The Leader's Ledger

Posted by Brian Patrick on

Good morning,

Right now, while economic uncertainty continues to hinder growth and hiring, the White House is more concerned with polls and power, than working with Congress to promote economic growth. House Republicans are leading the way with bipartisan solutions to spur economic growth and job creation. This week the House will vote on four bipartisan measures to update our nation's cybersecurity infrastructure. As Leader Cantor said Friday, “Ensuring that our networks and information systems are secure is critical to protecting our national security, promoting economic growth, and creating jobs,”

Today In History: In 1954, Hank Aaron knocked out the first home run of his Major League Baseball career. Twenty years later, Aaron would become baseball’s new home run king when he broke Babe Ruth’s long-standing record of 714 career homers.

Birthdays: Rep. Fred Upton, President James Buchanan, John Cena, Joanna Krupa, Roy Orbison, Jamie King, George Lopez and William Shakespeare

Here is what’s in today’s Ledger …

State Of Play: The President’s Budget Would Have A Negative Impact On Long-Term Growth

President Obama’s Budget “Will Hurt The Economy In The Long-Term” and Reduce Economic Output By 2.2%. The nonpartisan Congressional Budget Office said Friday that President Obama’s 2013 budget will hurt the economy in the long term, arguing the larger deficits it would produce would reduce the amount of capital available to businesses. After five years, the CBO says, the Obama proposals would reduce economic output by between 0.5 percent and 2.2 percent. The Hill

Reminder: The Debt Has Already Increased By Nearly $5 Trillion Under President Obama’s Watch

The President’s Budget Would Negatively Impact What Americans View As The Most Important – Jobs and The Economy. A recent Reuters poll found that 53 percent of registered voters said jobs and the economy were the most important issue. Politico

Speaker Boehner: The CBO Report Confirms President Obama’s Policies Hurt Job Growth. “It’s official: President Obama’s idea of a ‘balanced approach’ leads to an unstable economy. This CBO report confirms the president’s policies will hurt long-term job creation and economic growth, and proves we have to do everything possible to stop Washington from spending money it doesn’t have, get control of our debt, and get government out of the way. The president’s ‘stimulus’-style policies have already added more than $5 trillion to the national debt in just three years -- no economy, not even the greatest one on Earth, can grow, prosper and create new jobs with such debt. House Republicans’ Path to Prosperity plan puts us on a path to a balanced budget, and protects our children and grandchildren from a future of fewer jobs, higher taxes, and more debt. The American people deserve better than President Obama’s ‘stimulus’ spending binge and Republicans will continue seeking opportunities for common ground based on the pro-growth Path to Prosperity budget.” Press Release


State Of Play (2): House Republicans Fight For Small Business, Call On Senate Democrats To Focus On Jobs Not Tax Hikes

Small Business Owner: Eric Cantor’s 20% Small Business Tax Cut Helps Small Businesses Create Jobs. Owning a small business in Culpeper, I understand, as do most small business owners, that it’s a constant struggle to make ends meet in the current economy. While we’re worrying about payroll and cash flow, politicians in Washington just keep making it harder to do business. Every extra regulation and requirement they impose cost us time and money, and often lead to many small businesses closing their doors, creating fewer jobs and slowing innovation. It’s not just the regulations, either. Our federal tax burden is overbearing. On top of that, the paperwork becomes more complicated each year and we end up spending valuable resources just to make sure we fill the form out right. That has led to a slower pace of growth than if we were able to dedicate our full time and energy to what we do best – running our business. … Congressman Cantor’s plan will reduce taxes on small businesses by 20 percent. This proposed tax cut will go directly to our bottom line. It will immediately provide us with additional funds to put back into our business and meet the growing demands of our customers. … Congressman Cantor has offered a solution to help small business owners like myself at a time when we need it most. President Obama has also said he supports tax cuts for small businesses, so Washington needs to get to work and come together on this proposal. The Culpeper Star-Exponent

Small Business Job Creators and The Middle Class Benefit The Most From Leader Cantor’s 20% Small Business Tax Cut. Cantor's tax plan could ultimately create more than an average of 100,000 jobs per year, yield $112 billion more in gross domestic product and lead to a 2.24 percent increase in business capital, according the new Fiscal Associates study released Monday by the YG Network. And what about workers? The legislation would help middle-class workers even more than business owners, according to that same study. They would receive more than two-thirds of the added private-sector benefits, and the return to middle-class citizens would be $4.30 for every $1 of actual government revenue loss. One-third of the firms that benefit from the Cantor Plan are owned by women, and one-fifth by minorities. Richmond Times-Dispatch

Rep. Bob Gibbs: President Obama and Senate Democrats Should Focus On Working With Republicans To Boost Small Business, Not Push Higher Taxes That Will Hurt The Economy and Hinder Job Creation. Higher taxes will hurt the economy. They will hurt consumers, and they will hurt job creation. With unemployment hovering around 8 percent, we cannot afford to do anything that places politics ahead of policies that put people back to work. That is why, rather than voting for the president's tax increase on job creators and family farms, I will be casting my vote for legislation that will enable small businesses with fewer than 500 employees to use extra capital to invest, grow and create more jobs through a 20 percent tax deduction. The president and Senate Democrats should work with us on tax policies that will help our small-business job creators. We can cross the aisle and achieve real bipartisan solutions. Unfortunately, it is an election year and the politics of the swing states and electoral math make President Obama unwilling to even discuss these types of resolutions. … Everyone wants to see comprehensive tax reform that brings down rates, broadens the base and closes loopholes. But right now, we shouldn't pass up the opportunity to take an interim step to help small businesses with this tax cut. Otherwise, Washington will tear yet another year off of the calendar with 8 percent unemployment and $4-plus gas. Zanesville Times Recorder

Rep. Aderholt: The 20% Small Business Tax Cut Will Boost 22 Million Hardworking Job Creators Create Much Needed Jobs. Rep. Aderholt said, “Small businesses are the backbone of our economy, and the best way to boost economic growth and get people back to work is through small business growth. In the past 17 years, businesses with fewer than 500 employees have generated 65 percent of new jobs in this country. Today however, bureaucratic red tape, lack of access to working capital and a complex and onerous tax code have placed enormous burdens on Alabama small businesses.” … Congressman Aderholt said, “Currently, cash-strapped small businesses face federal tax rates as high as 35 percent. The Small Business Tax Act will provide a 20 percent tax cut to small businesses with fewer than 500 employees. This vital legislation will help 22 million hard-working small businesses create much-needed jobs and get our nation’s economy back on track.” The Alabama Reporter


Committee Check

Chairman Kline On Student Loans: Republicans Continue To Work Toward Solutions While President Obama Offers To Kick The Can Down The Road. Rep. John Kline (R-Minn.), chairman of the Education and Workforce Committee, said in a statement Friday that Republicans are looking for a solution, but he didn’t sound inclined to support a stopgap bill, which would cost $6 billion. “We must now choose between allowing interest rates to rise or piling billions of dollars on the backs of taxpayers,” he said. “I have serious concerns about any proposal that simply kicks the can down the road and creates more uncertainty in the long run.” Roll Call


Virginia

Forward Thinking Leadership: Innovation, Start-Up and Idea Refinery Set To Open In Richmond. A nonprofit organization to help entrepreneurs and businesses refine and develop ideas will begin this month in downtown Richmond. Entrepreneur Steve Hutcherson and Russell D. Jamison, a biomedical engineering professor and dean emeritus of the School of Engineering at Virginia Commonwealth University, conceived and developed the innoVArium. "The innoVArium is for startups, but it's also for people in corporate 'skunk works' and development labs," Hutcherson said. "Our goal is to help them develop products, business plans and marketing or competitive assessments." The hope is businesses or individuals will spend three to 12 weeks at the center, developing ideas to determine whether they merit further follow-up. Funding will come from grants and corporate sponsorships."We think lots of people have ideas and that this area is full of companies with ideas that they can't put the time and resources into validating," Jamison said. "Companies and individuals need a place to take that idea for an assessment by people who don't have a horse in the race." Richmond Times-Dispatch


Keeping Tabs

Obamanomics Fallout: Over Half Of College Graduates Under The Age Of 25 Are Unemployed Or Underemployed. The college class of 2012 is in for a rude welcome to the world of work. A weak labor market already has left half of young college graduates either jobless or underemployed in positions that don't fully use their skills and knowledge. Young adults with bachelor's degrees are increasingly scraping by in lower-wage jobs — waiter or waitress, bartender, retail clerk or receptionist, for example — and that's confounding their hopes a degree would pay off despite higher tuition and mounting student loans. An analysis of government data conducted for The Associated Press lays bare the highly uneven prospects for holders of bachelor's degrees. … About 1.5 million, or 53.6 percent, of bachelor's degree-holders under the age of 25 last year were jobless or underemployed, the highest share in at least 11 years. The Associated Press

The Recovery Isn’t Happening Because Of President Obama Policies, It’s Happening In Spite Of Them. In the past year, Ohio has been fourth in the nation, and first in the Midwest, in job creation. In the previous four years, before Republican John Kasich became governor, Ohio ranked 48th nationally. Context is everything. For example, Florida is fifth in the nation in job creation -- yet has 3.5 million more people in its workforce. If Obama's policies worked, wouldn't Florida be beating Ohio? If Obama's policies worked, Ohio's job creation should be far behind that in states with much larger populations. Yet Ohio actually started coming back from the dead when Gov. Kasich started enacting sweeping reforms to eliminate the state's largest-ever budget deficit, stabilize spending and cut taxes by $840 million. The Pittsburgh Tribune-Review

Medicare Advantage – President Obama’s $8 Billion Slush Fund? Call it President Obama’s Committee for the Re-Election of the President — a political slush fund at the Health and Human Services Department. Only this isn’t some little fund from shadowy private sources; this is taxpayer money, redirected to help Obama win another term. A massive amount of it, too — $8.3 billion. Yes, that’s billion, with a B. … For years, 12 million seniors have relied on these policies, a more market-oriented alternative to traditional Medicare, without the aggravating gaps in coverage. But as part of its hundreds of billions in Medicare cuts, the Obama one-size-fits-all plan slashes reimbursement rates for Medicare Advantage starting next year — herding many seniors back into the government-run program. Under federal “open-enrollment” guidelines, seniors must pick their Medicare coverage program for next year by the end of this year — which means they should be finding out before Election Day. Nothing is more politically volatile than monkeying with the health insurance of seniors, who aren’t too keen on confusing upheavals in their health care and are the most diligent voters in the land. … A Government Accounting Office report released this morning shows, quite starkly, that there simply is no experiment being conducted, just money being spent. Understandably, the GAO recommends that HHS cancel the project. Congress should immediately launch an investigation into this unprecedented misuse of taxpayer money and violation of the public trust, which certainly presses the boundaries of legality and very well may breach them. New York Post





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