Our nation currently faces two serious crises – debt and jobs. While these crises are not mutually exclusive, they are equally dangerous. It is critical that as we pursue policies to overcome each crisis, the solutions to one doesn't make the other worse. One common solution to each? Long-term economic growth.
The federal government’s debt crisis is the result of decades of fiscal mismanagement by both political parties; and the jobs crisis, which has resulted in record unemployment and made it harder for businesses to grow and create jobs, has been compounded by the Obama Administration’s anti-business, hyper-regulatory, pro-tax increase agenda.
As the Wall Street Journal put it today, the Obama Administration made, “one of the most audacious political bets in U.S. history. Blowing out the national balance sheet on the assumption that they could cover the bet later with tax increases. But business and consumers didn't take well to the political beating, the economy didn't recover as promised.” That is why the new Republican Majority was elected: to change the way Washington does business. We are squarely focused on managing down our debt and growing the economy so that businesses can begin hiring again. We can and we must address both of these crises - debt and jobs - without raising taxes, which would only make both crises worse.
Today In History: In 1988, Edmonton Oilers center Wayne Gretzky is traded to the Los Angeles Kings along with Mike Krushelnyski and Marty McSorley in return for Jimmy Carson, Martin Gelinas and first-round draft picks in the 1989, 1991 and 1993 drafts. At age 27, Gretzky was already widely considered the greatest player in hockey history and was the owner of 43 National Hockey League scoring records.
Birthdays: Gillian Anderson, Sam Elliott, Deion Sanders, Melanie Griffith, Brett Hull, and Derek Fisher
here is what's in today's Ledger ...
State Of Play: Leader Cantor’s Memo To House Republicans On America’s Two Crises: Debt & Jobs
Leader Cantor Holds Firm Against Efforts To Raise Taxes. House Majority Leader Eric Cantor (R-Va.) sent a memo to House Republicans on Monday urging them to hang tough. "There will be pressure to compromise on tax increases. We will be told that there is no other way forward. I respectfully disagree," Cantor wrote. Spending, he said, must be reduced: "This is why we were elected." The Los Angeles Times
Cantor: Americans Want To See Less Government, Not More Taxes. "We were not elected to raise taxes or take more money out of the pockets of hard working families and business people," said House Majority Leader Eric Cantor, R-Va., in a memo to House Republicans. "People understand Washington can't keep spending money that it doesn't have. They want to see less government -- not more taxes." USA Today
State Of Play (2): President Obama \Failed To Offer New Policies Or A Change In Direction
Pethokoukis: President Obama’s Speech Made Clear He Has No New Ideas To Offer. During his brief speech yesterday at the White House, Obama did nothing to calm jittery markets, perhaps achieving just the opposite. He blamed Tea Party Republicans for the debt downgrade. He said government discretionary spending couldn’t be cut much further. He called for raising taxes. And he repeated his demand for a mini-version of the 2009 stimulus – temporary tax cuts, infrastructure spending, more unemployment benefits. The stock market, already falling before Obama spoke, saw selling accelerate as Obama made it clear he had no new ideas to offer. And he certainly gave no hint that he’s ready to adopt Republican ideas such as cutting business taxes or slashing regulation. Reuters
Editorial: President Obama Offered Only More Of The Same Failed Economic Policies. During yesterday's market meltdown, an old friend shot us an email: "The Obama adm needs to stop trying to disarm the fire alarm and start trying to put the fire out." Good advice that, not that President Obama followed it during his midday remarks at the White House. Instead, he poured on some lighter fluid, blaming Republicans and Standard & Poor's for S&P's credit downgrade while remonstrating that both parties nonetheless had to work together. He also repeated his familiar agenda that more spending now and higher taxes later will fire up the economy and restore America's financial standing. ... As his remarks last week and yesterday showed, his economic agenda is more of the same, only less: more jobless benefits in the name of spurring job creation; an extension of the temporary payroll tax cut that has coincided with rising unemployment. Trade bills that he could have, and should have, passed two years ago. Tax increases or no bipartisan debt bargain. The Wall Street Journal
The Obama Economy: New CNN Poll Shows More Americans Than Ever Reject The President’s Economic Policies
60% Of Americans Believe The Economy Is Getting Worse. According to the poll, 60 percent now say that the economy is still in a downturn and getting worse. That's up 24 points from April, when a plurality believed that things had stabilized. Since the question was first asked in the spring of 2009, the number of Americans who said the economy was in a downturn had never been higher than 40 percent," CNN Polling Director Keating Holland said. "The jump in economic pessimism is across the board - a majority of every major demographic and political subgroup thinks the economy is in a downturn and getting worse." Three-quarters of people questioned now say that things are going badly in the country today, a 15-point increase since May. Just 24 percent say things are going well, the lowest figure since April of 2009. CNN
Economic Confidence Plummets, Hits Lowest Point Since March 2009. economic confidence plunged to -53 in the week ending Aug. 7, a level not seen since the recession days of March 2009. This deterioration coincided with the final wrangling over the U.S. debt ceiling and Standard and Poor's downgrade of the United States' debt rating. Economic confidence is now far worse than the -43 of two weeks ago and the -34 of a month ago. U.S. economic confidence deteriorated even faster in July and the first week of August than it did in June compared with May. This plunge in confidence contrasts with the relatively flat trend in 2010. It also places consumer perceptions of the economy in the range of March 2009 during the recession. Gallup
Dismal Growth Becomes A Staple Of The Obama Economy. Expect only “weak” job growth over coming months, a report Monday warned. The Conference Board, a private research firm, said that its July employment trends index fell to 100.6 in July, from 100.9 in June. It was weighed upon by consumer confidence levels and other labor market indicators. The firm noted the index has fallen in three of the last four months, although it is up 4% from a year ago. The index is “signaling employment growth of less than 100,000 per month through the end of 2011,” said Gad Levanon, associate director of Macroeconomic Research at the Conference Board. “Despite weak employment growth in recent months, GDP has been growing even slower in the first half of 2011,” he said, adding “there is simply not enough growth in production to warrant stronger hiring.” The Wall Street Journal
Off The Beaten Path
Panda Returned To Wild By Completely Inconspicuous Men In Panda Suits – Shortlist.com