Good Morning –
This week, Americans’ confidence in the economy hit the lowest levels seen in months. President Obama’s abysmal record on the economy and job creation have produced the worst recovery from any recession since the Great Depression. The President’s solution? Distraction! Instead of joining House Republicans on any number of our pro-growth policies, including the bipartisan energy and jobs bill we passed yesterday, the President spent the week trying to shift attention away from the economy. Despite his best efforts to dodge the issues most important to working families and small businesses, recent polls show that the American people plan to hold President Obama accountable for his lackluster handling of the economy.
Today In History: In 1990, Checkpoint Charlie was dismantled in Berlin. The most well known crossing point between East and West Berlin during the Cold War, the checkpoint was permanently open with the reunification of Germany in 1990. The guardhouse is now on display in the Allied Museum in Berlin.
Birthdays: Rep. Steve LaTourette, Sen. Kay Bailey Hutchison, Bob Dole, Brit Hume, Brian Doherty, Meryl Streep, Cyndi Lauper, Dan Brown, Dustin Johnson, John Dillinger, Pete Maravich This Weekend: Rep. Robert Dold and Steve Stombres
Here Are The Top Stories We’re Watching:
1. State Of Play: Leader Cantor: Developing Our Nation’s Energy Resources Will Help Create Jobs, Boost Economy, Lower Energy Costs. Members approved the Domestic Energy and Jobs Act, H.R. 4480, in a 248-163 vote Thursday afternoon. The GOP bill was supported by 19 Democrats, similar to the level of Democratic support on other Republican energy bills…Aside from linking the use of oil reserves to more domestic energy production, the bill also more broadly seeks to speed up the oil drilling permitting process. Republicans argued during the debate that expanding access to oil resources would not just help U.S. energy security, but would also help create jobs. "The oil and gas industry is the lifeblood of so many communities across our nation," House Majority Leader Eric Cantor (R-Va.) said. "But this president's policies have stifled the development of many of our nation's energy resources."Increasing energy production on our nation's public lands and waters can create millions of jobs, boost the economy, lower energy costs and make America more secure." The Hill
2. Energy Focus: Whip McCarthy: Increasing Domestic Energy Production Will Boost Economic Growth, Job Creation And Energy Security: “The most important thing we can do to spur job creation is to end uncertainty. First, you have an energy policy right now that cannot make us energy independent. But this bill will. It will also get job creation started right away. Here is a jobs plan to move forward with in July and we will also stop the tax increases that are on the horizon. Moving this economy forward is all about job creation…They can stop the backlog. If you drill a little deeper into those numbers you see the increase in energy production is occurring on private lands, not federal lands. It is coming from places such as North Dakota which has just surpassed Alaska and California in energy production – not from states where the majority of energy resources are found on federal lands…If you look even deeper, we currently have the least amount of active federal leases we’ve had since 1994. The backlog within these federal leases is holding up 65,000 jobs. So yes, privately we have been able to produce but why isn’t this happening on federal lands? Because of the hold up in government.” MSNBC
3. The Economy: Recent Jobs Data Highlights Struggling Recovery. U.S. manufacturing grew at its slowest pace in 11 months in June and the number of Americans filing new applications for unemployment aid fell only slightly last week, further evidence the economy was weakening. Other reports on Thursday underscored the difficulty the economy was having breaking out of a soft patch. Factory activity in the Mid-Atlantic region tumbled to a 10-month low in June and home resales slipped in May. "Today's numbers are ugly. The economy is in another mid-year slump, growth will struggle to breach 2 percent and the odds are rising that the Fed will need to do more, probably as soon as its August meeting," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester Pennsylvania. The Federal Reserve on Wednesday moved to hold down borrowing costs by extending a program to re-weight securities it holds toward longer maturities. However, many economists think it will eventually launch a third round of bond purchases in a more aggressive bid to spur a stronger recovery. The economy is going through a repeat of 2011 when growth stumbled in summer, with Europe's debt crisis and uncertainty over the course of U.S. fiscal policy making businesses reluctant to hire. Reuters
4. Obamanomics: Senator Thune: After Two Years Of President Obama’s Failed Economic Policies, It’s Time To Try Something New. Two years ago this week, the Obama administration hailed the advent of the "Summer of Economic Recovery." The president's stimulus bill had passed a Democratic-controlled Congress just over a year before, accompanied by rosy predictions on job creation from the administration. President Obama claimed that "the economy is headed in the right direction," and Vice President Joe Biden confidently predicted the creation of 250,000 to 500,000 new jobs a month. Meanwhile, Treasury Secretary Timothy Geithner published an op-ed in The New York Times boldly entitled "Welcome to the Recovery." Two years later, Americans are still waiting for the recovery. Today's job figures are well below the 250,000 to 500,000 jobs per month that Vice President Biden forecast...It doesn't take an economist to realize the president's economic policies have spectacularly failed to make things better. Yet, the president doesn't seem to understand just how badly Americans are hurting. Despite the more than 23 million Americans who remain unemployed or underemployed, the president recently claimed that the private sector is "doing fine" and that what America actually needs is more government spending and more government workers. In other words, more of the same. More stimulus spending from Washington that explodes the debt. More government picking winners and losers. More taxes. More regulation. It's time to try something new. Republicans have a plan to get our economy moving again. First, we need to ensure businesses are confident enough to expand and hire more workers. That means stopping the job-killing regulations that are strangling small businesses and reforming our burdensome and complicated tax code to fuel economic growth. It also means stopping a large tax increase, which is scheduled to hit next year unless Congress acts. The threat of this massive tax hike is creating serious economic uncertainty and discouraging companies from hiring more workers. CNN
5. Tax Debate: Under Obama, There Is No Relief In Sight – Just More Taxes. Last week on June 14, President Obama announced his economic plan to finally bring economic recovery and growth to the U.S. in a much ballyhooed address in Cleveland. He threw down the gauntlet to Mitt Romney on the issue, saying “more than anything else, this election presents a choice between two fundamentally different visions of how to create strong sustained growth; how to pay down our long term debt; and most of all, how to generate good, middle-class jobs…” Truer words have never been spoken by the President. So let’s examine the two fundamentally different visions and see which can produce strong sustained growth, pay down our long term debt, and generate good, middle class jobs. Under President Obama’s plan, on January 1 of next year the top tax rates of virtually every major federal tax will increase, as already enacted under current law. That is because the tax increases of ObamaCare would go into effect, and the Bush tax cuts would expire, which Obama refuses to renew for singles making over $200,000 a year, and couples making over $250,000. The English translation of that target for the tax increases is the nation’s small businesses, job creators and investors…But under Obama, there is no relief in sight. Instead, Obama is pushing still more tax increases. All of this would leave American businesses uncompetitive in the global economy. Forbes
6. Pro-Growth: Leader Cantor Supports Virginia’s Small Business Start-Ups And Encourages Entrepreneurship. inLieu was named the Region’s “Next Best Start-Up” by a panel of judges at the i.e.* Start-Up Competition finale last night at Richmond CenterStage. inLieu’s founders Kailey Raymond and Geoff Weathersby won $10,000 in prize money to invest in their online service for socially conscious gift giving. Another finalist, Bonfire Funds, was selected as Crowd Favorite via on-site audience vote through FundRoom, a Richmond-based match making platform for entrepreneurs. The event, which was sponsored by Tumblr, marks the culmination of the Chamber’s i.e.* Entrepreneurial Trilogy, a series of programming designed to support innovation and entrepreneurism in the Richmond Region…Virginia Congressman Eric Cantor also voiced his support for the competition. “Small business start-ups are the backbone of our economy. The Chamber’s Start-Up Competition is a great way to encourage innovation and entrepreneurship in the Commonwealth. By taking a risk and working hard, these small businessmen and women turned innovative ideas into growing businesses that are creating high-quality jobs and boosting economic growth in the region. I remain committed to working on common-sense, bipartisan measures like the Jumpstart Our Business Startups (JOBS) Act, which was signed into law earlier this year, to make it easier for these start-ups to continue to grow, access capital and improve our local communities.” Greater Richmond Chamber of Commerce
Off The Beaten Path:
Photos Of McDonald’s Burgers Versus The Real Thing
Drunk Driver Gets Caught In Golf Course Sand Trap
Police Officer Reinstated After Flaunting A Green Speedo In School Skit