The Leader's Ledger

Posted by Jessica Straus on

Good morning,

The big news today is the April jobs report showing the economy added only 115,000 new jobs last month - far too few to get the 12.5 million Americans back to work or create certainty for those who have stopped looking for work. As Leader Cantor said this morning, spurring economic growth and job creation requires a bipartisan commitment to pro-growth policies. “In the House, we are working to lower taxes, cut red tape, and empower small businesses to grow and create jobs. We believe our nation’s job creators know best how to allocate capital and grow their businesses, not Washington. But we can’t do it alone. If the President and his party will join us on our common-sense pro-growth measures, we can put the economy back on the track to recovery and get more people back to work.”

Today In History: In 1984, New Jersey singer Bruce Springsteen released "Pink Cadillac" as a B-side to "Dancing in the Dark," which became the first and biggest hit single off "Born in the U.S.A.," the best-selling album of his career.

Birthdays: Shira Toeplitz, Polson Kanneth, Lance Bass, Audrey Hepburn, Mick Mars, Randy Travis, Will Arnett, Erin Andrews, Ana Gasteyer,

Here are the Top 5 things you need to know today…

1. State of Play: Leader Cantor: The Economy Isn’t Growing At Rate Needed To Get People Back To Work. “The unemployment numbers today confirm several telltale warnings we’ve seen lately that the economy isn’t growing at the rate needed to get people back to work,” Cantor said in a statement. “In recent weeks, we’ve seen reports showing small business hiring is stalled, college graduates are without work and lower paychecks across the board. These indicators, on top of the threats of higher taxes and more regulations coming from Democrats in Washington, are fueling uncertainty and holding back the small businessmen and women that create the majority of new jobs in this country.” Politico

2. Disappointing Jobs Report: Dem Economist: I’m Not Seeing A Ton Of Sunshine Here. “I’m just not seeing a ton of sunshine in here. I get your point on the tick down in the unemployment rate, but it's not the kind of tick down we want to see. Look, I appreciate your introduction, because while it's always tempting in this town to go to the political space. My whole career, decades in this business, I think the thing that's mattered most to me because I’m focused often on the middle class and low-income people is labor demand. And we are stuck with labor demand that is just too darn weak. And you can talk about some wiggles in the numbers and it’d be great to be up around 180 as opposed to 130 or 120, but in fact, I thought we were in a bit of a slog even before this downshift over the past couple of months. So I'm not pleased with what I’m seeing.” CNBC

3. Need For Pro-Growth Policies: Number Of Job-Creating Startups In Decline, Reinforces Need For Pro-Growth Policies Like The JOBS Act. The past 30 years has seen a steady drop in the share of young firms compared to all firms, and the trend persisted in 2010, according to a report by the Kauffman Foundation based on new U.S. Census data. Those companies that are less than five years old in 2010 made up 35% of all firms, down from 49% in 1982. The development is "worrisome," said Javier Miranda, an economist at the Census Bureau's Center for Economic Studies, who worked on the Kauffman study. "There are important potential implications for our ability to create jobs and increase living standards," Miranda said. CNN Money

4. Encouraging Entrepreneurship: Rep. Tim Scott Launches “Revitalizing America” Entrepreneurship Conference. “I am looking forward to redirecting the conversation in Washington back to one that empowers the American people instead of the American government,” Rep. Tim Scott (R-SC) said.” “No one knows better than the people of the First District and our entire state that we need to simplify the federal government and get it back out of the American people’s way, and that’s why we’re inviting everyone up for this important conversation.” The Conference will serve to ignite the conversation between small business leaders, entrepreneurs, CEOs and Congressional leadership as to how the government can encourage entrepreneurship and allow our job creators to do what they do best: innovate and grow. Seven different panels will lead the conversations through topics such as health innovation, tax policy, regulatory reform and where the American Dream stands today. Press Release

5. Politics Of Division: Krauthammer: President Obama’s Policies Continue To Divide Not Unite. The entire Obama campaign is a slice-and-dice operation, pandering to one group after another, particularly those that elected Obama in 2008 — blacks, Hispanics, women, young people — and for whom the thrill is now gone. What to do? Try fear. Create division, stir resentment, by whatever means necessary — bogus court challenges, dead-end Senate bills and a forest of straw men. …Ethnicity, race, gender, class. One more box to check: the young. Just four years ago, they swooned in the aisles for Obama. No longer. Not when 54 percent of college graduates under 25 are unemployed or underemployed. Washington Post

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