RICHMOND, VA - Today, Congressman Eric Cantor (VA-07) hosted a job creators forum with local business leaders at Virginia Commonwealth University. Moderated by Lieutenant Governor Bill Bolling, the panel discussion with job creators focused on ways to create an environment to grow the economy and foster private sector job creation. Below are highlights of Congressman Cantor's remarks at the forum.
On Washington Partnering with Small Businesses and Entrepreneurs: “Start-up businesses, as we know, are disproportionately responsible for job creation. In fact, I think most people would say job creation comes from small businesses. The Kauffmann Foundation did a study about a year ago which demonstrated that it’s not just small businesses; it is the three to five year old small businesses that are disproportionality responsible for job creation. So if we know that to be the case, and if you take Fletcher [Mangum’s] statement that it’s not the government jobs we are after - it’s those jobs that are economically sustainable that we’re after - why wouldn’t we be tilting our policies towards making it more favorable for start-ups?...That’s exactly what the focus in Washington needs to be. We need to be looking at policies that help start-up entrepreneurs grow jobs.”
On Creating Economic Growth: “That's really what we are about, an incentive based economy where people don't have any hindrance, as far as government is concerned, to go about taking the risk and creating wealth. For too long the attitude from Washington has been - we have to seek revenues from wherever we can to fund this behemoth of a federal bureaucracy. And we have come to the point where we can't do it anymore. The more the government takes out of the private sector, the less incentive there is for small businesses to grow. We need that growth engine. The country won't be the country we know without that growth engine.”
On Securing Our Energy Future: “We believe firmly that in order to secure an energy future for the country you have to start with maximizing energy production here at home, and that includes fossil fuels. We have gotten into a pretty robust debate at the federal level about whether it is appropriate for us to continue to tap into our resources both on and off shore. I always like to say that the Virginia legislature and our Governor have led the way, because we are the only state on the East Coast that has said we want to see deep sea exploration off our coast, because not only does it help contribute to a national energy policy and our national security, it will also help promote jobs in the Commonwealth.”
On Regulatory Reform: “We know that the SBA has admitted that regulations are impacting $1.75 trillion worth of economic activity yearly. If that's not bad enough, in 2009, the number of new regulations coming down the pike from Washington were 184 new ones in the work place. That is why we in the House are committed to bringing to the floor a bill that will require congressional approval of any regulation coming out of a federal agency that negatively impacts the economy in a significant way. We just can't continue to have unintended consequences play out the way they have.”
On Bringing Down Corporate Tax Rates and Making America Competitive: "We are in a global economy, we have to realize that we are not just competing against North Carolina or Tennessee; we are competing against the world now. We have some really strong competitors in Asia, China, India and elsewhere. We have to take a look at ourselves and say we are Americans, but that isn't enough to attract businesses any more. If you ask CEOs that run businesses, they are going to question our tax laws, our regulatory environment, our litigation environment, as to whether we are still the best place to locate a business. We have to redouble our efforts and central to that is tax reform. That is why we are proposing to bring down and cut corporate tax rates to 25% so we can create more jobs. We are also looking at individual rates as well because many small businesses operate as pass through entities and we want equal incentive there so that entrepreneurs can begin to grow again. So with that I think you will see some activity throughout the rest of year on tax reform."
Watch The Entire Job Creators Forum HERE.