President Obama’s small business policies are breaking at the seams. Case in point, the majority of small business owners say ObamaCare’s small business tax credit “has turned out to be a disappointment” and is not worth getting. Rather than continuing to push policies that don’t work, we need to pass common sense solutions that will reduce the tax and regulatory burdens keeping small businesses from growing and hiring. As Leader Cantor said yesterday, while talking about pro-growth small business, “What it takes is lessening the burden from Washington and reducing taxes, which is why I have talked about a small business tax cut…We need some things to say America is a small business country.”
WATCH Leader Cantor discuss pro-growth policies with a Virginia small business owner here.
Today In History: In 1922, Former President William Howard Taft dedicated the Lincoln Memorial on the Washington Mall. At the time, Taft was serving as chief justice of the U.S. Supreme Court.
Birthdays: Lisa Stark, Kim Kingsley, Cee Lo Green, Wynonna Judd, Tom Morello, and Mel Blanc
Here are the Top 6 things you need to know today…
1. State Of Play: A No Confidence Vote For Obamanomics, Consumer Confidence Tumbles In May. What reason do people have to feel confident today? Almost three years into the recovery, unemployment is still above 8%, household incomes are down more than 5%, gasoline prices remain at historic highs, and the economy can only eke out meager gains. On top of this, we learned this week that housing prices are back at their mid-2002 levels. So, naturally, Obama's again making excuses and shifting blame. It's the fault of the long recession, he says. The economy is still facing "head winds." The GOP is "standing in the way" of his new stimulus spending plans and creating "uncertainty" with its calls for more spending cuts in exchange for another debt ceiling increase. The real reason the economy is so vulnerable to "head winds" is because Obama's recovery has been so lousy. That has nothing to do with the recession, since deep recessions are typically followed by even more powerful recoveries. Indeed, the only reason the economy continues to struggle for breath is because Obama continues to choke off its air supply. Even now, he has no clue how his policy prescriptions of vast new federal spending, gargantuan debt, massive regulation, a government health care takeover, and endless bashing of businessmen, profits and the "rich" are hampering growth. Still, we are confident of one thing. The economy will come roaring back to life once all that stops. Investor’s Business Daily
2. Pro-Growth: Chairman Upton: House GOP FDA Reforms Benefit Patients, Jobs. This past week, the House Energy and Commerce Committee took a major step by passing bipartisan legislation that will make important reforms in the Food and Drug Administration’s (FDA) evaluation and approval process for new medical products. From the latest medical devices to tomorrow’s drug treatments, these reforms will enable U.S. manufacturers to get their breakthrough products to market faster while maintaining the highest levels of patient safety. That is good news for the life sciences industry and the thousands of jobs that depend upon it here in Michigan, and certainly it is wonderful news for countless patients from across the country who await the delivery of these life-saving innovations.Holland Sentinel
3. Dem Divide: President Obama’s ‘To-Do’ List Finds Few Takers, Even Among Democratic Senate. It fits on a Post-it note, but some lawmakers are still confused by what’s on President Barack Obama’s “to-do” list — and so far, neither chamber has scheduled a vote on any of the five items the president has urged them to tackle “right now.”…Senate Democratic aides tried to minimize any talk of a rift with the White House, suggesting that they will eventually get to the to-do list. And the White House says it’s working to get votes. But the biggest problem for the president’s agenda isn’t the usual partisan gridlock — it’s an unexpected surge in cooperation on a series of less-than-sexy bills, such as a Food and Drug Administration authorization package and postal reform. Rather than taking their cues from the White House, Senators in both parties have been pushing other priorities to the top of Reid’s agenda — whether it be a farm bill, garden-variety appropriations or renewing the flood insurance program. In the meantime, several Senators confessed to Roll Call that they don’t know what is on the to-do list anyway, despite several speeches in which Obama has urged his followers to tweet, call, write and email lawmakers urging them to take it up. “Didn’t we do some things he wanted us to do?” asked Sen. Mary Landrieu (D-La.). “[Export-Import] Bank, that doesn’t count? That wasn’t on the to-do list?” No. The president wanted that, too, but it’s not on the list. “Do you have a copy of the to-do list?” Landrieu asked. After a reporter told her what was on the list, she quipped, “We’re adding to that list by doing some great things.”… “I don’t have a copy of it; I’m sure my staff does,” said Sen. Bob Casey (D-Pa.), when asked when the Senate might get to it…“You’d have to ask Harry Reid” why the list hasn’t moved,” Levin said. Roll Call
4. Small Biz: Leader Cantor Talks With Virginia Small Business Owners About Pro-Growth Policies To Help Boost Job Growth. Two Virginia lawmakers spent some time visiting Richmond’s shops at Libbie, Grove and Patterson today. Congressman Eric Cantor and Delegate Manoli Loupassi weren’t shopping. They visited several small businesses, talking directly with those owners about the challenges they’ve been facing in this economy. Cantor was promoting his Small Business Tax Cut, H.R. 9, which passed the House in April but has stalled in the Senate. This plan proposes to give small businesses a 20 percent tax cut. President Obama recently encouraged Congress to pass legislation that gives a 10 percent income tax credit for firms that create new jobs or increase wages in 2012 and that extends 100 percent expensing in 2012 for all businesses. The president said that the plan, called the “To Do List,” would “jump start new hiring and entrepreneurship.” Several of local business owners spoke in favor of Cantor’s tax cut, one saying “It’s essential to helping us stay open and grow our business.” Following his visit, Cantor said, “Regardless of our politics, we need to work together and make it easier for our small businesses to grow and create jobs.” WTVR
5. ObamaCare Update: Tax Credit In The President’s Health Law Fails To Help Small Businesses, Full Repeal Is Only Path Forward. It seemed like a good idea at the time. But a health insurance tax credit for small businesses, part of President Barack Obama's health care law that gets strong support in public opinion polls, has turned out to be a disappointment. Time-consuming to apply for and lacking enough financial reward to make it attractive, the credit was claimed by only 170,300 businesses out of a pool of as many as 4 million potentially eligible companies in 2010. That's put the Obama administration in the awkward position of asking Congress to help fix the problems by allowing more businesses to qualify and making it simpler to apply. But Republicans who run the House say they want to repeal what they call "ObamaCare," not change it. "They completely missed the target on this thing," Rep. Sam Graves, R-Mo., said of the tax credit. "I don't think expanding it is going to make any difference whatsoever." Graves chairs the House Small Business Committee. It doesn't help the administration's plea that the biggest small-business lobbying group is a lead plaintiff asking the Supreme Court to overturn the Affordable Care Act. AP
6. The Economy: GOP Chairman: President Obama’s Economic Policies Prove He Is Anti-Free-Enterprise. Yet these attacks on free enterprise reveal more than just the end of 'hope and change.' They reveal a president unacquainted with the free market - and therefore hostile to it...His policies have been an affront to the private sector - constraining job creation and economic growth. His words are now catching up with his actions. From 'ObamaCare' to excessive regulation, from anti-growth tax policy to stimulus handouts, the Obama administration has left the free market battered and bruised. Its misguided attempts at top-down job creation have not worked...Millions are looking for work, but 'help wanted' signs are a rarity. The intrusion of the federal bureaucracy and Obama's constant threat to bludgeon job creators with new taxes make it difficult for businesses to expand and create employment opportunities...To restore our economy, strengthen our country and ensure the next generation is better off, we need a president with the experience to make the right decisions. A president who understands how to cultivate our free market system so that job creators can thrive.Politico
Off The Beaten Path: