Tomorrow the latest unemployment numbers will be released, and whatever the new numbers show, it is clear our economy is still ailing and the Obama Administration’s policies have failed to promote economic growth and job creation. After briefly backing away from tax increases in the final agreement to increase the nation’s debt limit, President Obama has returned to arguing for raising taxes on working families and small businesses. As we have made clear for months, the House will not agree to tax increases. As Leader Cantor made clear yesterday, speaking with the Wall Street Journal, now is the time for Washington to give confidence to the private sector, so that companies can begin hiring again and people can get back to work.
Today In History: In 2006, "Talladega Nights: The Ballad of Ricky Bobby," an irreverent comedy based in the outlandish world of American stock car racing, premiered in movie theaters around the United States.
Birthdays: President Obama, Bret Baier, Roger Clemens, Alberto Gonzales, Jeff Gordon and Louie Armstrong
Here is what’s in today’s Ledger ...
State Of Play: President Obama Continues To Insist On Raising Taxes
Leader Cantor: With Unemployment At 9.2%, What Economic Theory Validates President Obama’s Desire To Raise Taxes? There was never an agreement that we were going to accept new taxes. I think what all of us would say is we need tax reform, we need to close the loopholes, simplify the code, bring down rates for everybody, and the problem is President Obama has consistently said we need to raise taxes. And it is not just through new growth in this economy. I can tell you having sat through three months of discussions on this issue with the Administration, it is their position that we need to impose higher taxes on many of the small businesses in this country. ... You have to ask, what is the economic theory that validates a position that says you should impose higher taxes right now when you have 9.2 percent unemployment - that is the official rate - when you have terrible job numbers and manufacturing numbers, and you have the new consumer spending numbers that are down?” Fox News’ Your World With Neil Cavuto
Leader Cantor: President Obama Is “In Over His Head” On The Economy. President Barack Obama is “in over his head” when it comes to tackling the country’s economic troubles, House Majority Leader Eric Cantor said Wednesday. The president has not run a business or created jobs and has proven himself ill-suited to put the economy back on track, the Virginia Republican said in a midday interview on The Wall Street Journal’s website with opinion columnist Peggy Noonan and editor James Freeman. “I think, frankly, he’s in over his head as to what to do about this economy,” Cantor said. Politico
- Cantor: The President “Just Doesn’t Get It.” Rep. Eric Cantor (R., Va.) tells National Review Online that President Obama’s negotiating style leaves much to be desired. “He’s overly sensitive to someone differing with him on policy grounds,” Cantor says. And he’s isn’t persuasive. “There’s never any sort of economic argument that he can make for his position. It always reverts to that social-justice end,” Cantor argues. Not that Obama uses the phrase “social justice.” “It’s ‘fairness.’” ... Cantor believes the president’s ideological mindset is impenetrable: “This guy just doesn’t get it.” National Review
Leader Cantor: The House Won’t Support Increasing Taxes. Pelosi (D-Calif.) said this week that House Democrats would go into the committee recognizing "that you can't accomplish what you set out to do without considering revenues in a very strong way." House Majority Leader Eric Cantor (R-Va.) has repeated his assertion that "the House is not going to support an increase in taxes." The Los Angeles Times
State of Play (2): Borrowing Tops GDP - It’s A Spending Problem, and It’s Serious
Siren: US Borrowing Tops 100% Of GDP - US debt shot up $238 billion to reach 100 percent of gross domestic project after the government's debt ceiling was lifted, Treasury figures showed Wednesday. Treasury borrowing jumped Tuesday, the data showed, immediately after President Barack Obama signed into law an increase in the debt ceiling as the country's spending commitments reached a breaking point and it threatened to default on its debt. ... The last time US debt topped the size of its annual economy was in 1947 just after World War II. By 1981 it had fallen to 32.5 percent. AFP
- Senator Portman: Make The Dollar For Dollar Rule Permanent. My hope is that Congress and the president will make further structural spending reforms to respond to the fiscal crisis. But at a minimum, lawmakers should commit to making the "dollar-for-dollar" rule a permanent debt-limit policy. Using Congressional Budget Office data, I have calculated that if we apply this every time we reach the debt limit over the next 10 years, we will balance the budget by 2021 without raising tax rates over current rates. That's more than $5 trillion in spending cuts over the decade. And because many of these spending reforms would necessarily carry over past 2021, the savings in the following decade would be even larger. If this framework were followed, starting in 2021 budget surpluses would end the era of debt-limit increases. Granted, cutting more than $5 trillion over the next decade will be challenging. But that is out of the $46 trillion in projected spending which increases the annual budget by 57%. So there is room to cut. The Wall Street Journal
The Road Ahead: Where Is The President’s Plan For Growth?
By Failing To Focus On Growth, President Obama Is Making The Nation’s Debt Problem Worse. The economy’s calamitous 0.8 percent growth in the first half of this year indicates that the already appalling deficit projections for coming years are much too optimistic. The debt increases caused by anemic growth and job creation may dwarf whatever debt reduction results from the process initiated by the debt-ceiling agreement. The Washington Post
- Tax Reform Vital To Growth, Will Also Reduce The Deficit. The right tax reform can also reduce the deficit. The current tax code is so large and complex that Americans are forced to spend a combined eight billion hours complying with it annually. Worse yet, the tax code discourages the working, saving, investing and entrepreneurship that are vital to growth and prosperity. We should create a tax code that's fair for everyone, not just those who can manipulate it. Fixing the code can bring in new revenues not by raising taxes, but by creating economic growth, jobs and higher incomes. The Wall Street Journal
The Obama Economy: Trademarks Of The Obama Economy - No Growth, Fewer Jobs, and Added Regulation
There Are 2.5 Million Fewer Jobs Available Today Than When President Obama Took Office. His economic stats are even worse. The nation has 2.5 million fewer jobs today than the day Obama took office, a fact you’re sure to hear the Republicans repeat. Consumer confidence is scraping levels not seen since March 2009. ... The White House anticipates unemployment at 8.25 percent and Goldman Sachs and others warn the number could be higher — close to 9 percent, which would mean no net job growth after the biggest stimulus package in the history of the world. Politico
Senate GOP: In July Alone, The Obama Administration Added $9.5 Billion In Regulatory Costs For Job Creators. At Tuesday's GOP Senate caucus lunch, the lawmakers said that they will renew their efforts, supported by business groups like the U.S. Chamber of Commerce. In a memo Barasso handed out to the lawmakers, he claimed that the administration in July only has put in $9.5 billion in new regulatory costs by proposing 229 new rules and finalizing 379 rules. Among those he cited were EPA, healthcare reform, and financial regulatory reform rules. U.S. News & World Report
- Service Sector Growth Slowest Since February 2010. The pace of growth in the services sector ticked down unexpectedly in July to the lowest level since February 2010 and the number of jobs created by the private sector also slowed, reports showed on Wednesday. Reuters
Number Of Americans On Food Stamps Hits An All Time High. The number of people using food stamps hit an all-time high in May 2011. According to the USDA, 45,753,078 Americans and 21,581,234 households use Supplemental Nutrition Assistance Program (SNAP), more commonly known as food stamps. ... The population of the United States is around 311,907,122, meaning that almost 15 percent of U.S. residents use food stamps. The Huffington Post
Off The Beaten Path
MEOW! Cats Dominate U.S. Embassy In Kabul – The Washington Post
"It Looks Like Alcohol Was Involved” - Driver Hides In Portable Toilet After Crunching Condo Carport – The Daily News
Colonel Sanders, Ashton Kutcher Look-a-Likes Sought In Newport Beach Thefts – KTLA