Our country faces two crises: a jobs crises and a debt crisis. The debt crisis is being driven by our unsustainable entitlement programs, and it's become apparent that most Democrats refuse to enact reforms that would preserve these programs for this generation and the next. The jobs crisis is being driven by economic uncertainty and employers’ inability to access capital and take the risks that would spur hiring and get people back to work. Republicans have made clear that we will not exacerbate the jobs crisis by raising taxes.
Whether in the Biden talks, meetings between the Speaker and the President, or the Super Committee, the result has been the same because of this reality. Democrats are pushing for major tax hikes on small business people and job creators without being willing to fix the drivers of the debt crisis. Meanwhile, the President is in full on campaign mode.
While the 2012 election will sort out the big roadblocks we continue to hit in Washington, right now people need some incremental results and that means finding common ground on ways to create jobs immediately.
Today In History: In 1976, Rocky, starring Sylvester Stallone as the underdog prizefighter Rocky Balboa, debuts in New York City.
Birthdays: Rep. Tom Rooney, Rick Klein, Ken Griffey Jr., Harold Ramis, and Troy Aikman
Here is what’s in today’s Ledger ...
State Of Play: President Obama’s Absence & Democrat Insistence On Raising Taxes Continues To Stifle Progress
Whip McCarthy: President Obama Cannot Sit On The Sidelines, He Needs To Step Up and Show Leadership. This President cannot sit on the sidelines and divide the nation hopefully to try and win his own election. He needs to unite this county and engage in this process. If you’re President, you are leader of this nation, you have to show leadership, not just go campaign and divide the nation. MSNBC’s “The Daily Rundown”
Samuelson: President Obama Has Failed To Provide Specifics, Lead On Deficit Reduction. There is no leadership from the nation’s “leader.” ... The president won’t talk specifics, but government consists of specifics. The Washington Post
Even Senate Democrats Are Calling On President Obama To Take A “Step Forward” and Lead. "If it doesn't work, then nobody's done enough on this," Manchin said on CBS's Face the Nation. "He's the leader of this great country, and we want him to step forward." Although Manchin said he did not want to play the "blame game", he was critical of the president and congressional leaders for playing politics with the debt. "We can't worry about the next election, it should be the next generation," Manchin said. “So yes, we want to see the president take leadership, the leaders in Congress do what they were put there to," he added. The Hill
Democrats’ Tax-Hike Obsession Blew Up The Supercommittee. Democrats used the SuperCommittee to push a trillion-dollar tax hike and block fundamental entitlement reform. As one GOP aide told Politico, “If they were willing to go a little further on entitlements, we’d see what we can do on revenues. That was the way it would have to work. What we found was, they needed a trillion-plus in revenues, and weren’t willing to do anywhere near that on entitlements.” It’s been an underappreciated fact just how far left Democrats have moved on taxes in recent years. But it should now be blindingly clear. The SuperCommittee Democrats are perfectly happy to let the top tax rate soar to nearly 45 percent in 2013 (including both income taxes and Medicare taxes) on small business and entrepreneurs and investors. ... If Uncle Sam does need more revenue, pro-growth tax reform is the best way to get it. A host of studies from both liberal and conservative economists have found that eliminating the tax code’s bias against investment would boost long-term GDP growth by as much as 10 percent and add perhaps a full percentage point to annual GDP growth for a number of years. But cutting taxes on capital cuts against the Democrat embrace of Occupy politics. So no tax reform, no entitlement reform and no progress on America’s biggest problems. The Enterprise Blog
• Chairman Ryan: Democrats Continue To Focus On Raising Taxes, When The Fundamental Problem Is Out-Of-Control Spending. Our team put together a program with $1.5 trillion in savings, a very serious effort. It was designed with the idea of not offending Democrats. It put revenue on the table, but through base-broadening and getting lower rates. And that was pretty much rejected out of hand. The Democrats have yet to coalesce around a plan, so it's challenging to negotiate with the other side when they are still negotiating with themselves. ... let's not take our eye off the ball. Spending is slated to go to about 42% of GDP by the time my kids are my age. Revenues still climb as a percentage of GDP, but nowhere near that. What I've learned in my 13 years in Congress is if you first go to the revenue fix, it displaces the need to deal with spending. So let's get the spending under control, let's get the spending back toward 20% of GDP, and then let's get fundamental tax reform that's pro-growth. The Wall Street Journal
State Of Play (2): Leader Cantor Discusses Pro-Growth Solutions For The Economy
Leader Cantor On How Republicans Are Approaching President Obama’s Regulatory Push. One thing we can do for sure: We can stop legislation that's injurious to business from getting across the floor of the House. There's no more mention of card check, there's no more mention of a cap-and-trade type of architecture, there's no more mention of another bill as far-reaching and potentially dangerous as Dodd-Frank. Our challenge is to try and stop the detrimental things that we believe are going on in the agencies, with what leverage that we have. And our leverage comes to us through the spending process, gaining support from the other side of the Capitol, and the aisle, to effect the kinds of positive change we need for business in this country. The Wall Street Journal
• Cantor On How Enacting Tax Reform Would Boost Jobs and Grow The Economy. First up has to be tax reform and lowering our corporate rates. I don't have to tell those of you at the helm of multinational corporations based in America, it's becoming tougher and tougher to justify the domicile location of your headquarters, given our tax code. Both sides of the aisle will say we need to do this. That's probably the best thing we could do right off the bat for jobs. The Wall Street Journal
The Road Ahead: Obamanomics Will Keep Unemployment Hovering Around 9% Through 2012
Economists Predict Unemployment Will Remain High Through 2012. The US economy will continue its slow growth next year and joblessness will remain high, according to a survey released this morning by the National Association for Business Economics. “Economists responding to the latest NABE Outlook Survey expect moderate economic growth through 2012, with little likelihood of another recession or an outbreak of inflation,” said NABE Outlook Survey Chair Shawn DuBravac, chief economist at the Consumer Electronics Association. ... The jobless rate will decline from 9.1 percent to 8.9 percent in 2012, but despite a majority view of modest labor market improvement, NABE economists still identified “excessive unemployment” as their single greatest concern going forward. ABC News
• Solutions Are Sitting On The Senate’s Doorstep: The House has passed 20 bipartisan jobs bills that are currently stalled in the Senate. View the House-passed bipartisan jobs bills HERE
Rep. Trey Gowdy: NLRB Bias Is A Menace To Business. By promoting "rush elections," and ruling that elections can take place in as little as 10 days, the board severely limits the opportunity for workers to hear all sides of the issue and make an informed decision. Additionally, employers would have only seven days to retain legal counsel and decipher the complex labyrinth of federal labor law before presenting their case before an NLRB hearing officer. House Education and the Workforce Committee Chairman John Kline smartly introduced H.R. 3094, the Workforce Democracy and Fairness Act, to level the playing field. This legislation requires no union election occur in less than 35 days, thus granting all parties the ability to present their arguments and ensuring workers have the ability to reach an informed decision. H.R. 3094 acknowledges that full and complete information is treasured when employees are contemplating how they will vote. ... The hypocrisy and blind advocacy has to stop. The purpose of the National Labor Relations Act (NLRA) is to balance the rights of the employers, the employees and the general public. ... the NLRB -- through its filing and proposed rules and regulations -- has lost all pretense of objectivity in labor issues, fair, evenhanded legislation such as Chairman Kline's Workforce Democracy and Fairness Act are necessary. The Post and Courier