While the House continues to pass real solutions for job creation, the Senate continues to do nothing, and there seems to be no end in sight to the President's campaigning. Yesterday, the Federal Reserve forecast high unemployment and slowed economic recovery for the next year, and the unemployment numbers coming out tomorrow are not expected to show any significant growth.
House Republicans know “we can’t wait” and continue to move forward on areas of common ground from the President’s jobs bill to spur economic growth right away. By the end of this week, the House will have passed four bipartisan bills to help small businesses access the capital they need to expand and begin creating new jobs. With millions of Americans out of work, the President and his party cannot continue to waste time playing political games and blocking policies they support.
Today In History: In 1777, General George Washington is informed that a conspiracy is afoot to discredit him with Congress and have him replaced by General Horatio Gates. After Washington got wind of Conway's letter to General Gates, he responded with a letter to Congress in January 1778. Embarrassed, Conway offered his resignation in March 1778 by way of apology, and was surprised and humiliated when Congress accepted. The conspiracy would go down in history as the "Conway cabal."
Birthdays: Rep. Jaime Herrera Beutler, Dolph Lundgren, Dennis Miller, Charles Bronson, Kari Michaelsen and Charlie Hurt
Here is what’s in today’s Ledger ...
State Of Play: The House Prepares To Vote On Another WH Supported Jobs Measure
White House Throws Support Behind Latest GOP Jobs Bill. The Administration supports House passage of H.R. 2930. In the President’s September 8th Address to a Joint Session of Congress on jobs and the economy, he called for cutting away the red tape that prevents many rapidly growing startup companies from raising needed capital, including through a “crowdfunding” exemption from the requirement to register public securities offerings with the Securities and Exchange Commission. ... H.R. 2930 is broadly consistent with the President’s proposal. This bill will make it easier for entrepreneurs to raise capital and create jobs. The Administration looks forward to continuing to work with the Congress to craft legislation. SAP
• Crowdfunding Bill Author Rep. Patrick McHenry On Twitter: Thanks to WH & @pfeiffer44 for support for my jobs bill – been working on it since Jun. Get Senate to act on it and our other bills #4jobs.
Entrepreneurs Eager For Action On Crowdfunding. "Anything that can help with getting a first round of capital is a good thing," says Catherine Mangan. She recently asked her attorney if she and her business partner could use Twitter to solicit investors for their health-snack start-up, Chia Charger Inc. in New York, but learned that the move would run afoul of federal laws. She says she is "thrilled" at the prospect of tapping her social network to buy equipment, add staff and relocate to a private kitchen from a shared space. "This is going to help someone like me," says Rosston Meyer of Lake Worth. He runs Sponsorist Inc., an online service that helps nonprofit organizations and others find sponsors, with only the help of friend. Crowd funding could help him hire a programmer and a sales and marketing team, he says. "I can bootstrap only for so long." ... Ilya Pozin, the founder of 34-employee West Hollywood, Calif., marketing firm Ciplex LP, hopes he will be able to sell stakes through crowd sourcing. "A thousand shareholders are going to promote the hell out of your business and it's going to spread virally," he says. The Wall Street Journal
State Of Play (2): More Theatrics In The Senate From Majority Leader Reid
Where’s The Bipartisanship? Senator Reid To Hold Another Vote He Knows Is Going To Fail. The first measure to be considered is the $60 billion infrastructure spending bill, S. 1769, that was broken off of President Obama’s $447 billion legislation that includes a tax hike on millionaires. That measure is expected to fail. The Hill
• Americans Aren’t Buying The President’s Rhetoric Or Senator Reid’s Political Stunts. Day after day, President Barack Obama and congressional Democrats have pushed their jobs bills — as they did again Wednesday in Georgetown and on Capitol Hill — but there’s little evidence the message is resonating outside the Beltway. Even as Senate Democrats repeatedly force Republicans to vote against jobs measures, voters’ opinions about Democrats remain mixed. Obama saw a slight bump in the polls himself, but pollsters say it’s not directly attributable to his jobs rhetoric. ... So far, Reid’s strategy to score political points with voters by portraying Republicans as beholden to anti-tax, tea party extremists has had limited effect ... Politico
Reminder: There are 18 House-passed Bipartisan Jobs Bills Sitting On Senator Reid’s Door Step
The Road Ahead: House Republicans Continue To Address Small Business Concerns, Call On Senate Democrats To Act On Bipartisan House-Passed Bills
Chairman Kline: Excessive Regulation Is Preventing Small Business Owners & Entrepreneurs From Creating Jobs. Although the cement industry is already one of the most overregulated industries in the United States, the EPA is proposing seven new overreaching rules that would severely hinder the industry nationwide. Studies show the EPA's proposed rules would force the industry to shut down 18 plants (11 percent of production), cost $3.4 billion over three years (half the industry's annual revenues) and directly destroy 4,000 jobs. "We haven't bought any trucks for three years because of the uncertainty and our customers are feeling the ripple effect," said one frustrated employer. ... These egregious attempts by federal agencies to regulate everything from farm dust to where an employer can create jobs in the United States is crippling Minnesota job creators and entrepreneurs from coast to coast -- and the resulting uncertainty is growing at an alarming pace. ... This year, one of our guiding principles in the U.S. House of Representatives is ensuring that our governing agenda focuses on removing government barriers to private-sector job creation. ... I am pleased to have introduced legislation that would repeal or stop these excessive regulatory grabs. In the case against Boeing, I championed legislation that recently passed the House which would prevent the NLRB from dictating where a private business can and cannot create jobs ... Unfortunately, like 15 other jobs bills passed by the House this year, this important legislation continues to sit dormant in the U.S. Senate. The job creators and workers could not have made their points any clearer during my regulations tour: Small-business owners, entrepreneurs, farmers and ag producers don't need Washington to tell them how to create jobs. They need the president and Congress to get out of the way. The Minnesota Star-Tribune
Chairman Graves: The House Has Acted and Continues To Act On Jobs. When Will Senate Democrats Act On The House-Passed Bipartisan Jobs Bills? The House has passed over 15 bills that would make way for job creation and economic growth. But instead of working with us and moving forward with the legislative process, these bills— also known as the “forgotten 15”— are stuck in the Democratically-controlled Senate where they have been refused a vote. The “Forgotten 15” covers a spectrum of areas to help empower small business owners, such as the EPA Regulatory Relief Act (H.R. 2250) to curtail burdensome regulations and the Veterans Opportunity to Work Act (H.R. 2433) to help curb rising veteran unemployment. There are also five bills that have been passed to lower high energy costs, by increasing domestic energy production and leading us towards energy independence. ... If President Obama and Senator Reid are as serious as they say about job creation, then it would be prudent for them to work with us on a jobs agenda. It is possible that we can work together— passage of the three pending trade agreements with Panama, South Korea and Colombia last month is proof of this. We need more of this cooperation. The President just unveiled his new campaign slogan, “We Can’t Wait.” Well… he’s right. Americans can’t wait for Washington to get out of the way so that economic prosperity can be restored and jobs can be created. And House Republicans won’t wait in offering policies that will help create that environment. CNBC
The Economy: The Latest Economic News Shows It’s Time For The Obama Administration To Acknowledge Its Economic Policies Have Failed
Mark This Down: President Obama States The Economy Is “Always My Responsibility.” It’s a delicate balancing act, and whenever Dems come out and say Obama is responsible for the economy, it’s big news. It was news when DNC chair Debbie Wasserman Schultz said Obama and Dems “own” the economy, and it was news when Joe Biden did the same. Now the President himself has said it. The key moment came during Obama’s interview with WCCO-TV in Minnesota, video of which is right here. Asked at what point the economy becomes his fault, and not his predecessor’s, Obama said: Well, it’s always my responsibility. I’m less interested in allocating blame than just making sure that we’re taking every step we need to move the economy forward. And traditionally, after big financial crises like this, the economy takes a longer time to heal. And we’ve seen some progress in the private sector, where we’ve seen over two million jobs created, and this year alone over a million jobs created. But it’s just not enough yet to have an impact on everybody who needs help out there. The Plum Line
• Fed Downgrades Growth Projections, Says Unemployment Will Remain High For The Near Future. The Federal Reserve sharply downgraded its projections for the U.S. economy Wednesday, warning that weak growth and high unemployment will be the norm for years. The Fed expects that the unemployment rate will be around 8.6 percent at the end of next year, down only slightly from 9.1 percent today, and will still be between 6.8 percent and 7.7 percent in late 2014. In their June forecast, Fed officials said joblessness would come down faster, to around 8 percent by the end of 2012, when the next presidential election will take place. The Washington Post
• Nearly 1/3 Of Americans Have Been Out of Work For Over A Year. Nearly a third (31.8%) of the 14 million Americans who were unemployed from July to September of this year had been out of work for at least a year or more, according to Bureau of Labor Statistics data analyzed by Pew Charitable Trusts. That percentage represented a slight decline from the previous quarter but is still higher than at any point during the recession -- and far more than any time since the Great Depression. The Street
• Poverty Rates Hit A New High Under President Obama. About 20.5 million Americans, or 6.7 percent of the U.S. population, make up the poorest poor, defined as those at 50 percent or less of the official poverty level. Those living in deep poverty represent nearly half of the 46.2 million people scraping by below the poverty line. In 2010, the poorest poor meant an income of $5,570 or less for an individual and $11,157 for a family of four. That 6.7 percent share is the highest in the 35 years that the Census Bureau has maintained such records, surpassing previous highs in 2009 and 1993 of just over 6 percent. The Associated Press
Energy Dept. IG Says Very Few “Shovel Ready” Projects Existed, Less Than 10% Of Green Jobs Training Participants Landed Jobs. The Department of Energy's inspector general said Wednesday that the 2009 stimulus program for green energy was so at odds with the realities on the ground that it was akin to "attaching a lawn mower to a fire hydrant." ... Elliot Lewis, assistant inspector general for the Labor Department, told the panel that problems also plagued training programs for green jobs that were allocated nearly $500 million. Of the roughly 125,000 workers eligible for training, only 40 percent received it and only 8,035 participants landed jobs. ... Friedman said the stimulus programs for clean energy turned out to be "more challenging than many had originally envisioned." While stimulus funds were to go to "shovel ready" projects with the idea of creating jobs quickly, "in reality, few actual 'shovel ready' projects existed," Friedman said. The San Francisco Chronicle
House Panel To Vote On Subpoena On Solyndra. A House panel is set to vote Thursday on a plan to subpoena White House documents related to Solyndra Inc., the failed California solar company that received a half-billion-dollar federal loan. Republican leaders of the House Energy and Commerce oversight and investigations subcommittee say a subpoena is necessary because the White House has denied or delayed requests for thousands of documents related to Solyndra. The Fremont, Calif., company received a $528 million federal loan before filing for bankruptcy protection in September and laying off 1,100 workers. ... The subcommittee chairman, Florida Rep. Cliff Stearns, and Michigan Rep. Fred Upton, chairman of the full committee, met with White House Counsel Kathryn Ruemmler on Wednesday to discuss the Solyndra case. "Sadly, despite our outreach, the White House still refuses to turn over internal Solyndra-related communications," Stearns and Upton said in a statement. "We have exercised extraordinary restraint and patience these last eight months in the face of an administration that has fought our efforts to protect taxpayers every step of the way. Our document requests have been reasonable, yet the stalling tactics from the Obama administration have been prodigious." The Associated Press