The Leader's Ledger

Posted by Brian Patrick on

Good morning,

The latest numbers on jobs and the economy show that we need to act quickly to boost growth and get people back to work. National unemployment is over 9 percent, nearly one-quarter of home mortgages are underwater, gas and food prices continue to rise and our national debt exceeds $14 trillion. That is why House Republicans have offered a robust plan to grow the economy, foster an environment where businesses can grow, and innovators can innovate so that people can back to work. Our Committees are hard at work on legislation that we aim to bring to the floor this summer to boost job creation through common sense solutions that will allow small and large businesses to expand and hire. Meanwhile, the President and his party don't have a single serious plan to create jobs.

Today, President Obama’s Jobs and Competitiveness Council will release the outline of their ideas on jobs – with the backing of GE’s CEO Jeff Immelt. But again, this outline from the newest Obama council only amounts to more talk, and it lacks the force of action. In order to solve our economic challenges, we need to take action to create jobs, not more empty rhetoric. We need action, and we need it now. People are looking for confidence, people are looking for leadership, and people want Washington to finally get serious.

Today In History: In 1966, the Supreme Court hands down its decision in Miranda v. Arizona, establishing the principle that all criminal suspects must be advised of their rights before interrogation. Now considered standard police procedure, "

Birthdays: The Olsen Twins, Ally Sheedy, Tim Allen, and Richard Thomas Yesterday: President George H.W. Bush

Here is what’s in today’s Ledger,

The Obama Economy: President Obama Has Failed To Create An Environment For Job Creation and Economic Growth

David Gregory Shoots Down DNC Chairwoman Debbie Wasserman Schultz’s False Claim That President Obama Turned The Economy Around. To Wasserman Schultz’s statement that Democrats can be trusted on economic matters “because we were able to, under President Obama’s leadership, turn this economy around,” Gregory responded, “Whoa, whoa, let me just stop you there. Clearly, the economy has not been turned around. … Americans don’t believe that’s the case.” Wasserman Schultz pointed to 15 straight months of job growth, a turnaround from an economy that was losing jobs when Obama took office. But Gregory said, “Nobody believes that the pace of job creation is anything close to robust enough.” Politico

In Reality ...

  • President Obama’s Economic Policies Have Failed To Instill The Confidence Necessary For Economic Growth. It’s a cliche — but true — that a huge obstacle to a stronger economic recovery is the lack of confidence in a strong recovery. If consumers and businesses were more confident, they would be spending, hiring and lending more freely. Even a slight relaxation might do wonders for the subpar nature of the expansion, highlighted by May’s meager 54,000 increase in payroll jobs. Instead, we’re deluged with reports suggesting that, because the recession was so deep, it will take many years to regain anything like the pre-crisis prosperity. The Washington Post
  • Friedman: Uncertainty Over Tax Rates, Medicare and Health Care Continue To Undermine Job Growth. Indeed, this mortgage mess just feeds the three other big problems undermining U.S. job growth today: weak aggregate demand, structural impediments and an epidemic of uncertainty about what the future holds for everything from health care to the rate of taxation to Social Security and Medicare spending to the availability of credit to the general direction of the economy ... The New York Times

President Obama’s Green Jobs Push Falls Well Short Of Addressing The Nation’s Job Creation Problem. Nearly three years into Obama's presidency, the White House can't point to much solid evidence that significant numbers of Americans are scoring the green jobs the president has been touting. ... Obama's Council of Economic Advisers suggests 225,000 clean energy jobs were either created or preserved through the third quarter of 2010 ... But those are estimates at best. ... The White House figures 825,000 Americans should be building electric car batteries, retrofitting homes or doing other green collar work by the end of 2012. But that too is an extrapolation. "It's certainly a good thing if those numbers are believable," said Jerry Webman, chief economist at the Oppenheimer Funds. "But they're not a large enough number for the nation or Obama's job creation problem." Politico

Economists Say A Slow Down In Hiring Remains The Greatest Threat To The Economy. The potential for a persistent slowdown in hiring is the biggest threat to the U.S. recovery, according to economists in the latest Wall Street Journal economic forecasting survey, as they sharply cut the number of jobs they projected the economy would create in coming months. "If jobs don't grow fast enough, the recovery will sputter," said economist Nicholas S. Perna of Perna Associates.The Wall Street Journal

  • President Obama’s EPA Readies New Regulations That Will Cost 250,000 Americans Their Jobs. President Obama's jobs council will make its first recommendations today on lifting hiring and strengthening the economy. Too bad the message doesn't seem to be reaching the Administration's regulators, in particular the Environmental Protection Agency. ... The EPA is currently conducting a campaign against coal-fired power and one of its most destructive weapons is a pending regulation to limit mercury and other hazardous air pollutants like dioxins or acid gases that power plants emit. The 946-page rule mandates that utilities install "maximum achievable control technology" under the Clean Air Act—and even by the EPA's lowball estimates, it is the most expensive rule in the agency's history. ... The International Brotherhood of Electrical Workers, normally a White House union ally, says the rule will destroy 50,000 jobs and another 200,000 down the supply chain. That's more jobs lost than if Boeing went bust. The Wall Street Journal

The Road Ahead: Democrats Push For Even More Spending and Job-Crushing Tax Increases

Democrat Continue To Push For Job-Destroying Tax Increases, Despite Republicans Making It Clear They Cannot Pass The House. Biden and House Majority Leader Eric Cantor (R-Va.) have said the group has reached consensus on more than $1 trillion in deficit reductions, but it is only now broach- ing the stickiest issues of taxes and spending caps. Biden and Treasury Secretary Tim Geithner presented various options for increasing revenue ... Cantor has ruled out tax increases and reiterated his stance at the Thursday meeting, arguing that they would hurt job creation, especially given recent data indicating economic growth is slowing. The Hill

Former Obama Economic Adviser Calls For More Of The Very Same Spending He Says Caused The Financial Crisis. The central irony of financial crisis is that while it is caused by too much confidence, borrowing and lending, and spending, it is resolved only by increases in confidence, borrowing and lending, and spending. The Washington Post

Getting To Know The Freshmen

Stephen Fincher: Rep. Stephen Fincher represents the 8th District of Tennessee. At the age of nine, Stephen joined the singing ministry started by his grandmother, "The Fincher Family". The Finchers sing at over 100 events annually, including church events, weddings, funerals and benefit events for various community, civic and charitable causes. The Finchers have performed at over 2,000 community events in the last decade or so, almost all in the Eighth Congressional District. Stephen and his wife of 19 years, Lynn, have three children: John Austin, 14; Noah, 11; and Sarah, 7. They live in the Frog Jump community near Halls and are active in Archer's Chapel Methodist Church. (Courtesy of The Whip’s Office)

Off The Beaten Path

Old and Busted: Bull Fighting New Hotness: Lion Fighting – TIME

If You Haven’t Started Watching Game Of Thrones ... There’s Still Time!!! – HBO

Today’s Feel Good Animal Pic – The Associated Press

The Schedule

On Monday, the House will meet at 2:00 p.m. for legislative business. Votes will be postponed until 6:30 p.m.

  • One Minute Speeches
  • Continue Consideration of H.R. 2055 - The Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, 2012 (Open Rule) 
(Sponsored by Rep. John Culberson / Appropriations Committee)
  • The rule provides for no further general debate and makes in order any amendment offered that complies with the House rules.

GOP Health Care Reforms