The Leader's Ledger

Posted by Brian Patrick on

Good morning,

Today, the House will convene at 11:00 AM to adopt a short-term bridge CR to fund the government through next week. On Tuesday, when the House comes back into session, we will vote on a bipartisan Continuing Resolution (CR) to provide much-needed disaster assistance and fund the government through November 18th. The House will also continue our pro-growth agenda to eliminate regulatory burdens put in place by the Environmental Protection Agency so we can reduce uncertainty and remove barriers to growth so job creators can begin to get people back to work.

Today In History: In 1954, Willie Mays, centerfielder for the New York Giants, makes an amazing over-the-shoulder catch of a fly ball hit by Cleveland Indians first baseman Vic Wertz to rob Wertz of extra bases in Game 1 of the 1954 World Series. The catch has gone down as one of the greatest in the history of baseball.

Birthdays: Gene Autry, Jerry Lee Lewis, Zachary Levi, and Kevin Durant

Here is what’s in today’s Ledger ... 
 

State Of Play: More Stimulus Is Not The Answer For Getting The Economy Back On Track

 

The Cost Of Obama’s Jobs Plan: $1.6 Million Per Job ... while the White House team evidently stands by this Bloomberg survey, they are probably hoping you won’t read past the headline. In fact, according to the median estimate of the 34 economists surveyed, the president’s jobs bill would “add or keep” 275,000 jobs in 2012, and just 13,000 in 2013. That comes out to a total of 288,000 jobs ‘kept or added’ over the next two years. That figure is far more sobering (and credible) than Democratic economist du jour Mark Zandi’s extravagant prediction that the president’s bill would add 1.9 million in 2012 alone. Obama’s bill, meanwhile, carries a $447 billion price tag, which works out to a little more than $1.6 million for every job ‘kept or added.’ Simple math, as the president would say. National Review


Pro-Growth: President Obama Continues To Push Higher Taxes On The Very People Expected To Create Jobs

President Obama’s Tax Hikes And Regulatory Agenda Are Crippling Small Business Growth. They unleashed the federal bureaucracy's rule-making machine to rewrite environmental, energy and labor laws. Since 2005, federal regulations classified as "major" have soared 60 percent. It costs the average business $10,500 per employee to comply with federal regulations alone - a $1.75 trillion drag on our economy. ... A declining economy and mushrooming debt, with 9 percent unemployment and the average duration of unemployment surpassing 40 weeks for the first time. We went from $9 trillion to $14 trillion in debt in an attempt to jump-start a sluggish recovery - only to be warned that if we do not incur even more debt we will kill the nascent recovery. So if the political class is so smart, why have they made life worse? House Majority Leader Eric Cantor summed up the problem best. "The assumption is that there is some kind of perpetual engine of economic prosperity in America that is going to just continue. And therefore they are able to take from those who create and give to those who don't." As a result, America's productive class is battered and reeling. The Charlotte Observer

  • In Order To Grow The Economy, The Focus Needs To Be On Boosting Innovation. Over the past three decades, as the idea of entrepreneurship as the primary source of innovation and job creation has taken hold, efforts related to entrepreneurship education have exploded into a full-blown industry. ... The essence of the lean start-up idea is the Build-Measure-Learn feedback loop. The idea is for a start-up to build a “minimum viable product” as quickly as possible, test it with potential customers, rigorously measure the results, learn from the experience, and return to building the product. Iteration and experimentation are the methods, learning is the goal, and speed is the essential attribute ... it’s hard to argue with the idea that learning is the essential mission of a start-up effort in any setting. The Lean Startup will endure because of the premise from which Ries is starting—our existing models of management are wholly inapplicable to what our economy desperately needs, which is innovation, new ideas and scalable businesses. Forbes


Fact Check: Pelosi Blasted For Bad Math, Dishonest Chart

WaPo On Pelosi’s Bogus Debt Chart: If Pelosi’s Office Has Any Sense Of Shame, They Would Take The Chart Down. ... this chart, originally created by the office of House Minority Leader Nancy Pelosi, is as phony as a three-dollar bill. ... But even with the corrected number, this is still a Four-Pinocchio whopper. ... If the chart were recast to show how much the debt went up as a percentage of GDP, it would look pretty bad for Obama after not even three years in office. In fact, Obama does almost twice as poorly as Reagan — and four times worse than George W. Bush. ... the fact remains that under basic economic measures, not phony ones, his record on the growth of the national debt is the worst of recent presidents. ... If ... Pelosi’s office had any sense of shame, they would have quietly removed this chart from the web when PolitiFact gave it a “pants on fire” rating four months ago. The fact that an outdated version is still floating around — and that people are still deluded into thinking it to be correct — is doubly shameful. The Washington Post


Keeping Tabs

More Red Flags: Solyndra Violated Terms Of Its Loan In 2010 Yet It Received Even More Federal Money. The U.S. Department of Energy learned in December that Solyndra was violating its federal loan deal, but the agency changed the loan terms to allow the solar company to continue receiving taxpayer funds, federal officials confirmed Wednesday. ... The company was unable on Dec. 1 to make its first $5 million payment into a special reserve fund, which was required under the loan terms and designed to help protect taxpayers. Congressional investigators have questioned why the Obama administration agreed to help the company in late 2010 when it was warned that the firm was at risk of collapse. Internal e-mails show federal reviewers initially estimated they could save the taxpayers as much as $168 million by letting the company go under in December 2010, rather than resuscitating it and allowing it to draw down more federal money. The Washington Post

Enthusiasm Gap: Republicans Are Much More Fired Up Than Democrats. Democrats' net enthusiasm (+1) now trails Republicans' net enthusiasm (+28) by 27 percentage points. By contrast, Democrats held the advantage on net enthusiasm throughout 2008 -- on several occasions, by better than 40-point margins. Democrats occasionally trailed Republicans in net enthusiasm in 2004, but never by as much as is seen today. ... While Gallup has not been able to establish a statistical link between heightened enthusiasm and greater turnout in past elections, the party with the enthusiasm advantage generally tends to fare better. Gallup


Off The Beaten Path

You Can’t Make This Up: Fargo Brewery Unveils Its First Beer: Wood Chipper – The Associated Press

Must See Pic: Heidi, Germany's Famous Cross-Eyed Opossum, 'Closes Eyes Forever' – Fox DFW
 





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