Last week, the House passed four bills to boost job creation and help small businesses access capital so they can grow and create jobs - a concept embraced by President Obama in his jobs speech. While Senator Reid has indicated the Senate will vote on one of the House bills this week to repeal the 3% withholding rule, there are 21 other bipartisan jobs bills that are stuck in the Senate by the #ReidRoadblock. The Senate needs to stop playing politics and act on these common sense bills that remove the red tape coming from Washington and allow businesses to grow in order to help create jobs for the millions of people still out of work.
Today In History: In 1874, the Republican Party was first symbolized as an elephant in a cartoon drawn by artist Thomas Nast in Harper’s Weekly magazine.
Birthdays: David Petraeus, Billy Graham, Christopher Knight, Joni Mitchell, Dean Jagger and Marie Curie
Here is what’s in today’s Ledger ...
The State Of Play: Bipartisan House Jobs Bills Will Jump Start The Economy And Remove Government Impediments To Growth
Leader Cantor: We Are Trying To Create An Environment Where Entrepreneurs, Small Businessmen And Women Can Create Jobs Again. “Clearly, the President has taken to the campaign trail at this point and it’s all about politics for him. What we’re trying to do in Congress is actually do what it is that you suggest, which is to create an environment where entrepreneurs, small businessmen and women can actually begin to create jobs again. As we know, there are a lot of folks, hard working tax payers who aren’t feeling very optimistic about the economy. The last thing they need is a President who is out there just playing politics right now and campaigning. What we’re trying to do in the House each and every week is put a measure on the floor that actually will make it easier for job creators to get back into the game. We have a website that is www.majorityleader.gov/jobstracker and your listeners can go on to that website and see that what we’re doing is trying to roll back proposed regulations like a new ozone standard, regulations like the National Labor Relations Board attempt to stop a company from relocating to a right to work state. The kinds of things that we see the Obama Administration doing that actually impede job creation rather than help it. These are the kinds of things we are doing and unfortunately it is the Senate that is the problem.” Bearing Drift
Leader Cantor: Washington Overreach and Overregulation Is Costing Jobs and Crippling Growth. In October, the public sector cut 24,000 jobs while private industry continued adding jobs at a steady clip, the Labor Department said Friday. The nation’s unemployment rate fell slightly to 9 percent…House Majority Leader Eric Cantor (R-Va.) urged Republicans and Democrats to “set aside our differences and focus on areas of common ground to create jobs.” “We are a country that is built on the promise of opportunity and success for all,” Cantor said, “but right now the uncertainty created by Washington overreach and overregulation is costing jobs and crippling growth.” Washington Post
Repatriation Will Help Get This Economy Going Again. “There are many different ways to get this economy going again. Some are complicated, some politically challenging, some require a leap of confidence and one or two are ‘no brainers.’ This is a no brainer. It is time to get this massive amount of funds back here where it can help us create jobs and get this nation’s economic engines fired up again.” The Hill Op-Ed
State Of Play (2): The President’s Spending Policies and Government Regulations Remain Biggest Impediments To Job Creation
61% Of Americans Strongly Disapprove of President Obama’s Handling of the Economy. Washington Post/ABC News Poll
For Job Growth, Stimulus Spending Is The Problem, Not The Solution. In the last three months of 2010, for example, just $49 billion went out the door in stimulus money. Yet the private sector managed to create more than 438,000 jobs. And this year, private-sector job growth has averaged of 153,000 a month. That came not only as the stimulus money dried up, but also at a time when Republicans tried to put the brakes on other new spending, shifted the entire debate in Washington toward cutting the national debt and blocked Obama's new $477 billion "jobs" act. This might be uncomfortable news for big-spending Keynesians like Obama and liberal economist pals who remain convinced growth depends on never-ending stimulus. But it's an indication that when it comes to job creation, government spending is the problem, not the solution. Investor’s Business Daily Editorial
New Study Shows Reducing Regulations Would Create Millions Of Jobs; The President’s Spending Plan Would Not. A new study by the Phoenix Center in Washington crunches some 50 years of data to conclude the regulatory burden imposed by the federal government has a severely adverse impact on private-sector GDP and job creation. Using sophisticated econometric techniques, the authors determined that a 5 percent reduction in regulatory burden - a small $2.8 billion cut - could result in an increase of $75 billion in private-sector GDP, freeing these companies to create 1.2 million productive jobs. The effect works both ways. Increases in government regulatory burden cost the economy private-sector jobs. So Mr. Obama’s stimulus scheme, which is designed to create a lot of government jobs, would have a negative impact on private-sector employment. Washington Times Editorial
The Road Ahead: Senate May Move Forward On 1 of 22 Bipartisan Jobs Bill This Week
Speaker Boehner On Senate Inaction On 22 House-Passed Bipartisan Jobs Bills. “Well, we've already seen some common ground. We passed the three free trade agreements with Colombia, Panama and South Korea, part of our plan, part of the president's plan. As a matter of fact, it's all part of our plan for American job creators. And we've passed 22 bills, all with bipartisan support, that would help reduce barriers to job growth. They all remain in the United States Senate.” ABC’s This Week
After Senator Reid’s Stimulus Bill Failed, The Senate May Vote To Repeal The 3% Withholding Rule This Week. Their jobs bills haven’t gone anywhere, so Senate Democrats are getting creative. [This] week, they’ll seek to attach legislation giving businesses incentives to hire unemployed and disabled veterans to a House-passed bill that Republicans have been begging the Democratic-controlled Senate to pass. The bipartisan base bill, which along with the veterans bill is part of President Barack Obama’s failed $447 billion American Jobs Act, would repeal a rule requiring governments to withhold 3 percent of large contractor payments. That repeal bill faces a key procedural vote in the Senate on Monday. Politico
Off The Beaten Path:
60 Minutes Remembers Andy Rooney CBS
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Mars Crew “Lands” After 520 Days In Isolation Reuters
What’s Thanksgiving Without Lady Gaga? NYT