Over the Thanksgiving holiday, The Weekly Standard’s Fred Barnes revisited the Young Guns, a term he coined four years ago to describe the efforts of Leader Cantor, Whip McCarthy and Chairman Ryan to go on offense. Barnes wrote the impact of the Young Guns has been “palpable and its likely to grow,” as the House Republican Majority, driven in part by 62 new Young Guns is changing Washington and focused on returning fiscal prudence, prosperity and jobs to America.
This week, the House Republicans will continue our pro-growth agenda and vote on several jobs measures that will boost hiring and spur economic growth. These bills will ensure that government agencies and regulations do not stand in the way of small business job growth, and reign in the NLRB so that employers and employees continue to have fair union elections.
Today In History: In 1925, The Grand Ole Opry, one of the longest-lived and most popular showcases for western music, began broadcasting live from Nashville, Tennessee. The showcase was originally named the Barn Dance after a Chicago radio program called The National Barn Dance that had begun broadcasting the previous year.
Birthdays: Jon Stewart, Ed Harris, Paul Shaffer, Judd Nelson, Mary Elizabeth Winstead and S. Epatha Merkerson
Here is what’s in today’s Ledger…
State Of Play: President Obama, Democrats Continue To Push For Job Destroying Tax Hikes
Survey Says: Democrats’ Insistence On Raising Taxes Has Had A Negative Impact On Growth & Job Creation. Debating taxation is all the rage these days, and not a moment too soon. A report released this month exposes some unpleasant truths about America's uncompetitive system for taxing businesses. The Paying Taxes 2012 study, produced by the World Bank, International Finance Corp. and PricewaterhouseCoopers, ranks countries based on the ease or difficulty of paying business taxes. The Maldives came in first, followed by Qatar and Hong Kong. America clocks in at 69 out of 183 countries, down one spot from last year and 23 places shy of its finish in 2009. This survey offers a more detailed analysis of tax policy than does the World Bank's annual Doing Business survey, to which it's a complement. It measures compliance costs such as hours spent filling out forms in addition to tax rates to weigh the full tax burden on companies …. The Paying Taxes survey is a reminder that behind all the Washington talk about "revenue raising" are policy decisions that will affect American growth and jobs. The Wall Street Journal
• A Look At The Democrat Playbook Courtesy Of Paul Krugman: “Things To Tax”
Paying For Temporary Stimulus Measures With Permanent Tax Hikes Will Not Help Job Growth. “Temporary stimulus measures paid for with permanent tax hikes will not help job growth,” said Don Stewart, spokesman for Senate Minority Leader Mitch McConnell. … Tax cuts are a good thing, but some tax cuts are more effective than others at stimulating economic growth. ... Offering one year of relief to business isn’t going to inspire companies to go to the trouble of hiring new employees that become more expensive when the holiday expires on Jan. 1, 2013. It makes more sense to give permanent relief on corporate and capital-gains taxes so that companies and investors will know they’ll keep more of the rewards for taking the risks and putting in the hard work that generates jobs, growth and prosperity. The Washington Times
Pethokoukis: The Economy Is Worse Than Obama Predicted, But He Still Wants To Raise Taxes? Recall what President Obama said a year ago when agreed to a deal with Republicans to extend all the Bush tax cuts through 2012: “It’s not perfect, but this compromise is an essential step on the road to recovery. It will stop middle-class taxes from going up. It will spur our private sector to create millions of new jobs, and add momentum that our economy badly needs.” … In short, the White House predicted a mini-boom, while it now looks like we’re just going to get more of the same slow-growth, high-unemployment muddle. Does the White House somehow think the New Normal economy better able to withstand tax hikes than the Mini-Boom economy? Now is no time to be raising taxes. The Enterprise Blog
Cause & Effect: President Obama’s Push To Raise Taxes As Unemployment Hovers Around 9.0% Does Not Reassure Americans. “Forty-nine percent of Americans are feeling better about their financial situations these days, representing a continuing downturn from the average of 53% who were feeling better in mid-summer. Gallup
Regulatory Row: President Obama Continues To Push An Anti-Growth Agenda
The President’s Agenda Of New Taxes, Health Care Mandates and Increased Regulations Is Stifling Economic Growth and Job Creation. Smaller companies dominate America. Entrepreneurs create almost all the new jobs. As I recount in my book, “The Comeback: How Innovation Will Restore the American Dream,” a 2010 Kauffman Foundation study found that “without startups, there would be no net job growth in the U.S. economy.” Yet small businesses have gotten little access or attention in this White House. … Moreover, the federal government is hurting business and job creation as it increases the regulatory burden. Making a payroll means dealing with new taxes, health care mandates and the cost of new regulations. To compensate for the added burden, businesses must hire scores of accountants and lawyers to decipher and follow all the new rules. Washington has shifted from occasionally helpful to downright destructive of business interests. Anti-business actions, proposals and rhetoric make it worse. Frequent talk of “spreading the wealth around,” “corporate greed” and new tax proposals all discourage investment and job creation. Closing Boeing’s new South Carolina factory, raiding Gibson Guitars for violating an ambiguous law in another country, and changing unionization rules to allow sudden union formation all force companies to invest and hire overseas. Encouraging hostility to business by embracing the Occupy Wall Street protesters only makes matters worse. Fox News
The Obama Administration’s Regulatory Push Will Drive Some Cars Out Of The Market and Increase The Cost Of New Vehicles. EPA heaved its weight against another industry this month, issuing a regulation to sharply increase fuel economy. Under this new rule, America's fleet of passenger cars and light trucks will have to meet an average of 54.5 miles per gallon by 2025, a doubling of today's average of about 27 mpg. By the EPA's estimate the rule will cost $157 billion, meaning the real number is vastly greater. The fuel-economy rule is classic Obama EPA. Until this Administration, fuel standards were the remit of Congress, via its Corporate Average Fuel Economy (CAFE) program. In 2007, the legislative branch raised those standards with a bill requiring the U.S. fleet to hit 35 miles per gallon by 2020, a 40% increase. The industry is struggling to keep pace with those steep requirements. … The National Automobile Dealers Association, which has opposed the EPA rule, has compiled Obama Administration documents showing the average price of a new vehicle will increase by $3,100 by 2025, thanks to the cumulative fuel-efficiency rules. Vehicles that currently cost $15,000 or less will effectively be regulated out of existence. The rule will reduce the mass of a car by 15% to 25%, decreasing safety. … House Republicans are pushing to return efficiency standards to the one regulator Congress has decreed: Nhtsa. They note that not only are California bureaucrats dictating federal policy, but the EPA has wasted $25 million to duplicate or demolish Nhtsa rules. … The EPA is seeking to impose, by fiat, greenhouse gas reductions that even a Democratic Congress rejected with the Waxman-Markey bill in 2009, and that would drive policy at least 13 years past this Administration. It's all more than a tad authoritarian. Welcome to the Obama-Jackson Presidency. The Wall Street Journal
Follow Up: Four Years Later, The Young Guns Have Made “Palpable” Changes in Washington. The three House Republicans who founded Young Guns—Eric Cantor, Kevin McCarthy, and Paul Ryan—weren’t much of a force when they banded together in 2007. And they weren’t all that young, either. Cantor was 44, McCarthy 42, Ryan 37. Four years later, their influence has zoomed and Young Guns is a brand. Its impact has been palpable and it’s likely to grow. … The rise of Young Guns was accelerated by the Republican takeover of the House in 2010 and the increased prominence of the three principals. Cantor is majority leader, McCarthy is Republican whip, and Ryan is chairman of the House Budget Committee and the leading Republican voice on domestic policy. The three were prompted to form Young Guns by a cover package in The Weekly Standard of October 1, 2007, that pointed out that their political skills were complementary: Cantor the party leader, McCarthy the strategist, and Ryan the policy thinker. The cover dubbed them “Young Guns of the House GOP.” “We saw eye-to-eye on what we needed to do, where we were, and how we diagnosed our problem,” Ryan says. They knew Republicans had lost their way, ideologically and politically. The Weekly Standard