In August 2009, President Obama said that “you don’t raise taxes in a recession.” We couldn't agree with this statement more, especially considering that our economy remains stalled in recession and millions of Americans remain out of work. Yet despite his previous statements, the President and his party continue to demand tax increases on working families and small businesses that we are counting on to create jobs. That sort of approach is simply counter-intuitive and will only make the jobs and economic situation worse. House Republicans will protect small businesses and working families against ANY tax increases. Period.
Today In History: In 1804, in a duel held in Weehawken, New Jersey, Vice President Aaron Burr fatally shoots his long-time political antagonist Alexander Hamilton. Hamilton, a leading Federalist and the chief architect of America's political economy, died the following day.
Birthdays: John Quincy Adams, Richie Sambora, Debbe Dunning, Chris Cooley and Al MacInnis Yesterday: Ronnie James Dio
Here is what’s in today’s Ledger ...
State Of Play: President Obama, Democrats Continue To Demand Tax Increases On Working Families and Small Businesses
Flashback 2009: President Obama – You Don’t Raise Taxes In A Recession. In August 2009, on a visit to Elkhart, Indiana to tout his stimulus plan, Obama sat down for an interview with NBC’s Chuck Todd, and was conveyed a simple request from Elkhart resident Scott Ferguson: “Explain how raising taxes on anyone during a deep recession is going to help with the economy.” Obama agreed with Ferguson’s premise – raising taxes in a recession is a bad idea. “First of all, he’s right. Normally, you don’t raise taxes in a recession, which is why we haven’t and why we’ve instead cut taxes. So I guess what I’d say to Scott is – his economics are right. You don’t raise taxes in a recession. We haven’t raised taxes in a recession.” The Weekly Standard
TODAY: President Obama, Congressional Democrats Continue To Insist On Raising Taxes On Working Families and Small Business By A Trillion Dollars. A Democratic official briefed on the talks said Democrats were "on the same page" and still want "a big deal" but that Republicans refused to budge on taxes. The Hill
Unyielding: Cantor Holds The Line, No Tax Hikes. A Democratic official familiar with the session said House Majority Leader Eric Cantor, R-Va., was especially adamant that any deficit reduction package could not contain tax increases and that any new tax revenue would have to be used to pay for other tax benefits. The Associated Press
Reality Check - Whip McCarthy: "I've never found one tax increase that created a job," McCarthy told CNN Chief Political Correspondent Candy Crowley. CNN
Democrats Want To Add Another Trillion Dollars In Tax Increases On Top Of The Tax Hikes They Have Already Put In Place. Starting in 2013, the bill adds an additional 0.9% to the 2.9% Medicare tax for singles who earn more than $200,000 and couples making more than $250,000. ... For first time, the bill also applies Medicare's 2.9% payroll tax rate to investment income, including dividends, interest income and capital gains. Added to the 0.9% payroll surcharge, that means a 3.8-percentage point tax hike on "the rich." Oh, and these new taxes aren't indexed for inflation, so many middle-class families will soon be considered rich and pay the surcharge as their incomes rise past $250,000 due to tax-bracket creep. Remember how the Alternative Minimum Tax was supposed to apply only to a handful of millionaires? ... There are numerous other new taxes in the bill, all adding up to some $438 billion in new revenue over 10 years. But even that is understated because by 2019 the annual revenue increase is nearly $90 billion, or $900 billion in the 10 years after that. Yet Mr. Obama wants to add another $1 trillion in new taxes on top of this. The Wall Street Journal
The Obama Economy: President Obama Continues To Make It More Difficult For Small Business To Grow and Hire Workers
Nearly Two-Thirds Of Small Businesses Executives Say They Aren’t Planning To Expand In The Next 12 Months. U.S. labor market could stay sluggish for a while, with small-business executives reluctant to hire amid the murky economic outlook. Almost two-thirds—64%—of small-business executives surveyed said they weren't expecting to add to their payrolls in the next year and another 12% planned to cut jobs, according to a U.S. Chamber of Commerce report to be released Monday. Just 19% said they would expand their work forces. ... More than half of the small-business executives in the June 27-30 survey cited economic uncertainty as the main reason for holding back on hiring. About a third blamed lack of sales, while just 7% pointed to problems getting credit. "I think it's safer to stay on hold and not hire workers," said Harold Jackson, chief executive of Buffalo Supply, a Lafayette, Colo., distributor of high-tech medical equipment used in operating rooms. The Wall Street Journal
The Current Approach Isn’t Working: It’s Time For The President To Stop Talking About Raising Taxes and Adopt A Pro-Growth Agenda. Another distressing jobs report should move the Obama administration and Congress toward a far different approach to putting Americans back to work. What they've tried so far isn't working, and to continue with the same plan risks dropping the nation back into recession. ... By now, coming out of a deep recession, the economy should be minting jobs and the growth rate should be well above 5 percent annually. Instead, it remains below 2 percent, and jobs keep disappearing. The economy is underperforming expectations despite more than $800 billion in stimulus spending aimed specifically at job creation. .... It would certainly be a confidence boost if President Barack Obama and Republican leaders strike a deal to significantly reduce the federal deficit and end Washington's ruinous spending spree. Doing so without increasing the operating costs for job creators would seem essential, given the latest employment numbers. ... Massive government spending has not delivered the results promised. Washington must try a new approach that focuses on creating a climate favorable to private sector job creation and robust economic growth. The Detroit News
President Obama’s Economic Agenda Has Not Only Failed To Put Americans Back To Work, It’s Made It More Difficult For Businesses To Hire. Where are the jobs? Not the stimulus signs, rhetoric about "shovel-ready" economic voodoo or propping-up of an anemic manufacturing sector, but the real jobs? ... Last year, Obama used Pennsylvania's Allentown Metal Works as a backdrop to tout his stimulus and job-creation success. A couple of months later, the plant closed. Vice President Joe Biden told a Pittsburgh crowd that 250,000 to 500,000 jobs would be created each month by the start of last summer. The numbers never even came close. To date, this administration's handling of our economy is a failure. ... The private sector has regained about 30 percent of the manufacturing jobs it lost in the recession -- jobs created despite regulatory policies detrimental to manufacturing's expansion. Add the administration's health-care policies (which drive up the cost of employment by increasing medical insurance costs) and environmental policies (which drive up the price of energy, particularly in Western Pennsylvania, where coal is a major source), and you can see why the private sector is skittish about enlarging payrolls. The Pittsburgh Tribune-Review
Chairman Bachus: The Democrats’ Regulatory Onslaught Is Crushing Private Sector Job Growth. The two primary factors that drive our economy, capital and workforce, will both be harmed by Dodd-Frank. Tucked into the law’s 2,300 pages are 400 regulatory mandates that will be imposed on the private sector. Both financial and nonfinancial businesses will be forced to shift capital from hiring, investments in new equipment and other productive uses to comply with these new rules. ... That high level of uncertainty is the primary roadblock to our recovery. When you add the mountain of new rules required by Dodd-Frank to those of Obamacare, plus the threat of higher taxes caused by Washington’s spending spree, you get an astounding level of apprehension and plunging confidence for employers and their customers. You get uneasiness among banks that flows down to businesses and consumers in the form of tight credit. Politico
Getting To Know The Freshmen
Kevin Yoder: Rep. Kevin Yoder represents Kansas’ 3rd Congressional District which includes Kansas City, the surrounding suburban areas and part of Lawrence that includes the University of Kansas. Kevin is a 5th generation Kansan who grew up on a grain and livestock farm near a small town outside of Hutchinson named none other than Yoder, KS. Kevin attended Hutchison High School where he was a state champion debater. Kevin received both his undergraduate degree and Juris Doctor from the University of Kansas and is a die hard Rock Chalk Jayhawk fan. Kevin ran for State Representative while studying for the Kansas Bar Exam. While serving in the Kansas House, Kevin rose to become chairman of the Appropriations Committee. As chairman, Kevin cut more spending than any budget chairman in Kansas History. Little known fact: Kevin loves desserts and the British Sci Fi cult classic, Dr. Who. (Courtesy Of The Whip's Office)
Off The Beaten Path
ICYMI – Wambach In The 122'
ICYMI – Benches Clear In Boston