Yesterday, the Wall Street Journal dissected the President’s speeches, which obscure and gloss over his policies of more spending, more regulation, and higher taxation that are damaging economic growth and job creation. The solution to economic growth doesn’t lie in picking winners and losers, as President Obama suggests. Washington cannot and should not attempt to control risk and investment. Instead, as Leader Cantor said yesterday, we must “set aside our differences” and work together to create an environment where entreprenuers and small business owners can seize opportunities, take risks, invest in their businesses and hire new workers.
Today In History: On this day in 1914, President Woodrow Wilson issued a presidential proclamation that officially established the first national Mother's Day holiday to celebrate America's mothers. (Reminder: This Sunday is Mother’s Day!)
Birthdays: Ezra Klein, Mike Wallace, Billy Joel, Rosario Dawson, Candice Bergen, James Brooks, Steve Yzerman
Here are the Top 7 things you need to know today…
1. State of Play: Leader Cantor Calls On President Obama To Work With Congress To Boost Small Business Job Growth. House Majority Leader Eric Cantor (R-Va.) said Tuesday that he welcomes Obama’s focus on job creation but that the GOP remains opposed to a White House plan to give 10 percent income tax cuts to firms that create new jobs or dole out raises this year. “We believe that we ought to let the investors decide on how best to allocate their capital so that we can see small business grow again,” Cantor said. “But these are differences that we can overcome and differences we can resolve if the president will just join us in saying we’ve got to solve these problems.” Washington Post
2. The Economy: Gloomy Job News For Young Americans: One in Three Young Workers Are Underemployed, Up 30 Percent From A Year Ago. Thirty-two percent of 18- to 29-year-olds in the U.S. workforce were underemployed in April, as measured by Gallup without seasonal adjustment. This is up from 30.1% in March and is slightly higher than the 30.7% of a year ago… Unemployment among young adults, as measured by Gallup without seasonal adjustment, increased to 13.6% in April, up from 12.5% in March and the same as in April 2011… Another 18.4% of young adults in the workforce were working part time but wanting to work full time in April. This is up from 17.5% in March and 17.1% in April a year ago, and is the highest percentage of part-time young employees looking for full-time work seen during the past year. Gallup
3. Pro-Growth: Small Cities Are Becoming New Engine Of Economic Growth. This year’s edition of Forbes’ Best Cities For Jobs survey, compiled with Pepperdine University’s Michael Shires, found that small and midsized metropolitan areas, with populations of 1 million or less, accounted for 27 of the 30 urban regions in the country that are adding jobs at the fastest rate. The three largest metropolitan statistical areas that made the top 30 — Austin, Houston and Salt Lake City — are themselves highly dispersed with sprawling employment sheds…Particularly for the next generation, the shift to smaller cities provides a whole realm of new options for sinking roots, starting business or a family and owning a home. Smaller city life certainly does not appeal to everyone, or every business, but their growing dynamism provides a welcome option for people who want to get a leg up in the next decade. Forbes
4. Committee Check: Small Biz Committee Explores Impact Of High Gas Prices On Business Operations And Ability To Hire. Small businesses are hurting along with everyone else because of high gas prices. The House Small Business Committee holds a hearing Wednesday to learn from company owners how they’ve been affected. Many businesses had to change the way they operate because of the climb in fuel prices earlier this year. In a survey released in March by the Small Business & Entrepreneurship Council, 41 percent of the participants said higher gas prices had affected their plans to hire. Forty percent said they had been forced to raise their prices. Gas prices peaked in early April at $3.94 a gallon. Committee Chairman Sam Graves, R-Mo., noted in a statement last week, “Small businesses often operate on razor thin margins and simply cannot withstand the increase in operating costs that rising gas prices bring.” AP
5. Energy Focus: Chairman Upton: Obama Administration Is Running Out Of Excuses On Job-Creating Keystone Pipeline. “Frankly [the Obama Administration is] running out of excuses of why not to build this thing. They are in essence moving the route further away from the sand hill aquifers in Nebraska. We use oil sands from Canada. We refine it in other refineries around the country. There's no reason not to do this one. Add 20,000 jobs, direct jobs, more than 100,000 indirect jobs. We're a country that consumes about 18 million barrels a day for transportation. We only produce seven or eight million. This is going to go China if we don't build it here…Folks understand what supply and demand is. The Canadians will be producing about four million barrels a day from that region up in Alberta. They want to export about a million barrels a day and there's no reason not to take it here, particularly when we've seen gas prices in essence double from the day that President Obama took office and there are certainly still predictions that it's still going to go up this summer.” CNBC
6. Free-Enterprise: Brooks Pens Op-Ed About America And The Value Of Earned Success. In the end, I concluded, what set the United States apart from Spain was the difference between earned success and learned helplessness. Earned success means defining your future as you see fit and achieving that success on the basis of merit and hard work. It allows you to measure your life's "profit" however you want, be it in money, making beautiful music, or helping people learn English. Earned success is at the root of American exceptionalism. The link between earned success and life satisfaction is well established by researchers. The University of Chicago's General Social Survey, for example, reveals that people who say they feel "very successful" or "completely successful" in their work lives are twice as likely to say they are very happy than people who feel "somewhat successful." It doesn't matter if they earn more or less income; the differences persist. The opposite of earned success is "learned helplessness," a term coined by Martin Seligman, the eminent psychologist at the University of Pennsylvania. It refers to what happens if rewards and punishments are not tied to merit: People simply give up and stop trying to succeed. Wall Street Journal
7. Keeping Tabs: Report: 65 Million People Could Lose Employer-Based Health Care Coverage. This week, the Deloitte Center for Health Solutions highlighted an analysis conducted by the group last fall which found that up to 65 million Americans could lose their employer-sponsored health insurance because of ObamaCare's employer mandate requirement. The analysis noted that while employers of every size are affected, small- and mid-sized companies are the most likely to exit. The Deloitte data reinforces findings from a staff report prepared for Ways and Means Committee Chairman Dave Camp (R-MI) that was released last week revealing the stark economic choice facing employers who could save hundreds of millions of dollars a year by simply terminating health insurance for their workers. The report found that 71 Fortune 100 companies responding to the survey could save almost $30 billion in 2014 alone by eliminating employer-sponsored health plans and instead paying the employer mandate penalty. Deloitte
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