Good morning,

Today, Leader Cantor heads to Lexington, Virginia, where he will address Washington and Lee University’s 2012 Republican Mock Convention. In his address, Leader Cantor will contrast his vision of a “fair shot” with President Obama’s. In the former, a fair shot means equality of opportunity for all Americans and in the latter, a fair shot means equality of outcomes. Leader Cantor will make a call to “encourage more entrepreneurs to start small businesses and provide the environment so risk takers will again take risks. ... And our efforts should be to create an environment to foster job creation. That is why I propose a 20% small business tax cut to help the backbone of our economy - American small business people.” Watch Leader Cantor’s address at Washington and Lee University’s today at 4:00 p.m. EST at www.mockconvention.com.

Today In History: In 2006, celebrated by critics and beloved by its relatively small but devout fan base, the FOX television series Arrested Development aired its last episode.

Birthdays: Rep. Walter Jones, George Stephanopoulos, Robert Wagner, Greg Norman, Glenn Beck, and Jim Cramer Tomorrow: Jennifer Aniston and Rep. Rob Woodall

Here is what’s in today’s Ledger…

 FYI –

Today, when questioned by Majority Leader Cantor on the Social Security Trust Fund, Minority Whip Hoyer defended the Democrat position of raiding the Social Security Trust Fund saying “we will sign the proper IOUs.” The proper IOUs? We’ve heard the story about how IOUs are as good as money, but it wasn’t on the House floor.

Majority Leader Cantor: I asked the gentleman, are you ok with raiding the social security trust fund? Because your response to my question indicated to me that it’s fine for you and your side to say ‘Let’s just raid the social security trust fund, and extend the payroll tax holiday without any pay-fors.’

Minority Whip Steny Hoyer: … I think we have a moral responsibility to make sure that the trust fund is kept whole. And as you well know we will keep it whole. We will sign the proper IOUs so that [the] trust fund is intact.

• Watch The Exchange HERE

Rhetoric:

White House On Drop In Labor Force Participation. Press Secretary Jay Carney: “Well, let’s look at some of the facts, which include that a number -- a large percentage of that is due to younger people getting more education, which in the end is an economic positive. (WH Press Briefing, 2/6/12)

Reality:

Economy Toughest On Young Adults, Study Finds
The Los Angeles Times
Rebecca Trounson
February 9, 2012

As the nation climbs slowly out of the Great Recession, young adults appear to be having the toughest time of any age group gaining a foothold in the recovering economy. Those difficulties, in turn, are shaping their decisions about careers, schooling, marriage and parenthood, according to a new report.

The analysis by the Pew Research Center, released Thursday, examines the effects of the recession on the lives and attitudes of young Americans ages 18 to 34.

"The economy may be improving, but in spite of the recent decline in unemployment, young people are still really struggling," said Kim Parker, associate director of Pew's Social and Demographic Trends Project and a coauthor of the study.

The tough times are forcing changes in young adults' daily lives and in their longer-term plans.

Nearly half say that in recent years they've taken a job they didn't really want, to pay the bills. More than a third have gone back to school because of the poor economy. About a third have postponed either their plans to get married or have a child, and one in four say they have moved back in with their parents after living independently. And fewer than half of young people who are now employed say they have the education and training necessary to get ahead in their jobs.

With government economic data showing a record gap in employment levels between the young and all working-age adults, the Pew survey found that 41% of Americans believe that young adults have been hit harder by the recession than other age groups, while 29% said middle-aged adults have had the toughest time, and 24% said those 65 and older have had the worst of it.

Large majorities of those surveyed also said it was harder for today's young adults to reach basic financial goals that their parents' generation took for granted, including saving for the future, paying for college or buying a home.

Young people themselves are also acutely aware of their struggles, the study showed. Half of those 18 to 34 said their age group has suffered the most because of the nation's weak economy.

Nonetheless, Parker noted that young adults were overwhelmingly upbeat about their futures; nearly 9 in 10 said they either have or earn enough money now, or anticipate that they will later in life.

"We don't know if that's grounded in anything, but that response was one of the things we thought was so interesting," she said. "In spite of all the challenges they're facing, they're still really optimistic about their future."

Pew based the study on data from the U.S. Bureau of Labor Statistics, along with findings from a telephone poll of 2,049 adults interviewed between Dec. 6 and Dec. 19, 2011.
 

Good morning,

Today, the House passed a strengthened and expanded version of the bipartisan STOCK Act to prohibit Members of Congress, federal officials and staff from using nonpublic information for personal gain. As Leader Cantor said on the floor this morning, the STOCK Act “delivers on our promise to uphold the trust of the American people" and he praised Reps. Louise Slaughter and Tim Walz for their hard work to ensure that elected officials abide by the same rules as everyone else. It is now up to the Senate to act quickly to accept this expanded version that received 417 votes in the House and send it to the President for his signature.

Today In History: In 1992, after stunning the world three months earlier with the news he had contracted HIV and was immediately retiring from the Los Angeles Lakers, basketball great Magic Johnson returns to play in the 42nd NBA All-Star game in Orlando, Florida, where the crowd greeted him with a standing ovation and was named the MVP.

Birthdays: Rep Renee Ellmers, Rep. Todd Rokita, Joe Pesci, Carole King, and John Kruk

Here is what’s in today’s Ledger …

• Specifically prohibit Executive and Legislative Branch officials from gaining preferential access to initial public offerings

• Definitively extend the new transaction reporting requirements to all Executive Branch officials who are required to file annual financial disclosures

• Extend the proposed Legislative Branch public disclosure requirements (including making all financial disclosures available online by September 1, 2012) to the Executive Branch

• Extend the current restriction on employment negotiations by senior government officials to the Executive Branch

• Extend the current prohibition on attempting to influence private hiring decisions on the basis of political affiliations to the Executive Branch

• Ensuring the prohibitions on using nonpublic information for private profit extends to all Executive, Legislative, and Judicial Branch officers and employees