/PRNewswire/ -- As Congress returns next week, swing election issues such as job creation, economic recovery and acceleration of economic growth should be foremost on their agenda. The National Center for Policy Analysis (NCPA) and the Institute for Research on the Economics of Taxation (IRET) have proposed six pro-growth policies for immediate consideration:
* Extending the Bush tax cuts for everyone
* Allow immediate expensing of investment
* Extend the R&D tax credit and the patch for the alternative minimum tax (AMT)
* Reduce the corporate tax rate
* Eliminate individual and employer mandates to purchase insurance, and
* Repeal Medicare tax hikes.
Adopting these six policies are the most important step that Congress and the Administration can take to immediately and permanently reduce taxes on capital and labor, and therefore spur economic growth.
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Showing posts with label recovery. Show all posts
Showing posts with label recovery. Show all posts
Friday, November 12, 2010
Monday, June 8, 2009
Libertarians condemn Obama’s still-skyrocketing unemployment numbers
With unemployment exploding to 9.4 percent in May instead of decreasing as Obama promised with passage of his “stimulus” package, America’s third-largest party urges Congress to instead consider tax and regulatory relief to give the nation “the jobs Americans need.”
“There is no doubt our economy will recover. Americans have always overcome adversity with our tenacity, creativity and optimism,” said Donny Ferguson, Libertarian National Committee Communications Director. “But as unemployment continues to rise when it should be falling by now, it begs the question of how long will recovery be delayed by Obama’s Big Government agenda?”
“The Libertarian Party seems to be the only party promoting a smart program of tax and regulatory relief aimed at freeing up capital,” said Ferguson. “History shows it’s the most effective way to give those 14.5 million unemployed the jobs Americans need.”
“Sadly, Obama instead chose to exploit this tragic situation to advance his personal agenda of bigger, more expensive government – which has unemployment now skyrocketing to its highest levels in a quarter-century,” said Ferguson. “Because of Obama, our economic recovery has been seriously stunted and delayed.”
Figures released Friday by the Labor Department show unemployment rose to 9.4 percent in May from 8.9 percent in April as the number of unemployed persons increased by 787,000 to 14.5 million. Unemployment is highest among blacks (14.9 percent) and Hispanics (12.7 percent.) The number of long-term unemployed (those jobless for 27 weeks or more) increased by 268,000 over the month to 3.9 million according to the Labor Department.
“Unfortunately, it looks like the Libertarian Party was proven right when we said back in January that Obama’s explosive growth of government and out-of-control spending would delay our economic recovery. We should be further along in our recovery, but Republican and Democrat spending and bailouts are delaying that,” said Ferguson.
“History has proven time and time again that decreasing the size of government, cutting taxes and freeing up people to create jobs and business are the best way to stimulate growth,” said Ferguson. “Libertarian urge Congress and the White House to take these real, proven measures, instead of exploiting people’s misfortune to inflate the size of government.”
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“There is no doubt our economy will recover. Americans have always overcome adversity with our tenacity, creativity and optimism,” said Donny Ferguson, Libertarian National Committee Communications Director. “But as unemployment continues to rise when it should be falling by now, it begs the question of how long will recovery be delayed by Obama’s Big Government agenda?”
“The Libertarian Party seems to be the only party promoting a smart program of tax and regulatory relief aimed at freeing up capital,” said Ferguson. “History shows it’s the most effective way to give those 14.5 million unemployed the jobs Americans need.”
“Sadly, Obama instead chose to exploit this tragic situation to advance his personal agenda of bigger, more expensive government – which has unemployment now skyrocketing to its highest levels in a quarter-century,” said Ferguson. “Because of Obama, our economic recovery has been seriously stunted and delayed.”
Figures released Friday by the Labor Department show unemployment rose to 9.4 percent in May from 8.9 percent in April as the number of unemployed persons increased by 787,000 to 14.5 million. Unemployment is highest among blacks (14.9 percent) and Hispanics (12.7 percent.) The number of long-term unemployed (those jobless for 27 weeks or more) increased by 268,000 over the month to 3.9 million according to the Labor Department.
“Unfortunately, it looks like the Libertarian Party was proven right when we said back in January that Obama’s explosive growth of government and out-of-control spending would delay our economic recovery. We should be further along in our recovery, but Republican and Democrat spending and bailouts are delaying that,” said Ferguson.
“History has proven time and time again that decreasing the size of government, cutting taxes and freeing up people to create jobs and business are the best way to stimulate growth,” said Ferguson. “Libertarian urge Congress and the White House to take these real, proven measures, instead of exploiting people’s misfortune to inflate the size of government.”
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Thursday, February 5, 2009
Americans wisely turning against stimulus plan
By Lynn Westmoreland
It seems like every other day an old friend or business partner calls to let me know that they’re declaring bankruptcy or going out of business.
We can all agree that the United States needs a federal stimulus plan to give our crippled economy a jolt. Our economy shrank 3.8 percent in the last quarter. Jobless claims have mushroomed to 626,000. Stock portfolios and retirement plans have lost 30 percent or more of their values.
But Americans have figured out that the $816 billion plan that passed the House with no Republican votes carries as much danger to the republic as it does hope. In fact, polls show support rapidly declining; today, just 37 percent of Americans favor the current stimulus legislation, down from 45 percent just two weeks ago. That’s startling, considering that Americans are increasingly nervous about huge job losses, business failures and home foreclosures.
Americans are turning against the bill because they know we can craft a much better bill that will simultaneously cost less and create more jobs.
But first, let’s discuss the price tag. The House-passed version totals $816 billion. Once you factor in the finance charges on borrowing that money, the total crests over $1 trillion.
It’s almost useless to discuss a trillion-dollar figure because it’s a number we can’t really comprehend. We’re more likely to get incensed by the government wasting $25,000 than $25,000,000,000 because one number we can understand and the other one is basically inconceivable. This is a problem.
One way to put this in perspective is comparisons. Liberals have complained for years over the cost of the wars in Iraq and Afghanistan. Well, Nancy Pelosi’s stimulus bill costs more than both those wars combined. Put another way, if you spent $1 million every day since the day that Jesus was born, you would have spent less than this one piece of legislation appropriates.
Even without this new spending, the federal deficit would top $1 trillion and our debt has soared to $11 trillion. This has real-world consequences. We risk further devaluing our currency and scaring off foreign investors who have seen Uncle Sam as a “safe” place to keep their money.
The Democrats’ stimulus plan focuses more on fulfilling liberals’ pent-up wish list over the eight years than it does with creating or saving jobs. In Georgia, we desperately need transportation infrastructure but spending on those job-creating projects is only 6 percent of the bill.
Instead, the bill spends hundreds of millions and often billions on items such as facelifts for national parks, buying new cars for the federal fleet and repairing federal buildings. Those may all be great but won’t stimulate the economy. Plus, we’re setting a dangerous precedent by spending billions to bail out states’ Medicare and Medicaid shortfalls; I fear this will become a permanent expectation.
Republicans are offering an alternative plan that reduces spending, allows families and businesses to keep more of their own money and actually creates MORE jobs than the Democratic plan. The Republican plan lowers tax rates for individuals, families and small businesses; it removes taxes from unemployment income and extends that insurance for a year.
The GOP plan would pan out better for Georgia, too. The House Ways and Means Committee estimates the Republican plan would create 186,000 jobs in our state while the Democrat plan would yield only 113,000.
In a survey sent to 3rd District constituents in my e-newsletter (sign up at www.house.gov/westmoreland), respondents preferred the taxpayer-friendly Republican version by a 9-1 margin. I know my district is more conservative than most, but the rest of the United States is moving toward our position of more timely, targeted and fiscally responsible stimulus.
Lynn Westmoreland (R-Grantville) represents Georgia’s 3rd Congressional District.
It seems like every other day an old friend or business partner calls to let me know that they’re declaring bankruptcy or going out of business.
We can all agree that the United States needs a federal stimulus plan to give our crippled economy a jolt. Our economy shrank 3.8 percent in the last quarter. Jobless claims have mushroomed to 626,000. Stock portfolios and retirement plans have lost 30 percent or more of their values.
But Americans have figured out that the $816 billion plan that passed the House with no Republican votes carries as much danger to the republic as it does hope. In fact, polls show support rapidly declining; today, just 37 percent of Americans favor the current stimulus legislation, down from 45 percent just two weeks ago. That’s startling, considering that Americans are increasingly nervous about huge job losses, business failures and home foreclosures.
Americans are turning against the bill because they know we can craft a much better bill that will simultaneously cost less and create more jobs.
But first, let’s discuss the price tag. The House-passed version totals $816 billion. Once you factor in the finance charges on borrowing that money, the total crests over $1 trillion.
It’s almost useless to discuss a trillion-dollar figure because it’s a number we can’t really comprehend. We’re more likely to get incensed by the government wasting $25,000 than $25,000,000,000 because one number we can understand and the other one is basically inconceivable. This is a problem.
One way to put this in perspective is comparisons. Liberals have complained for years over the cost of the wars in Iraq and Afghanistan. Well, Nancy Pelosi’s stimulus bill costs more than both those wars combined. Put another way, if you spent $1 million every day since the day that Jesus was born, you would have spent less than this one piece of legislation appropriates.
Even without this new spending, the federal deficit would top $1 trillion and our debt has soared to $11 trillion. This has real-world consequences. We risk further devaluing our currency and scaring off foreign investors who have seen Uncle Sam as a “safe” place to keep their money.
The Democrats’ stimulus plan focuses more on fulfilling liberals’ pent-up wish list over the eight years than it does with creating or saving jobs. In Georgia, we desperately need transportation infrastructure but spending on those job-creating projects is only 6 percent of the bill.
Instead, the bill spends hundreds of millions and often billions on items such as facelifts for national parks, buying new cars for the federal fleet and repairing federal buildings. Those may all be great but won’t stimulate the economy. Plus, we’re setting a dangerous precedent by spending billions to bail out states’ Medicare and Medicaid shortfalls; I fear this will become a permanent expectation.
Republicans are offering an alternative plan that reduces spending, allows families and businesses to keep more of their own money and actually creates MORE jobs than the Democratic plan. The Republican plan lowers tax rates for individuals, families and small businesses; it removes taxes from unemployment income and extends that insurance for a year.
The GOP plan would pan out better for Georgia, too. The House Ways and Means Committee estimates the Republican plan would create 186,000 jobs in our state while the Democrat plan would yield only 113,000.
In a survey sent to 3rd District constituents in my e-newsletter (sign up at www.house.gov/westmoreland), respondents preferred the taxpayer-friendly Republican version by a 9-1 margin. I know my district is more conservative than most, but the rest of the United States is moving toward our position of more timely, targeted and fiscally responsible stimulus.
Lynn Westmoreland (R-Grantville) represents Georgia’s 3rd Congressional District.
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