The Leader's Ledger

Posted by Brian Patrick on

Good morning, 

With his latest proposals to hike taxes and increase spending, Democratic pollster Mark Penn accurately points out this morning that the President is blatantly dismantling his own coalition, and moving so far left of the mainstream that even liberal champions like Senator Schumer are questioning the policies. Americans struggling to make ends meet are coming to the realization that President Obama just doesn't get it when it comes to jobs.

As a new USA Today poll shows, 60 percent of Americans do not see any prospect for economic recovery in the next year, and hold President Obama responsible for the continued downturn. The fact is that the President’s policies are bad for business, bad for jobs, and bad for people who need to get back to work. That is why House Republicans are focused on making it easier for small businesses to get back in the game of job creation so we can deliver results for the American people.

Today In History: In 1981, Philadelphia Phillies pitcher Steve Carlton strikes out the 3,118th batter of his career to break Bob Gibson’s National League record for career strikeouts. Despite Carlton’s 10 shutout innings and 12 strikeouts, the Phillies lost the marathon game to the Montreal Expos in the 17th inning, 1-0.

Birthdays: Bill Murray, Alfonso Ribiero, Faith Hill, Dave Coulier, Stephen King and Brianna Keilar

Here is what’s in today’s Ledger ....

State Of Play: Bipartisan Opposition To President Obama’s Plan To Raise Taxes On Small Business

Democrats Continue To Line Up Against President Obama’s Plan To Hike Taxes. But the bigger news may be how much resistance Mr. Obama's ideas are drawing from the Democrats who control the Senate. Senators from energy-producing states object to targeting oil and gas companies. "Just picking out one industry is not acceptable," said Alaska's Mark Begich. Louisiana's Mary Landrieu added: "That offset is not going to fly, and [Mr. Obama] should know that." Even New York's Chuck Schumer, of all unlikely partisans, has objections—notably to Mr. Obama's plan to allow the Bush tax cuts to expire on taxpayers earning more than $200,000 (or $250,000 for married couples): "$250,000 makes you really rich in Mississippi, but it doesn't make you rich at all in New York, and there ought to be some kind of scale based on the cost of living on how much you pay." The Wall Street Journal

  • Leader Cantor: We Need To Stay Away From Talk Of Raising Taxes, Raising Taxes Crushes Job Creation. Cantor ruled out supporting any tax rate increases. "We need to say away from that discussion," he said, adding "raising taxes crushes job creation." Cantor was sharply critical of Obama's revamped $3 trillion deficit reduction package, saying it relies heavily on tax increases that would crimp economic growth and job creation. Market News International
  • Virginia Democrat Bobby Scott Questions President Obama’s Tax Increases, Pay-Fors. "The president has recommended a way to pay for it, but we have to see how it's actually going to get paid for," said Rep. Robert C. "Bobby" Scott, D-Newport News, echoing a major concern of his Hampton Roads colleagues Reps. Rob Wittman, R-Westmoreland, and Randy Forbes, R-Chesapeake. The Daily Press
  • Spokesman Indicates Senator Bill Nelson’s Opposition To President Obama’s Plan To Raise Taxes On Small Business Owners. In Florida, Sen. Bill Nelson has also been noticeably quiet about the American Jobs Act, delivering a speech Monday morning to the U.S. Hispanic Chamber of Commerce bemoaning “partisan bickering” but never mentioning the plan, according to The Miami Herald. spokesman for the senator told POLITICO that Nelson wants more time to look at the 80 pages of details. “He’s already said he would support some of the things in it ... But I don’t know that he’d back higher taxes on individuals making more than $200,000,” said spokesman Dan McLaughlin. Politico


Tone Check: Instead Of Focusing On Areas Of Disagreement, President Obama Should Join Republicans and Focus On Areas That Have Bipartisan Support

Leader Cantor: We’ve Got To Show The Ability To Rise Above Our Differences and Focus On The Areas Of Agreement. “The two sides are not going to agree on everything, in fact they are not going to agree on a lot,” Mr. Cantor said. “But there are some things that we can agree on together. We’ve got to show the ability to rise above the differences and do so.” ... Instead, he said the committee should focus on areas that were less controversial. These could include changes like increased revenues from sales of communications spectrum to the cellular industry, an overhaul of the federal employees’ pension scheme, cuts to farm subsidies or efforts to crack down on fraud or abuse in health-care programs. The Wall Street Journal


The Economy: The Majority Of Americans Hold President Obama and His Failed Economic Agenda Responsible For Not Getting The Economy Back On Track

Over 60% Of Americans Believe Economic Conditions Will Be The Same Or Worsen In The Next 12 Months. Eight of 10 say the economy is in a recession, and nearly as many say it hasn't improved over the past year. Even more ominous: Six in 10 predict the economy a year from now will be the same or worse than today, a downturn from the public's views last year and the year before. ... In the USA TODAY survey, the public's economic expectations were reversed from where they stood two years ago, soon after economists calculated the recession officially had ended. In September 2009, 65% predicted the economy would be better in a year; 35% said it would be about the same or worse. Now, 37% say things will be better in a year; 61% say they will be the same or worse. USA Today

  • The Majority Of Americans Hold President Obama Responsible For The Economy’s Woes. Twenty-four percent say Obama deserves a great deal of the blame, up 10 points since 2009. For the first time since he took office, a majority of Americans — including six in 10 independents — say he deserves a great deal or moderate amount of blame for the nation's economic woes. "The blame-it-on-my-predecessor line is of decreasing help to an incumbent," says political scientist William Mayer of Northeastern University. "It was perfectly fine when he took office, and even reasonable a year or two in, but eventually, increasingly, it becomes Obama's economy. It won't surprise me if by the time you get to the 2012 election Obama has overtaken Bush in that regard." USA Today


The Road Ahead: House Republicans Address Onerous Regulations That Stifle Job Creation

McCarthy Op-ed: Small Business Is Being Strangled By Investment Rules. I cringe at the thought that today’s entrepreneurs even have to consider the costs of complying with duplicative, onerous and burdensome regulations before making that leap of faith to start a new business, purchase equipment and hire employees. Today, there’s no question that small businesses are the engine of the American economy. They represent 99.7 percent of all employer firms, pay 44 percent of the total U.S. private payroll, employ more than half of all private-sector employees and have created 64 percent of all net new jobs during the past 15 years. It doesn’t take close examination of these statistics to come to the obvious conclusion that the solution to our nation’s persistently high unemployment must include a plan to allow for more robust small-business growth. In order to flourish, entrepreneurs and small-business owners need fewer regulatory restrictions and greater access to capital to start and grow companies and get more people working. This capital allows ideas to become real products and services, which in turn create jobs in communities and value for consumers. Unfortunately, onerous federal regulations dampen both innovation and access to capital because of the restrictions and compliance burden they place on these enterprises.” Roll Call


Keeping Tabs

Tanner: President Obama’s Primary Goal Is Wealth Redistribution. But in the end, economic growth and job creation is secondary to the president. So is deficit reduction. This proposal is about the president’s idea of “fairness,” as he has said over and over. The president sees the wealthy as achieving their success not through hard work and initiative but by exploiting the less well-off or through pure luck. They are the winners of life’s lottery, in his view. It is his job, therefore, to remedy this injustice. That means taking money from some and giving it to others. It’s about “spreading the wealth around.” National Review

GOP Leaders To Fed: No More Stimulus. "It is not clear that the recent round of quantitative easing undertaken by the Federal Reserve has facilitated economic growth or reduced the unemployment rate," the group, which included the top two Republicans in both chambers of Congress, wrote in a letter to Fed Chairman Ben Bernanke. ... Republican lawmakers told Bernanke the risks of another dose of unorthodox policy are too great even with an unemployment rate stuck above 9 percent. "We have serious concerns that further intervention by the Federal Reserve could exacerbate current problems or further harm the U.S. economy," the letter said. Reuters


Off The Beaten Path

Count Dracula ... A Bargaining Businessman? – The Associated Press

Wrong Place ... Wrong Time

Feel Good: Baby Squirrels Rescued – The Sun
 





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