 pages! Cut it down to 20 and give it a new name.”

Opinions Split on Job Creation: link

Pat Moynihan’s Tax Lessons for the States: link

If you’ve ever read and appreciated Moynihan’s late 60’s book Maximum Feasible Misunderstanding, you’ll appreciate this artlce.

‘A Wasted Opportunity’
WellPoint’s CEO on ObamaCare’s mistakes and how to pick up the political pieces.: link

It’s hard to see how WellPoint could be to blame for surging health spending, Mrs. Braly says, when 85 cents out of every premium dollar or more “is paid out in the actual cost of care, doctors, hospitals, suppliers, drugs, devices.” Confiscating the 2009 profits of the entire insurance industry would pay for two days of U.S. health care.

FedEx CEO Frederick W. Smith: One Simple Way To Create Jobs: link

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Filed under fedex, job creation, moynihan, peggy noonan, wall street journal, wsj.com