Yesterday, the Department of Labor announced that consumer prices rose yet again, putting them 3.6% above the year earlier level. Yet despite continued economic indicators showing that the economy is slowing, neither the Obama Administration nor Senate Democrats have offered a plan to spur economic growth and get people back to work. In contrast, House Republicans have offered a straightforward and robust plan to create jobs and boost economic growth. Our plan will begin to manage down our debt, reduce the uncertainty and impediments in the way of job creators, and foster an environment where businesses can expand and begin hiring again.
This morning, House Republican Leaders and Freshmen Republicans from the Job Creators Caucus spoke at a press conference to mark the one-year anniversary of the Democrats’ so-called “Recovery Summer” to contrast Obama Administration’s failure to produce an economic growth agenda and the Republican plan for job creation. As Chief Deputy Whip Peter Roskam asked, "where is the White House's credibility on the most important issue that we face? When will the White House realize that it is THEIR policies that have to change for businesses to start hiring?"
Today In History: In 1884, the first roller coaster in America opens at Coney Island, in Brooklyn, New York. Known as a switchback railway, it was the brainchild of LaMarcus Thompson, traveled approximately six miles per hour and cost a nickel to ride.
Birthdays: Rep. Robert Hurt, Adam Smith, Roger Neilson, Rick Adelman, Derek Sanderson, The Ultimate Warrior, Steve Larmer, Phil Mickelson, and Kerry Wood
Here is what’s in today’s Ledger ...
Pro-Growth: GOP Plan Will Help Create Jobs & Boost Economic Growth
Duke Energy CEO: Repatriation Would Allow Our Company To Create Up To 20,000 Jobs. Jim Rogers, president and chief executive of Duke Energy Corp. (NYSE: DUK), said Wednesday that his company would return $1.3 billion in profits to the US and use it to help build its work force. ... Rogers said Duke Energy would use repatriated funds to modernize its power generation fleet, which would create 15,000 to 20,000 jobs. “The way I look at this, this is about jobs,” he said. “No question.” WRAL
Democrats Join Republican Efforts To Boost Jobs. The comments today by Democratic Representatives Loretta Sanchez of California and Jared Polis of Colorado could provide new support to a campaign for a repatriation holiday backed by companies including Google Inc. (GOOG), Cisco Systems Inc. (CSCO) and Brown- Forman Corp. House Majority Leader Eric Cantor, a Virginia Republican, has said that Congress should pass a repatriation measure before tackling a broader overhaul of the tax code. Bloomberg
The GOP’s Pro-Growth Plan Will Create Jobs, and Help Reduce The Deficit. Pro-growth policies can dramatically reduce the size of our annual deficits. We need to talk about a growth agenda ... A growth agenda would include business-friendly tax cuts, capital gains or corporate rate, to incentivize businesses to hire more workers and expand investment in new plants and equipment. Politico
The Obama Economy: Despite Dismal Economic Outlook, Dems Still Push For Increasing Taxes
Economic Outlook: More Americans Are Pessimistic Than Optimistic About The Economy For The First Time Since July 2008. Amid jitters over squeezed pocketbooks and a possible second recession, the poll found that only 29% of Americans think the economy will improve over the next year, while 30% think it will worsen. The last time the poll found more pessimists than optimists on the economy was in July 2008. ... Nearly seven in 10 of those polled said they had been affected "a great deal" or "quite a bit" by increased gas prices since the start of the year. ... More than a third of all respondents said their personal economic situation had gotten worse over the last year, while less than one fifth said their situation had improved. The Wall Street Journal
From The NBC News/Wall Street Journal Poll
Dems Push For Higher Taxes That Destroy Jobs and Don’t Bring In More Revenue. All this nostalgia about the good old days of 70% tax rates makes it sound as though only the highest incomes would face higher tax rates. In reality, there were a dozen tax rates between 48% and 70% during the 1970s. Moreover—and this is what Mr. Reich and his friends always fail to mention—the individual income tax actually brought in less revenue when the highest tax rate was 70% to 91% than it did when the highest tax rate was 28%. The Wall Street Journal
ObamaCare Update: Millions Of Americans Face The Reality That They May Not Be Able To Keep Their Insurance They Currently Have
ObamaCare’s Expansion Of Medicaid Will Engulf State Budgets. Medicaid is now the biggest single cost of state governments, according to the National Association of State Budget Officers. On average, states spend 22 percent of their budgets on Medicaid, and the percentage is growing. To save their budgets, governors are asking for relief. The federal government allows states to change things like provider payments and benefits offered. It generally forbids states from restricting eligibility. And Obamacare, when it takes effect, will expand eligibility, costing states even more. ... Obamacare gets its expansion in health care coverage largely by expanding Medicaid. To prevent Medicaid from eating state budgets, governors really need to undo the maintenance-of-effort requirement and Obamacare. Without those changes, Medicaid will be the monster that ate the states — and with them, the taxpayers. The Union Leader
Double Whammy: Millions Of Americans May Be Unable To Keep Their Insurance (As Promised), Sending Costs Of ObamaCare Even Higher. In May 2010, former Congressional Budget Office (CBO) Director Douglas Holtz-Eakin concluded that employers would drop coverage for about 35 million Americans because of ObamaCare. A month later, in June 2010, the National Center for Policy Analysis (NCPA) pegged the number between 87 million to 117 million. And last November, Allisa Meade, a McKinsey analyst, told health-insurance company executives that 80 million to 100 million people might lose their employer-provided health insurance. ... If Mr. Holtz-Eakin is correct that there will be 11 million more people in the exchange, then costs could be nearly 40% higher than the $511 billion price tag. If between 78 million and 87 million people are moved into the exchange, the tab could more than triple. And if NCPA's upper-range estimate is right and 117 million people were dumped into the exchange, ObamaCare would cost nearly $2 trillion more than expected in the first decade alone. Much of this extra expense would come from workers losing their employer-sponsored insurance. The Wall Street Journal
Getting To Know The Freshmen
Patrick Meehan: Rep. Patrick Meehan represents Pennsylvania’s seventh district, just outside the city limits of Philadelphia. He is a former U.S. Attorney and District Attorney. Among his committee assignments, he serves as Chairman of the Homeland Security Subcommittee on Counterterrorism and Intelligence. Pat and his wife Carolyn, a nurse, live in Drexel Hill with their three sons. He enjoys playing golf, reading, and cheering on Philadelphia’s sports teams. Little Known Fact: Pat is a former professional ice hockey referee.
Off The Beaten Path
ESPN Ranks Redskins Second-To-Last Among Big Four Pro Sports Franchises – The Washington Post
Thursday Throwback: Hall and Oates – Private Eyes
The House gaveled in at 9:00 a.m. for legislative business. First and last votes expected: 12:00 - 3:00 p.m.
Postponed Amendment Votes:
Rep. Chellie Pingree Amendment
Rep. Virginia Foxx Amendment
Rep. Ron Kind Amendment
Rep. John Dingell Amendment
Rep. Sheila Jackson Lee Amendment #1
Rep. Chris Gibson Amendment
Rep. Earl Blumenauer Amendment
Rep. Steve King Amendment #1
Rep. Steve King Amendment #2
Rep. Scott Garrett Amendment
Rep. Sheila Jackson Lee Amendment #2
Rep. Steve Scalise Amendment
Rep. Sheila Jackson Lee Amendment #3
Rep. Mazie Hirono Amendment