A Plan For Job Creation
Dear Friend,
This week marks the one-year anniversary of the Obama Administration's "Recovery Summer," which was designed to tout the success of the trillion-dollar stimulus bill that was supposed to keep unemployment under eight percent and create millions of jobs. The continued struggles in our local communities make it clear that last summer's 'victory lap' was premature. Unemployment throughout our communities remains high, and the national unemployment rate has persisted above eight percent for 28 straight months. Gas prices in our communities remain at or near $4 per gallon, and I continue to hear personal stories from constituents of their struggles to find work. Furthermore, reports released this week show a continuing lack of confidence in the economy.
All of these things are indicators of an economy that has not turned around under the Obama Administration's strategy of increased government spending and intervention. Government cannot create the jobs to sustain long-term prosperity; small business owners, innovators and entrepreneurs do – and my colleagues and I have a plan to encourage them to invest, expand and hire. Our Plan for America's Job Creators includes ideas that come directly from local small business owners to help improve the climate for job creation.
First and foremost, we will continue our efforts to get our fiscal house in order. Since taking control of the House, we have made historic spending cuts; taken action to repeal Obamacare and attack the law's 'slush funds'; and passed a 2012 budget that brings overall spending below 2008 levels, just like we promised in the Pledge to America. We must continue to fight to rein in Washington's out-of-control spending, which economists agree is a key way to decrease uncertainty in the business community and encourage job creation.
One of the key components of our plan is tackling government overregulation. According to the Small Business Administration, government regulations are estimated to cost our economy over $1.75 trillion a year. The Obama Administration has continued to pursue new regulations that adversely impact energy and health care costs, as well as reduce access to the credit and capital that small businesses need to expand and hire. Federal agencies should not be allowed to impose more and more job-killing regulations on us without our voice being heard. Our plan would require congressional review and approval of any proposed federal government regulation that will have a significant impact on the economy.
We are also acting to preempt regulations that would harm our local community. I currently have legislation pending that would repeal an already revoked ozone standard that is forcing residents in the Central Valley to pay a $29 million fine. This is just one example of the type of frivolous regulations we're working to get rid of. I am also co-sponsoring legislation to do away with unnecessary government regulations that are contributing to California's man-made drought and will help get water flowing to our local famers again.
Our plan would also reform the tax code to make American companies more competitive. Currently, we have the second highest corporate tax rate in the industrialized world. And while every other industrialized country has lowered its rate over the past two decades, the U.S. has not. In today's global marketplace, it is imperative that our businesses can compete. Our plan would take action to clean up the tax code and make American businesses more competitive by reducing the overall tax rate to no more than 25 percent for businesses and individuals, including small business owners.
Numerous other proposals that would help make our country more competitive and boost innovation and investment to create jobs right here in America are included in our plan. If you're interested in learning about the whole plan, click here to read it.
I would appreciate your feedback and input on how we can improve our business climate and help boost the economy. To share your thoughts now, please answer the following question:
Do you agree that cutting government spending, reducing government regulations and reforming our tax code can help boost our economy and create jobs at home?
Click here to take the survey.
Sincerely,
Congressman Kevin McCarthy