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We can and must do better
Posted on May 07, 2010

The U.S. Labor Department today reported that the national unemployment rate has remained near 10 percent.  This is far from the 8 percent unemployment rate that President Barack Obama promised when he promoted his trillion-dollar, big-government stimulus last February.   Since the big government stimulus has failed to live up to its many promises, it’s time to incentivize growth in the private sector.  As Michael Boskin wrote in The Wall Street Journal yesterday, “President Obama has put tax reform on the agenda, but surprisingly little attention is being paid to fixing the most growth-inhibiting, anticompetitive tax of all: the corporate income tax.  Reducing or eliminating the corporate tax would curtail numerous wasteful tax distortions, boost growth in both the short and long run, increase America's global competitiveness, and raise future wages.”

I introduced the JOBS Act, H.R. 4100, which would drastically cut corporate and investment taxes – taxes that are currently the second highest in the developed world.  By doing this, Congress would ensure that every small business would have more money to hire new employees and create lasting careers.  As Boskin explained, “Reducing taxes on new investment could help strengthen what is a historically slow recovery from such a deep recession. It would also strengthen the economy long-term. American workers would benefit from more jobs in the short run and higher wages in the long run.” 

The good news is American jobs were created last month. However, it will take more than a few hundred thousand jobs a month to put the 15 million people American back to work.  These individuals can not wait any longer.  We need to provide incentives for our nation’s job creator today.  We can and must do better.

Comments
The opinions expressed below are those of their respective authors and do not necessarily represent those of this office.
  • L. Osteen commented on 7/19/2010
    I have a problem with blaming the current economic situation solely on our current President. The problems began long before in previous administrations. I am not a loafing goof-off living off all of the rich folks. I am tired of hearing unemployed people characterized in this way by my representatives when discussing the unemployment "problem." I have worked outside the home for 40 years. I went through college on a scholarship and paid my way through graduate school by teaching and doing part-time work and by working on school holidays. I had a 30 year career that I worked very hard at, and that I loved. I have been unable to get anything except occasional temporary work in my field. I have applied for hundreds of different jobs of every description; I have not received an offer, and have only been called in for a few interviews. I have used up a long-term emergency savings account that was to be for retirement. My retirement accounts have been liquidated. I have had 6 weeks of work for the Census this year (4 weeks in May, 2 weeks in July). This ended today. My mortgage was due last Friday, and has not been paid. My unemployment benefits ended in June. Stop being a partisan politician and help those of us that really need it. I have paid into the system and worked since I was 15 years old. I am now 54, and apparently completely unmarketable in any job field in the Athens area. Without help from unemployment insurance, I have had to cancel my health insurance, and I cannot put gas in my car. Because of losing the little bit of help that I was getting weekly, I can no longer contribute to the economy of this country.
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