/PRNewswire/ -- Secretary of Labor Hilda L. Solis today issued the following statement regarding President Obama's framework for a bipartisan agreement to extend Unemployment Insurance and help middle-class families. The framework includes $56 billion to extend Unemployment Insurance, a $120 billion payroll tax cut for workers, $40 billion in tax cuts for the nation's hardest-hit families and students, and 100 percent expensing for small businesses over the course of 2011.
"Yesterday President Obama laid out a thoughtful framework for a bipartisan agreement that would extend Unemployment Insurance and keep the taxes paid by middle-class families from increasing.
"By the president's own account, the agreement is not perfect. But it is crucial for American families and for the American economy.
"The framework avoids a $3,000 tax increase for the typical working family and ensures that millions of working-class Americans won't see their tax cuts go away next year either. It also continues the American Opportunity Tax Credit for households with college-bound students and the Earned Income Tax Credit for low-income families. These are high-impact, job-creating tax cuts for working families.
"The agreement also provides a critical extension of unemployment benefits through the end of 2011. Without it, by the end of December, 2 million men and women looking for work would see their unemployment benefits come to an early end. Over the next year, their ranks would increase to more than 7 million people. For these individuals — none of whom were fired or quit, but who lost their jobs through no fault of their own — this means not having to worry their unemployment benefits could be eliminated abruptly as they search for jobs.
"This is a smart investment, not only in those who continue to look for work but for the economy as a whole. Every dollar that goes toward Unemployment Insurance generates $2 in economic activity. In fact, since the start of the recent recession, the Unemployment Insurance program has helped to boost gross domestic product by $315 billion. It also has saved an average of 1.6 million jobs per quarter.
"In addition to the UI extension, the president's framework includes measures for jump-starting growth and spurring private sector job creation. An important payroll tax cut will help more than 155 million workers and provide nearly $120 billion in tax relief next year. The president also fought for a provision that would temporarily allow 2 million businesses to expense all of their investments in 2011. This "complete expensing" could generate more than $50 billion in additional investment, and it would be the largest temporary investment incentive in American history.
"These are all important, responsible, temporary measures to support our economy that will not add costs by the middle of the decade. I share the president's belief that it is not affordable to make the high-income tax cuts permanent and look forward to that debate in the years ahead.
"In the midst of political rhetoric, it can be far too easy to lose sight of the fact that this economy belongs to all of us — whatever our income or employment status. The president understands that, and he is leading the way on a difficult but important compromise.
"I urge federal legislators to support this agreement, not just because it is the right thing to do for those who are desperately looking for work this holiday season but because it is the right thing to do for everyone in America."
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Showing posts with label economy. Show all posts
Showing posts with label economy. Show all posts
Thursday, December 9, 2010
Tuesday, September 14, 2010
ACC: Senate Interior-EPA Appropriations Markup Must Postpone Greenhouse Gas Regulations
/PRNewswire/ -- On Thursday the U.S. Senate Appropriations Committee will mark up the Fiscal Year 2011 EPA-Interior spending bill. Today the American Chemistry Council and 23 other associations wrote to members of the Senate Appropriations Committee urging them to vote for an amendment that would postpone EPA's planned regulation of greenhouse gases (GHGs) from stationary sources. A letter was also sent to House Appropriators. The letters are available at www.americanchemistry.com/energy.
American Chemistry Council (ACC) President and CEO Cal Dooley issued the following statement:
"The U.S. Environmental Protection Agency's planned regulation of greenhouse gas emissions from stationary sources, slated to begin on January 2, 2011, is one of the top challenges facing American business today. Already, the uncertainty and cost associated with these new regulations is having a chilling effect on investment and job creation vital to the nation's recovery. Governors across the country are baffled as to the requirements for states and how to process and pay for the coming flood of permit applications. Energy efficiency investments that could help reduce GHG emissions are among those thrown into disarray by EPA's new regulations.
"That's why a cross-section of American industry and agriculture representing millions of U.S. jobs has asked Senate Appropriators to immediately postpone the regulations. A postponement amendment will give Congress the time necessary to consider the appropriate regulatory approach for stationary sources and move forward on a national climate policy. According to EPA, as many as six million U.S. industrial facilities, power plants, hospitals, agricultural and commercial establishments eventually will be subject to these rules. Proposed steps such as a codification of the 'tailoring rule' have not resolved the confusion nor provided needed certainty and will not protect the vast majority of American businesses affected by the rules.
"Postponing stationary source regulation should be an urgent priority for Congress. We strongly urge Senate Appropriators and other lawmakers to support efforts to postpone EPA regulation of GHG emissions from all stationary sources. This essential step could be achieved through the appropriations process or legislation such as that proposed by Senator Jay Rockefeller (D-W.Va.) and Congressmen Nick Rahall (D-W.Va.) and Rick Boucher (D-Va.)."
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American Chemistry Council (ACC) President and CEO Cal Dooley issued the following statement:
"The U.S. Environmental Protection Agency's planned regulation of greenhouse gas emissions from stationary sources, slated to begin on January 2, 2011, is one of the top challenges facing American business today. Already, the uncertainty and cost associated with these new regulations is having a chilling effect on investment and job creation vital to the nation's recovery. Governors across the country are baffled as to the requirements for states and how to process and pay for the coming flood of permit applications. Energy efficiency investments that could help reduce GHG emissions are among those thrown into disarray by EPA's new regulations.
"That's why a cross-section of American industry and agriculture representing millions of U.S. jobs has asked Senate Appropriators to immediately postpone the regulations. A postponement amendment will give Congress the time necessary to consider the appropriate regulatory approach for stationary sources and move forward on a national climate policy. According to EPA, as many as six million U.S. industrial facilities, power plants, hospitals, agricultural and commercial establishments eventually will be subject to these rules. Proposed steps such as a codification of the 'tailoring rule' have not resolved the confusion nor provided needed certainty and will not protect the vast majority of American businesses affected by the rules.
"Postponing stationary source regulation should be an urgent priority for Congress. We strongly urge Senate Appropriators and other lawmakers to support efforts to postpone EPA regulation of GHG emissions from all stationary sources. This essential step could be achieved through the appropriations process or legislation such as that proposed by Senator Jay Rockefeller (D-W.Va.) and Congressmen Nick Rahall (D-W.Va.) and Rick Boucher (D-Va.)."
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Monday, September 13, 2010
Obama's Proposed Oil and Gas Tax Hikes to Cost U.S. Economy 154,000 Jobs in 2011
/PRNewswire/ -- Louisiana State University Endowed Chair of Banking and nationally-renowned economist Dr. Joseph R. Mason estimates that President Obama's proposed energy tax changes would trigger grave economic consequences. In the newly released "Regional and National Economic Impact of Repealing the Section 199 Tax Deduction and Dual-capacity Tax Credit for Oil and Gas Producers," Dr. Mason finds the resulting fallout over the next ten years would include:
-- Initial losses of over 154,000 jobs by the end of 2011, not only in
the energy sector but across the whole economy;
-- More than $341 billion in lost U.S. economic output; and
-- In excess of $68 billion in lost wages nationwide.
"As we've seen in its 2011 budget and newly unveiled 'stimulus' plans, the Obama administration aims to single out U.S. oil and gas firms and raise the cost of energy for consumers by eliminating crucial tax credits to which all taxpayers are entitled," Dr. Mason said.
"Though politicians think they are selectively targeting 'Big Oil' with these energy tax proposals, they would actually devastate thousands of small American businesses nationwide as well as the workers who depend on them. With at least 150,000 U.S. jobs at stake - in fields ranging from healthcare to real estate - it's clear that the costs of repealing Section 199 and dual capacity far outweigh the potential benefit of increased government revenues that may be derived from the proposal."
"The discriminatory energy tax increases proposed by the administration will destroy American jobs and raise the price of energy for consumers," president and CEO of the American Energy Alliance Tom Pyle said. "President Obama's proposed changes -- which would apply solely to oil and gas companies -- have little to do with the debate over offshore drilling safety or even energy policy in general. This tax grab merely represents punitive policies that are now finding a place in the sun in the post-BP oil spill crisis political environment."
Using the government's own economic model - the U.S. Commerce Department's RIMS II system - Dr. Mason provides incredibly conservative economic impacts. In fact, these already staggering estimates do not even include the effects of the proposed tax increases on individual investors. That means if Congress implements these proposed changes, the economic fallout could be even more substantial.
Dr. Mason's report was sponsored by Save U.S. Energy Jobs - a project of the AEA - established to help promote the nation's energy sector. To learn more and get exclusive information on upcoming projects, follow Save U.S. Energy Jobs on Twitter and Facebook.
Founded in May, 2008, The American Energy Alliance ("AEA") is a not-for-profit organization that engages in grassroots public policy advocacy and debate concerning energy and environmental policies. AEA is the advocacy arm of the Institute for Energy Research (IER), a not-for-profit organization - founded in 1989 - that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets.
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-- Initial losses of over 154,000 jobs by the end of 2011, not only in
the energy sector but across the whole economy;
-- More than $341 billion in lost U.S. economic output; and
-- In excess of $68 billion in lost wages nationwide.
"As we've seen in its 2011 budget and newly unveiled 'stimulus' plans, the Obama administration aims to single out U.S. oil and gas firms and raise the cost of energy for consumers by eliminating crucial tax credits to which all taxpayers are entitled," Dr. Mason said.
"Though politicians think they are selectively targeting 'Big Oil' with these energy tax proposals, they would actually devastate thousands of small American businesses nationwide as well as the workers who depend on them. With at least 150,000 U.S. jobs at stake - in fields ranging from healthcare to real estate - it's clear that the costs of repealing Section 199 and dual capacity far outweigh the potential benefit of increased government revenues that may be derived from the proposal."
"The discriminatory energy tax increases proposed by the administration will destroy American jobs and raise the price of energy for consumers," president and CEO of the American Energy Alliance Tom Pyle said. "President Obama's proposed changes -- which would apply solely to oil and gas companies -- have little to do with the debate over offshore drilling safety or even energy policy in general. This tax grab merely represents punitive policies that are now finding a place in the sun in the post-BP oil spill crisis political environment."
Using the government's own economic model - the U.S. Commerce Department's RIMS II system - Dr. Mason provides incredibly conservative economic impacts. In fact, these already staggering estimates do not even include the effects of the proposed tax increases on individual investors. That means if Congress implements these proposed changes, the economic fallout could be even more substantial.
Dr. Mason's report was sponsored by Save U.S. Energy Jobs - a project of the AEA - established to help promote the nation's energy sector. To learn more and get exclusive information on upcoming projects, follow Save U.S. Energy Jobs on Twitter and Facebook.
Founded in May, 2008, The American Energy Alliance ("AEA") is a not-for-profit organization that engages in grassroots public policy advocacy and debate concerning energy and environmental policies. AEA is the advocacy arm of the Institute for Energy Research (IER), a not-for-profit organization - founded in 1989 - that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets.
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Thursday, January 28, 2010
Libertarians respond to State of the Union address
Libertarian Party (LP) Chairman William Redpath issued the following statement today in response to President Barack Obama's State of the Union address:
"Tonight's speech was a reminder that, for decades, the policies of Republicans and Democrats alike have failed. Libertarians are asking people to take matters into their own hands. Instead of just complaining, we're encouraging ordinary Americans to step up and run for Congress on the Libertarian Party ballot line.
"I can say exactly the same thing about President Obama's speech tonight that I said about George W. Bush's State of the Union speech in January 2008: 'Tonight's State of the Union address went much as expected. Instead of calling for a more limited role of the federal government in American society, the President laid out plans that would only increase the government's intervention into the realm of economics, health care, education and foreign policy.'
"I am weary of the President's unspoken premise that only government--indeed, only the federal government--can accomplish good in our society.
"President Obama seems to be totally blind to the concept that government can cause problems rather than solve them. His speech was filled with 'More': more handouts, more spending, more programs, more bailouts, more regulations. We Libertarians want less government, not more.
"Not to be outmatched by the Democrats, the Republican Party conveyed its lack of seriousness in addressing this nation's government spending problems by having Bob McDonnell, Virginia Governor for eleven (11) days, deliver its rebuttal to the President. If they were really serious about addressing the dire fiscal circumstances of this nation, they would have had Paul Ryan, a six-term congressman from Wisconsin, who has proposed the most serious plan of anyone in the two older parties to keep us from going off a fiscal cliff.
"Last week, Alan Auerbach, Professor of Economics and Law at UC Berkeley and US government fiscal policy expert, said that the Democratic and Republican parties are in a 'death embrace' with their government spending. The only political party that is rationally and forthrightly addressing the need to cut government spending and end our culture of ever expanding entitlements is the Libertarian Party.
"As Americans lose hope in Obama, we Libertarians are warning voters against running back to the Republicans who got us into such big messes in the first place. Republicans started the wars in Iraq and Afghanistan. Republicans made the false intellectual case for bailing out banks and car companies. Republicans argued that deficits don't matter. Republicans gave us the giant Medicare expansion bill.
"The President's suggestion of a 'spending freeze' was especially ludicrous and insulting to the intelligence of Americans. The amounts involved are minuscule, and Congress won't accept them anyway. Will Obama sign the spending bills that ignore his 'freeze'? You bet he will. Instead, the President should demand across-the-board cuts in all areas, including entitlements.
"The President talked a lot about jobs. Unfortunately, the policies he supports are responsible for most of the unemployment we see today. High taxes, minimum wage laws, hiring regulations, firing regulations, mandatory unemployment benefits, and other government interference make it much more difficult for businesses to hire and keep employees. As expected, the President's prescription is to increase the dosage of this government poison.
"While our nation is declining dangerously right now, a turnaround could be straightforward and simple with steps like these: 1. Bring our troops home from Iraq and Afghanistan; 2. Stop rewarding failed companies with bailouts; 3. Cut taxes and spending and let the free market work.
"Finally, on the matter of political rhetoric, I call upon the two older parties to stop spoon feeding politics to the American people as if we are a bunch of overgrown children. These are difficult times that call for more than rhetorical flourish or positioning a group of diverse people around a politician. Older party politicians need to be specific about their proposed policies, as Libertarians are.
"And, I know I'm probably just wasting electrons, but can't we go back to the days in which the President sent a copy of his speech to Congress and left it at that. The speech last night took 1/7000th of an entire year. I think the vast majority of the American people would agree that we have better ways to spend our time."
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"Tonight's speech was a reminder that, for decades, the policies of Republicans and Democrats alike have failed. Libertarians are asking people to take matters into their own hands. Instead of just complaining, we're encouraging ordinary Americans to step up and run for Congress on the Libertarian Party ballot line.
"I can say exactly the same thing about President Obama's speech tonight that I said about George W. Bush's State of the Union speech in January 2008: 'Tonight's State of the Union address went much as expected. Instead of calling for a more limited role of the federal government in American society, the President laid out plans that would only increase the government's intervention into the realm of economics, health care, education and foreign policy.'
"I am weary of the President's unspoken premise that only government--indeed, only the federal government--can accomplish good in our society.
"President Obama seems to be totally blind to the concept that government can cause problems rather than solve them. His speech was filled with 'More': more handouts, more spending, more programs, more bailouts, more regulations. We Libertarians want less government, not more.
"Not to be outmatched by the Democrats, the Republican Party conveyed its lack of seriousness in addressing this nation's government spending problems by having Bob McDonnell, Virginia Governor for eleven (11) days, deliver its rebuttal to the President. If they were really serious about addressing the dire fiscal circumstances of this nation, they would have had Paul Ryan, a six-term congressman from Wisconsin, who has proposed the most serious plan of anyone in the two older parties to keep us from going off a fiscal cliff.
"Last week, Alan Auerbach, Professor of Economics and Law at UC Berkeley and US government fiscal policy expert, said that the Democratic and Republican parties are in a 'death embrace' with their government spending. The only political party that is rationally and forthrightly addressing the need to cut government spending and end our culture of ever expanding entitlements is the Libertarian Party.
"As Americans lose hope in Obama, we Libertarians are warning voters against running back to the Republicans who got us into such big messes in the first place. Republicans started the wars in Iraq and Afghanistan. Republicans made the false intellectual case for bailing out banks and car companies. Republicans argued that deficits don't matter. Republicans gave us the giant Medicare expansion bill.
"The President's suggestion of a 'spending freeze' was especially ludicrous and insulting to the intelligence of Americans. The amounts involved are minuscule, and Congress won't accept them anyway. Will Obama sign the spending bills that ignore his 'freeze'? You bet he will. Instead, the President should demand across-the-board cuts in all areas, including entitlements.
"The President talked a lot about jobs. Unfortunately, the policies he supports are responsible for most of the unemployment we see today. High taxes, minimum wage laws, hiring regulations, firing regulations, mandatory unemployment benefits, and other government interference make it much more difficult for businesses to hire and keep employees. As expected, the President's prescription is to increase the dosage of this government poison.
"While our nation is declining dangerously right now, a turnaround could be straightforward and simple with steps like these: 1. Bring our troops home from Iraq and Afghanistan; 2. Stop rewarding failed companies with bailouts; 3. Cut taxes and spending and let the free market work.
"Finally, on the matter of political rhetoric, I call upon the two older parties to stop spoon feeding politics to the American people as if we are a bunch of overgrown children. These are difficult times that call for more than rhetorical flourish or positioning a group of diverse people around a politician. Older party politicians need to be specific about their proposed policies, as Libertarians are.
"And, I know I'm probably just wasting electrons, but can't we go back to the days in which the President sent a copy of his speech to Congress and left it at that. The speech last night took 1/7000th of an entire year. I think the vast majority of the American people would agree that we have better ways to spend our time."
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Tuesday, December 8, 2009
Obama Rates Favorably with Americans in Bloomberg National Poll
/PRNewswire/ -- President Barack Obama receives high marks for his foreign policy while most Americans disagree with his handling of health care and the budget deficit, according to the Bloomberg National Poll, a quarterly survey of Americans.
While most Americans polled generally support Obama with a job-approval rating of 54 percent, he receives negative marks on many domestic issues. More than 50 percent of respondents say they disapprove of his plan to overhaul the health care system and even more, 57 percent, criticize his management of the federal budget deficit. In contrast, he receives strong support for his approach to foreign policy, 62 percent of Americans approve of his decision to send 30,000 more troops to Afghanistan and 59 percent approve of the way he is managing relations with other countries.
The economy is still the country's top concern with 8 out of 10 Americans rating joblessness as a high risk to the economic performance in the next two years, outranking the federal budget deficit, which was cited by 7 out of 10.
Despite concerns with Obama's handling of the economy, health care and the deficit, Americans appear to still be allowing him a honeymoon period to address these issues, with 60 percent saying the nation's economic problems are mostly the result of decisions he inherited, according to the Bloomberg National Poll, which interviewed a random sample of 1,000 U.S. adults ages 18 or older, for a snapshot of Americans' thoughts on Obama's administration and the economy.
The Bloomberg National Poll was conducted by Selzer & Company, whose survey of Iowa Caucus voters in 2008 was the only one to accurately predict Barack Obama's victory. The firm has conducted surveys for more than two dozen major newspapers in the U.S., and was named the best of 32 polling firms ranked by polling Web site FiveThirtyEight.com. Poll results are available at www.bloomberg.com.
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While most Americans polled generally support Obama with a job-approval rating of 54 percent, he receives negative marks on many domestic issues. More than 50 percent of respondents say they disapprove of his plan to overhaul the health care system and even more, 57 percent, criticize his management of the federal budget deficit. In contrast, he receives strong support for his approach to foreign policy, 62 percent of Americans approve of his decision to send 30,000 more troops to Afghanistan and 59 percent approve of the way he is managing relations with other countries.
The economy is still the country's top concern with 8 out of 10 Americans rating joblessness as a high risk to the economic performance in the next two years, outranking the federal budget deficit, which was cited by 7 out of 10.
Despite concerns with Obama's handling of the economy, health care and the deficit, Americans appear to still be allowing him a honeymoon period to address these issues, with 60 percent saying the nation's economic problems are mostly the result of decisions he inherited, according to the Bloomberg National Poll, which interviewed a random sample of 1,000 U.S. adults ages 18 or older, for a snapshot of Americans' thoughts on Obama's administration and the economy.
The Bloomberg National Poll was conducted by Selzer & Company, whose survey of Iowa Caucus voters in 2008 was the only one to accurately predict Barack Obama's victory. The firm has conducted surveys for more than two dozen major newspapers in the U.S., and was named the best of 32 polling firms ranked by polling Web site FiveThirtyEight.com. Poll results are available at www.bloomberg.com.
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Monday, September 21, 2009
Pelosi: Congress Will Continue to Work With President Obama to Build an Innovation Economy
/PRNewswire/ -- Speaker Nancy Pelosi released the following statement today following President Obama's speech in Troy, N.Y. on innovation and Energy Secretary Steven Chu's announcement in Washington on funding to modernize our electrical system and build a smart energy grid:
"Today, President Obama reiterated a fundamental truth in America's economic history: innovation is the foundation for long-term prosperity. The President eloquently laid out a national strategy that has been lacking for a critical and fast-paced decade. Resting at the center of our recovery efforts, innovation is key to maintaining our nation's global competitiveness, creating jobs, and ensuring economic growth long into the future.
"The challenges of the 21st century cannot be met with 20th century solutions, and the New Direction Congress will continue to work with President Obama to ensure that we invest in clean energy industries, promote new technologies, support basic research, and train our students for the jobs of tomorrow.
"The 111th Congress is working on several fronts to keep America number one in our global economy. The American Recovery and Reinvestment Act is supporting small businesses committed to innovation and protecting jobs in critical sectors. The measure invests more than $100 billion in basic scientific research, fuel-efficient vehicles and homes, high-speed rail, and reinforcements in our infrastructure.
"Earlier today, Secretary of Energy Steven Chu announced $144 million in Recovery Act funding to modernize our electrical system and build a smart grid that strengthens our national security, creates clean energy jobs, saves consumers money on their energy bills, and diversifies our power supply with renewable, clean American energy.
"Throughout our nation's history, the ingenuity, hard work, and unmatched potential of the American people have been the building blocks for progress for every family. Congress shares President Obama's vision, and we will continue to work together to build an innovation economy in the years to come."
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"Today, President Obama reiterated a fundamental truth in America's economic history: innovation is the foundation for long-term prosperity. The President eloquently laid out a national strategy that has been lacking for a critical and fast-paced decade. Resting at the center of our recovery efforts, innovation is key to maintaining our nation's global competitiveness, creating jobs, and ensuring economic growth long into the future.
"The challenges of the 21st century cannot be met with 20th century solutions, and the New Direction Congress will continue to work with President Obama to ensure that we invest in clean energy industries, promote new technologies, support basic research, and train our students for the jobs of tomorrow.
"The 111th Congress is working on several fronts to keep America number one in our global economy. The American Recovery and Reinvestment Act is supporting small businesses committed to innovation and protecting jobs in critical sectors. The measure invests more than $100 billion in basic scientific research, fuel-efficient vehicles and homes, high-speed rail, and reinforcements in our infrastructure.
"Earlier today, Secretary of Energy Steven Chu announced $144 million in Recovery Act funding to modernize our electrical system and build a smart grid that strengthens our national security, creates clean energy jobs, saves consumers money on their energy bills, and diversifies our power supply with renewable, clean American energy.
"Throughout our nation's history, the ingenuity, hard work, and unmatched potential of the American people have been the building blocks for progress for every family. Congress shares President Obama's vision, and we will continue to work together to build an innovation economy in the years to come."
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Monday, July 6, 2009
Biden Admits "Stimulus" Spending Scheme Is Falling Short, Says Dems "Misread the Economy"
Washington Democrats are officially all over the map on the spending binge known as the “stimulus.” Vice President Joe Biden was one of many Democrats scrambling over the weekend to defend the trillion-dollar “stimulus” that, by any objective account, isn’t working. The Obama Administration’s latest excuse for the bill’s poor returns? On ABC’s This Week with George Stephanopoulos, the Vice President claimed, “The truth is, we and everyone else misread the economy.”
This change in rhetoric comes less than two months after the Vice President issued his initial report on the “stimulus,” in which he said the package was “ahead of schedule.”
Here’s another example of Democrats’ mixed messages on wasteful stimulus spending:
Yesterday on ABC, the Vice President asserted, “There were predictions that this was going to be wasteful and all these terrible projects were going to be out there, and we’re wasting money. Well, that dog hasn’t barked yet.”
Yet just last month, in a roundtable to discuss the “success” of the stimulus, the Vice President admitted, “We know some of this money is going to be wasted… Some people are being scammed already.”
The “dog” to which the Vice President referred is now barking, and her name is Ellie Mae, the bloodhound House Republican Leader John Boehner (R-OH) and Rep. Lynn Westmoreland (R-GA) sent out looking for jobs created by the “stimulus” in a lighthearted web video released last week. In an appearance yesterday on Fox News Sunday, Boehner underscored the fact that the “stimulus” bill isn’t working and reiterated Republicans’ support for a real stimulus – one that empowers families and small businesses to keep more of what they earn so they can save, invest, and create jobs:
“This was supposed to be about jobs, jobs, and jobs and the fact is it turned into nothing but spending, spending and more spending on a lot of big government bureaucracy… All it does is fund more government. If you really want to get the economy going, you have to trust small businesses and the American people to reinvest their own money. So we ought to try a real stimulus bill and allow them to keep more of what they earn.”
As the “stimulus” continues to fall short of its goals, how will Democrats try to move the goalposts next? What rhetoric will they use to backtrack off of previous predictions and statements? And, most importantly, how hard will Democrats continue to block a real stimulus that trusts small businesses – the real engine of our economy – to create jobs? As Congress prepares to begin a busy stretch of legislative action over the next four weeks and unemployment continues to rise, these are questions the American people need answered.
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This change in rhetoric comes less than two months after the Vice President issued his initial report on the “stimulus,” in which he said the package was “ahead of schedule.”
Here’s another example of Democrats’ mixed messages on wasteful stimulus spending:
Yesterday on ABC, the Vice President asserted, “There were predictions that this was going to be wasteful and all these terrible projects were going to be out there, and we’re wasting money. Well, that dog hasn’t barked yet.”
Yet just last month, in a roundtable to discuss the “success” of the stimulus, the Vice President admitted, “We know some of this money is going to be wasted… Some people are being scammed already.”
The “dog” to which the Vice President referred is now barking, and her name is Ellie Mae, the bloodhound House Republican Leader John Boehner (R-OH) and Rep. Lynn Westmoreland (R-GA) sent out looking for jobs created by the “stimulus” in a lighthearted web video released last week. In an appearance yesterday on Fox News Sunday, Boehner underscored the fact that the “stimulus” bill isn’t working and reiterated Republicans’ support for a real stimulus – one that empowers families and small businesses to keep more of what they earn so they can save, invest, and create jobs:
“This was supposed to be about jobs, jobs, and jobs and the fact is it turned into nothing but spending, spending and more spending on a lot of big government bureaucracy… All it does is fund more government. If you really want to get the economy going, you have to trust small businesses and the American people to reinvest their own money. So we ought to try a real stimulus bill and allow them to keep more of what they earn.”
As the “stimulus” continues to fall short of its goals, how will Democrats try to move the goalposts next? What rhetoric will they use to backtrack off of previous predictions and statements? And, most importantly, how hard will Democrats continue to block a real stimulus that trusts small businesses – the real engine of our economy – to create jobs? As Congress prepares to begin a busy stretch of legislative action over the next four weeks and unemployment continues to rise, these are questions the American people need answered.
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Friday, April 17, 2009
EPA Endangerment Finding Fuels Damaging Economic Uncertainty
House Committee on Oversight and Government Reform Ranking Member Darrell Issa (R-CA) today released the following statement on the Environmental Protection Agency’s (EPA) proposed decision to regulate Carbon Dioxide and other gases. Rep. Issa has twice written to the Obama Administration expressing concern about the endangerment finding but has yet to receive a response.
“Today’s decision adds uncertainty for businesses already struggling in the current economy. The prospect of new, yet uncertain, regulations on the use of energy will give pause to businesses considering new construction or investments.
“Administration officials themselves have described this new regulatory approach as problematic, an approach of second choice to Congressional action.
“By pushing forward a flawed approach, this Administration is playing a game of chicken with Congress over regulations and our economy: either pass legislation or force economically damaging new regulations on businesses.”
A U.S. Chamber of Commerce report explains that proposed regulations do not stop at power plants and factories. The report found that the following emit enough carbon dioxide to land in the crosshairs of new Federal permitting requirements:
100,000 schools and other educational facilities;
92,000 health care facilities;
71,000 hotels, motels, and other lodging facilities;
58,000 food service industry buildings;
37,000 houses of religious worship
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“Today’s decision adds uncertainty for businesses already struggling in the current economy. The prospect of new, yet uncertain, regulations on the use of energy will give pause to businesses considering new construction or investments.
“Administration officials themselves have described this new regulatory approach as problematic, an approach of second choice to Congressional action.
“By pushing forward a flawed approach, this Administration is playing a game of chicken with Congress over regulations and our economy: either pass legislation or force economically damaging new regulations on businesses.”
A U.S. Chamber of Commerce report explains that proposed regulations do not stop at power plants and factories. The report found that the following emit enough carbon dioxide to land in the crosshairs of new Federal permitting requirements:
100,000 schools and other educational facilities;
92,000 health care facilities;
71,000 hotels, motels, and other lodging facilities;
58,000 food service industry buildings;
37,000 houses of religious worship
-----
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Tuesday, March 24, 2009
Campaign to Sell President's Budget Has "No Noticeable Impact" as Americans Realize It Spends Too Much, Taxes Too Much, Borrows Too Much
President Obama will hold a news conference this evening, as the campaign to sell his fiscally-irresponsible budget continues. Last week, the effort kicked-off with some fanfare, as news broke that his presidential campaign apparatus would be called upon to spin his $3.6 trillion budget blueprint. However, more than a week into the “budget campaign,” it seems the Administration and its political allies are having some trouble building support for the budget with the American people – and even some Democratic Members of Congress. McClatchy News reports:
“President Barack Obama’s army of canvassers fanned out across the nation over the weekend to drum up support for his $3.55 trillion budget, but they had no noticeable impact on members of Congress, who on Monday said they were largely unaware of the effort.”
“‘News to me,’ said Rep. Lloyd Doggett, D-Texas, a House Budget Committee member, of the canvassing.”
The reason the President’s campaign seems to be spinning its wheels is because the American people are realizing his budget will harm our economy and destroy jobs by spending too much, taxing too much, and borrowing too much. Last Friday, the nonpartisan Congressional Budget Office (CBO) issued a devastating report, noting that the President’s budget is actually $2.3 trillion more costly than the White House initially claimed. And yesterday, the President doubled-down on his plan for a national energy tax, with the Administration promising that it will fight for the tax, even though it will cost families up to $3,100 more per year. In other words, the more the American people are learning about this budget, the less they like it – and Members of Congress, including many Democrats, are hearing about it.
On WKRC radio in Cincinnati this morning, House Republican Leader John Boehner (R-OH) discussed the Democrats’ nervousness over the President’s budget:
“And so, the real key is what’s going to happen here over the next couple of weeks – whether we can stop the budget proposal that he has and put enough pressure on my colleagues on the other side of the aisle to take a second look at this proposal…”
“There’s a lot of nervousness over there right now over this, and what I’ve been doing and my colleagues have been doing is helping the American people understand that his budget spends too much, it taxes too much, and it borrows too much from our kids and grandkids.” (AUDIO)
While the Administration and Democratic leaders on Capitol Hill continue their budget campaign, Republicans are prepared to offer a better budget solution – one that will help create jobs, rebuild savings, and restore fiscal sanity. In a web video released last week, Boehner outlined for the President the GOP’s principles for a better budget, including:
- Helping create and protect jobs by letting families and small businesses keep more of what they earn.
- Ensuring the federal budget doesn’t grow faster than family budgets.
- Aiming to expand access to affordable health care for every American, while preserving Social Security and Medicare for future generations.
- Ending the bailouts to protect taxpayers and reforming the financial system so this crisis never repeats itself.
- Encouraging an “all of the above” energy strategy that harnesses new technologies, encourages greater conservation and efficiency, and increases American energy production in an environmentally-safe manner – without imposing a national energy tax.
- Fighting inflation so the prices of goods and services Americans depend on every day remain stable during and after this economic crisis.
The House Budget Committee will consider the President’s budget blueprint tomorrow, and Boehner today announced that Republicans will live-blog the debate on the Republican Leader’s blog, at http://gopleader.gov/Blog. During tomorrow’s debate, Republicans will remind Democrats that the President’s budget spends too much, taxes too much, and borrows too much and will offer better solutions for improving the blueprint, strengthening the economy, and creating jobs. Will Washington Democrats give these GOP solutions the consideration they deserve?
-----
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“President Barack Obama’s army of canvassers fanned out across the nation over the weekend to drum up support for his $3.55 trillion budget, but they had no noticeable impact on members of Congress, who on Monday said they were largely unaware of the effort.”
“‘News to me,’ said Rep. Lloyd Doggett, D-Texas, a House Budget Committee member, of the canvassing.”
The reason the President’s campaign seems to be spinning its wheels is because the American people are realizing his budget will harm our economy and destroy jobs by spending too much, taxing too much, and borrowing too much. Last Friday, the nonpartisan Congressional Budget Office (CBO) issued a devastating report, noting that the President’s budget is actually $2.3 trillion more costly than the White House initially claimed. And yesterday, the President doubled-down on his plan for a national energy tax, with the Administration promising that it will fight for the tax, even though it will cost families up to $3,100 more per year. In other words, the more the American people are learning about this budget, the less they like it – and Members of Congress, including many Democrats, are hearing about it.
On WKRC radio in Cincinnati this morning, House Republican Leader John Boehner (R-OH) discussed the Democrats’ nervousness over the President’s budget:
“And so, the real key is what’s going to happen here over the next couple of weeks – whether we can stop the budget proposal that he has and put enough pressure on my colleagues on the other side of the aisle to take a second look at this proposal…”
“There’s a lot of nervousness over there right now over this, and what I’ve been doing and my colleagues have been doing is helping the American people understand that his budget spends too much, it taxes too much, and it borrows too much from our kids and grandkids.” (AUDIO)
While the Administration and Democratic leaders on Capitol Hill continue their budget campaign, Republicans are prepared to offer a better budget solution – one that will help create jobs, rebuild savings, and restore fiscal sanity. In a web video released last week, Boehner outlined for the President the GOP’s principles for a better budget, including:
- Helping create and protect jobs by letting families and small businesses keep more of what they earn.
- Ensuring the federal budget doesn’t grow faster than family budgets.
- Aiming to expand access to affordable health care for every American, while preserving Social Security and Medicare for future generations.
- Ending the bailouts to protect taxpayers and reforming the financial system so this crisis never repeats itself.
- Encouraging an “all of the above” energy strategy that harnesses new technologies, encourages greater conservation and efficiency, and increases American energy production in an environmentally-safe manner – without imposing a national energy tax.
- Fighting inflation so the prices of goods and services Americans depend on every day remain stable during and after this economic crisis.
The House Budget Committee will consider the President’s budget blueprint tomorrow, and Boehner today announced that Republicans will live-blog the debate on the Republican Leader’s blog, at http://gopleader.gov/Blog. During tomorrow’s debate, Republicans will remind Democrats that the President’s budget spends too much, taxes too much, and borrows too much and will offer better solutions for improving the blueprint, strengthening the economy, and creating jobs. Will Washington Democrats give these GOP solutions the consideration they deserve?
-----
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Wednesday, February 25, 2009
Democratic National Committee: Gov. Tim Kaine's Statement on President Obama's Address to the Joint Session of Congress
/PRNewswire-USNewswire/ -- Governor Tim Kaine, Chairman of the Democratic National Committee, issued the following statement after President Obama's address to the Joint Session of Congress last night:
"As President Obama made clear tonight, there is still a lot of work to do to get our country back on track. But better days do lie ahead. In his short time in office, President Obama has already offered a comprehensive approach to get our economy moving again now and in the future. With the help of the Democratic Congress, he implemented a responsible economic recovery package that will help millions of Americans get back to work and provides meaningful tax relief for 95 percent of working families. He has proposed common-sense solutions to tackling the housing, banking, and financial crises.
"In the weeks and months ahead, we face many more difficult choices. We must reform the health care system, put our country on the path to energy independence, modernize our education system, and cut our deficit spending. And we must commit to a government that is honest, transparent and accountable to the American people.
"These goals are interrelated, and all must be accomplished to transform our country for the long-term. This is what the American people elected President Obama to do, and I have full confidence that he will make the investments and choices necessary to put us on the path to fiscal responsibility and keep the American Dream alive."
-----
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"As President Obama made clear tonight, there is still a lot of work to do to get our country back on track. But better days do lie ahead. In his short time in office, President Obama has already offered a comprehensive approach to get our economy moving again now and in the future. With the help of the Democratic Congress, he implemented a responsible economic recovery package that will help millions of Americans get back to work and provides meaningful tax relief for 95 percent of working families. He has proposed common-sense solutions to tackling the housing, banking, and financial crises.
"In the weeks and months ahead, we face many more difficult choices. We must reform the health care system, put our country on the path to energy independence, modernize our education system, and cut our deficit spending. And we must commit to a government that is honest, transparent and accountable to the American people.
"These goals are interrelated, and all must be accomplished to transform our country for the long-term. This is what the American people elected President Obama to do, and I have full confidence that he will make the investments and choices necessary to put us on the path to fiscal responsibility and keep the American Dream alive."
-----
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Governor Bobby Jindal's Republican Address: 'Americans Can Do Anything'
/PRNewswire-USNewswire/ -- The Republican National Committee (RNC) released the full Republican address entitled "Americans Can Do Anything," that Louisiana Governor Bobby Jindal delivered immediately following President Barack Obama's address to a joint session of Congress:
"Good evening. I'm Bobby Jindal, Governor of Louisiana.
Tonight, we witnessed a great moment in the history of our Republic. In the very chamber where Congress once voted to abolish slavery, our first African-American President stepped forward to address the state of our union. With his speech tonight, the President completed a redemptive journey that took our nation from Independence Hall...to Gettysburg...to the lunch counter... and now, finally, the Oval Office.
Regardless of party, all Americans are moved by the President's personal story - the son of an American mother and a Kenyan father, who grew up to become leader of the free world. Like the President's father, my parents came to this country from a distant land. When they arrived in Baton Rouge, my mother was already 4 1/2 months pregnant. I was what folks in the insurance industry now call a 'pre-existing condition.' To find work, my dad picked up the yellow pages and started calling local businesses. Even after landing a job, he could still not afford to pay for my delivery - so he worked out an installment plan with the doctor. Fortunately for me, he never missed a payment.
As I grew up, my mom and dad taught me the values that attracted them to this country - and they instilled in me an immigrant's wonder at the greatness of America. As a child, I remember going to the grocery store with my dad. Growing up in India, he had seen extreme poverty. And as we walked through the aisles, looking at the endless variety on the shelves, he would tell me: 'Bobby, Americans can do anything.' I still believe that to this day. Americans can do anything. When we pull together, there is no challenge we cannot overcome.
As the President made clear this evening, we are now in a time of challenge. Many of you listening tonight have lost jobs. Others have seen your college and retirement savings dwindle. Many of you are worried about losing your health care and your homes. And you are looking to your elected leaders in Washington for solutions.
Republicans are ready to work with the new President to provide those solutions. Here in my state of Louisiana, we don't care what party you belong to if you have good ideas to make life better for our people. We need more of that attitude from both Democrats and Republicans in our nation's capital. All of us want our economy to recover and our nation to prosper. So where we agree, Republicans must be the President's strongest partners. And where we disagree, Republicans have a responsibility to be candid and offer better ideas for a path forward.
Today in Washington, some are promising that government will rescue us from the economic storms raging all around us.
Those of us who lived through Hurricane Katrina, we have our doubts.
Let me tell you a story.
During Katrina, I visited Sheriff Harry Lee, a Democrat and a good friend of mine. When I walked into his makeshift office I'd never seen him so angry. He was yelling into the phone: 'Well, I'm the Sheriff and if you don't like it you can come and arrest me!' I asked him: 'Sheriff, what's got you so mad?' He told me that he had put out a call for volunteers to come with their boats to rescue people who were trapped on their rooftops by the floodwaters. The boats were all lined up ready to go - when some bureaucrat showed up and told them they couldn't go out on the water unless they had proof of insurance and registration. I told him, 'Sheriff, that's ridiculous.' And before I knew it, he was yelling into the phone: 'Congressman Jindal is here, and he says you can come and arrest him too!' Harry just told the boaters to ignore the bureaucrats and start rescuing people.
There is a lesson in this experience: The strength of America is not found in our government. It is found in the compassionate hearts and enterprising spirit of our citizens. We are grateful for the support we have received from across the nation for the ongoing recovery efforts. This spirit got Louisiana through the hurricanes - and this spirit will get our nation through the storms we face today.
To solve our current problems, Washington must lead. But the way to lead is not to raise taxes and put more money and power in hands of Washington politicians. The way to lead is by empowering you - the American people. Because we believe that Americans can do anything.
That is why Republicans put forward plans to create jobs by lowering income tax rates for working families...cutting taxes for small businesses ...strengthening incentives for businesses to invest in new equipment and hire new workers...and stabilizing home values by creating a new tax credit for home-buyers. These plans would cost less and create more jobs.
But Democratic leaders in Congress rejected this approach. Instead of trusting us to make wise decisions with our own money, they passed the largest government spending bill in history - with a price tag of more than $1 trillion with interest. While some of the projects in the bill make sense, their legislation is larded with wasteful spending. It includes $300 million to buy new cars for the government, $8 billion for high-speed rail projects, such as a 'magnetic levitation' line from Las Vegas to Disneyland, and $140 million for something called 'volcano monitoring.' Instead of monitoring volcanoes, what Congress should be monitoring is the eruption of spending in Washington, DC.
Democratic leaders say their legislation will grow the economy. What it will do is grow the government, increase our taxes down the line, and saddle future generations with debt. Who among us would ask our children for a loan, so we could spend money we do not have, on things we do not need? That is precisely what the Democrats in Congress just did. It's irresponsible. And it's no way to strengthen our economy, create jobs, or build a prosperous future for our children.
In Louisiana, we took a different approach. Since I became governor, we cut more than 250 earmarks from our state budget. And to create jobs for our citizens, we cut taxes six times - including the largest income tax cut in the history of our state. We passed those tax cuts with bipartisan majorities. Republicans and Democrats put aside their differences, and worked together to make sure our people could keep more of what they earn. If it can be done in Baton Rouge, surely it can be done in Washington, DC.
To strengthen our economy, we need urgent action to keep energy prices down. All of us remember what it felt like to pay $4 at the pump - and unless we act now, those prices will return. To stop that from happening, we need to increase conservation...increase energy efficiency...increase the use of alternative and renewable fuels...increase our use of nuclear power - and increase drilling for oil and gas here at home. We believe that Americans can do anything - and if we unleash the innovative spirit of our citizens, we can achieve energy independence.
To strengthen our economy, we also need to address the crisis in health care. Republicans believe in a simple principle: No American should have to worry about losing their health coverage - period. We stand for universal access to affordable health care coverage. We oppose universal government-run health care. Health care decisions should be made by doctors and patients - not by government bureaucrats. We believe Americans can do anything - and if we put aside partisan politics and work together, we can make our system of private medicine affordable and accessible for every one of our citizens.
To strengthen our economy, we also need to make sure every child in America gets the best possible education. After Katrina, we reinvented the New Orleans school system - opening dozens of new charter schools, and creating a new scholarship program that is giving parents the chance to send their children to private or parochial schools of their choice. We believe that, with the proper education, the children of America can do anything. And it should not take a devastating storm to bring this kind of innovation to education in our country.
To strengthen our economy, we must promote confidence in America by ensuring ours is the most ethical and transparent system in the world. In my home state, there used to be saying: At any given time, half of Louisiana is under water - and the other half is under indictment. No one says that anymore. Last year, we passed some of the strongest ethics laws in the nation - and today, Louisiana has turned her back on the corruption of the past. We need to bring transparency to Washington, DC- so we can rid our Capitol of corruption...and ensure we never see the passage of another trillion dollar spending bill that Congress has not even read and the American people haven't even seen.
As we take these steps, we must remember for all our troubles at home, dangerous enemies still seek our destruction. Now is no time to dismantle the defenses that have protected this country for hundreds of years, or make deep cuts in funding for our troops. America's fighting men and women can do anything. And if we give them the resources they need, they will stay on the offensive...defeat our enemies...and protect us from harm.
In all these areas, Republicans want to work with President Obama. We appreciate his message of hope - but sometimes it seems we look for hope in different places. Democratic leaders in Washingto nplace their hope in the federal government. We place our hope in you - the American people. In the end, it comes down to an honest and fundamental disagreement about the proper role of government. We oppose the National Democrats' view that says the way to strengthen our country is to increase dependence on government. We believe the way to strengthen our country is to restrain spending in Washington, and empower individuals and small businesses to grow our economy and create jobs.
In recent years, these distinctions in philosophy became less clear - because our party got away from its principles. You elected Republicans to champion limited government, fiscal discipline, and personal responsibility. Instead, Republicans went along with earmarks and big government spending in Washington. Republicans lost your trust - and rightly so.
Tonight, on behalf of our leaders in Congress and my fellow Republican governors, I say: Our party is determined to regain your trust. We will do so by standing up for the principles that we share...the principles you elected us to fight for...the principles that built this into the greatest, most prosperous country on earth.
A few weeks ago, the President warned that our nation is facing a crisis that he said 'we may not be able to reverse.' Our troubles are real, to be sure. But don't let anyone tell you that we cannot recover - or that America's best days are behind her. This is the nation that cast off the scourge of slavery...overcame the Great Depression...prevailed in two World Wars...won the struggle for civil rights...defeated the Soviet menace...and responded with determined courage to the attacks of September 11, 2001. The American spirit has triumphed over almost every form of adversity known to man - and the American spirit will triumph again.
We can have confidence in our future - because, amid today's challenges, we also count many blessings: We have the most innovative citizens...the most abundant resources...the most resilient economy...the most powerful military...and the freest political system in the history of the world. My fellow citizens, never forget: We are Americans. And like my dad said years ago, Americans can do anything.
Thank you for listening. God bless you. And God bless America."
-----
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"Good evening. I'm Bobby Jindal, Governor of Louisiana.
Tonight, we witnessed a great moment in the history of our Republic. In the very chamber where Congress once voted to abolish slavery, our first African-American President stepped forward to address the state of our union. With his speech tonight, the President completed a redemptive journey that took our nation from Independence Hall...to Gettysburg...to the lunch counter... and now, finally, the Oval Office.
Regardless of party, all Americans are moved by the President's personal story - the son of an American mother and a Kenyan father, who grew up to become leader of the free world. Like the President's father, my parents came to this country from a distant land. When they arrived in Baton Rouge, my mother was already 4 1/2 months pregnant. I was what folks in the insurance industry now call a 'pre-existing condition.' To find work, my dad picked up the yellow pages and started calling local businesses. Even after landing a job, he could still not afford to pay for my delivery - so he worked out an installment plan with the doctor. Fortunately for me, he never missed a payment.
As I grew up, my mom and dad taught me the values that attracted them to this country - and they instilled in me an immigrant's wonder at the greatness of America. As a child, I remember going to the grocery store with my dad. Growing up in India, he had seen extreme poverty. And as we walked through the aisles, looking at the endless variety on the shelves, he would tell me: 'Bobby, Americans can do anything.' I still believe that to this day. Americans can do anything. When we pull together, there is no challenge we cannot overcome.
As the President made clear this evening, we are now in a time of challenge. Many of you listening tonight have lost jobs. Others have seen your college and retirement savings dwindle. Many of you are worried about losing your health care and your homes. And you are looking to your elected leaders in Washington for solutions.
Republicans are ready to work with the new President to provide those solutions. Here in my state of Louisiana, we don't care what party you belong to if you have good ideas to make life better for our people. We need more of that attitude from both Democrats and Republicans in our nation's capital. All of us want our economy to recover and our nation to prosper. So where we agree, Republicans must be the President's strongest partners. And where we disagree, Republicans have a responsibility to be candid and offer better ideas for a path forward.
Today in Washington, some are promising that government will rescue us from the economic storms raging all around us.
Those of us who lived through Hurricane Katrina, we have our doubts.
Let me tell you a story.
During Katrina, I visited Sheriff Harry Lee, a Democrat and a good friend of mine. When I walked into his makeshift office I'd never seen him so angry. He was yelling into the phone: 'Well, I'm the Sheriff and if you don't like it you can come and arrest me!' I asked him: 'Sheriff, what's got you so mad?' He told me that he had put out a call for volunteers to come with their boats to rescue people who were trapped on their rooftops by the floodwaters. The boats were all lined up ready to go - when some bureaucrat showed up and told them they couldn't go out on the water unless they had proof of insurance and registration. I told him, 'Sheriff, that's ridiculous.' And before I knew it, he was yelling into the phone: 'Congressman Jindal is here, and he says you can come and arrest him too!' Harry just told the boaters to ignore the bureaucrats and start rescuing people.
There is a lesson in this experience: The strength of America is not found in our government. It is found in the compassionate hearts and enterprising spirit of our citizens. We are grateful for the support we have received from across the nation for the ongoing recovery efforts. This spirit got Louisiana through the hurricanes - and this spirit will get our nation through the storms we face today.
To solve our current problems, Washington must lead. But the way to lead is not to raise taxes and put more money and power in hands of Washington politicians. The way to lead is by empowering you - the American people. Because we believe that Americans can do anything.
That is why Republicans put forward plans to create jobs by lowering income tax rates for working families...cutting taxes for small businesses ...strengthening incentives for businesses to invest in new equipment and hire new workers...and stabilizing home values by creating a new tax credit for home-buyers. These plans would cost less and create more jobs.
But Democratic leaders in Congress rejected this approach. Instead of trusting us to make wise decisions with our own money, they passed the largest government spending bill in history - with a price tag of more than $1 trillion with interest. While some of the projects in the bill make sense, their legislation is larded with wasteful spending. It includes $300 million to buy new cars for the government, $8 billion for high-speed rail projects, such as a 'magnetic levitation' line from Las Vegas to Disneyland, and $140 million for something called 'volcano monitoring.' Instead of monitoring volcanoes, what Congress should be monitoring is the eruption of spending in Washington, DC.
Democratic leaders say their legislation will grow the economy. What it will do is grow the government, increase our taxes down the line, and saddle future generations with debt. Who among us would ask our children for a loan, so we could spend money we do not have, on things we do not need? That is precisely what the Democrats in Congress just did. It's irresponsible. And it's no way to strengthen our economy, create jobs, or build a prosperous future for our children.
In Louisiana, we took a different approach. Since I became governor, we cut more than 250 earmarks from our state budget. And to create jobs for our citizens, we cut taxes six times - including the largest income tax cut in the history of our state. We passed those tax cuts with bipartisan majorities. Republicans and Democrats put aside their differences, and worked together to make sure our people could keep more of what they earn. If it can be done in Baton Rouge, surely it can be done in Washington, DC.
To strengthen our economy, we need urgent action to keep energy prices down. All of us remember what it felt like to pay $4 at the pump - and unless we act now, those prices will return. To stop that from happening, we need to increase conservation...increase energy efficiency...increase the use of alternative and renewable fuels...increase our use of nuclear power - and increase drilling for oil and gas here at home. We believe that Americans can do anything - and if we unleash the innovative spirit of our citizens, we can achieve energy independence.
To strengthen our economy, we also need to address the crisis in health care. Republicans believe in a simple principle: No American should have to worry about losing their health coverage - period. We stand for universal access to affordable health care coverage. We oppose universal government-run health care. Health care decisions should be made by doctors and patients - not by government bureaucrats. We believe Americans can do anything - and if we put aside partisan politics and work together, we can make our system of private medicine affordable and accessible for every one of our citizens.
To strengthen our economy, we also need to make sure every child in America gets the best possible education. After Katrina, we reinvented the New Orleans school system - opening dozens of new charter schools, and creating a new scholarship program that is giving parents the chance to send their children to private or parochial schools of their choice. We believe that, with the proper education, the children of America can do anything. And it should not take a devastating storm to bring this kind of innovation to education in our country.
To strengthen our economy, we must promote confidence in America by ensuring ours is the most ethical and transparent system in the world. In my home state, there used to be saying: At any given time, half of Louisiana is under water - and the other half is under indictment. No one says that anymore. Last year, we passed some of the strongest ethics laws in the nation - and today, Louisiana has turned her back on the corruption of the past. We need to bring transparency to Washington, DC- so we can rid our Capitol of corruption...and ensure we never see the passage of another trillion dollar spending bill that Congress has not even read and the American people haven't even seen.
As we take these steps, we must remember for all our troubles at home, dangerous enemies still seek our destruction. Now is no time to dismantle the defenses that have protected this country for hundreds of years, or make deep cuts in funding for our troops. America's fighting men and women can do anything. And if we give them the resources they need, they will stay on the offensive...defeat our enemies...and protect us from harm.
In all these areas, Republicans want to work with President Obama. We appreciate his message of hope - but sometimes it seems we look for hope in different places. Democratic leaders in Washingto nplace their hope in the federal government. We place our hope in you - the American people. In the end, it comes down to an honest and fundamental disagreement about the proper role of government. We oppose the National Democrats' view that says the way to strengthen our country is to increase dependence on government. We believe the way to strengthen our country is to restrain spending in Washington, and empower individuals and small businesses to grow our economy and create jobs.
In recent years, these distinctions in philosophy became less clear - because our party got away from its principles. You elected Republicans to champion limited government, fiscal discipline, and personal responsibility. Instead, Republicans went along with earmarks and big government spending in Washington. Republicans lost your trust - and rightly so.
Tonight, on behalf of our leaders in Congress and my fellow Republican governors, I say: Our party is determined to regain your trust. We will do so by standing up for the principles that we share...the principles you elected us to fight for...the principles that built this into the greatest, most prosperous country on earth.
A few weeks ago, the President warned that our nation is facing a crisis that he said 'we may not be able to reverse.' Our troubles are real, to be sure. But don't let anyone tell you that we cannot recover - or that America's best days are behind her. This is the nation that cast off the scourge of slavery...overcame the Great Depression...prevailed in two World Wars...won the struggle for civil rights...defeated the Soviet menace...and responded with determined courage to the attacks of September 11, 2001. The American spirit has triumphed over almost every form of adversity known to man - and the American spirit will triumph again.
We can have confidence in our future - because, amid today's challenges, we also count many blessings: We have the most innovative citizens...the most abundant resources...the most resilient economy...the most powerful military...and the freest political system in the history of the world. My fellow citizens, never forget: We are Americans. And like my dad said years ago, Americans can do anything.
Thank you for listening. God bless you. And God bless America."
-----
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Democratic National Committee: The Reviews are in: President Obama's 'Hopeful' and 'Uplifting' Speech 'Will Really Galvanize' People
/PRNewswire-USNewswire/ -- Tonight, President Obama laid out his comprehensive vision for addressing the challenges our nation faces, from the economy to energy independence to health care reform, education, and laying the foundation for long-term growth in the 21st Century. As he addressed those challenges, he reminded Americans of the boldness and courage our nation must now summon as we have throughout our history saying, "We will rebuild, we will recover, and the United States of America will emerge stronger than before."
The early reviews are in, and a bipartisan group of commentators are praising the President's speech as an "ambitious," "hopeful" and "uplifting" performance that "will really galvanize" people. According to early polling results, the speech resonated with the American people too - more Americans support the President's economic recovery plans after watching the speech.
The following are samples of the early reviews:
CBS Poll: 79% Approve of Plans for Economic Crisis After Speech. CBS News Conducted a Poll of 500 respondents during the speech and they found that before the speech 62% of respondents approved of the President's plans for the Economic Crisis. After the speech the number rose to 79%. [CBS News Special Report, 2/24/09: http://www.cbsnews.com/blogs/2009/02/24/politics/politicalhotsheet/entry482661 5.shtml?tag=centerColumn;centerColumnContent]
CBS Poll: 69% Understand President's Economic Plans; Up From 56% Before Speech. CBS News Conducted a Poll of 500 respondents during the speech and they found that before the speech 56% of the respondents believed they understood the President's plans for the Economic Crisis. After the speech the number rose to 69%. [CBS News Special Report, 2/24/09: http://www.cbsnews.com/blogs/2009/02/24/politics/politicalhotsheet/entry482661 5.shtml?tag=centerColumn;centerColumnContent]
David Brooks: This "Was An Excellent Speech" That "Perfectly Captured The Tenor Of The Country." "I thought it was an excellent speech. It's been a long time since I've really been able to rave over an Obama speech, but I thought this was a speech that perfectly captured the tenor of the country." [PBS, NewsHour with Jim Lehrer Coverage of Presidential Address, 2/24/09]
Brooks: Speech Was "Outstanding," Hits "Exactly The Right Tone," and "Will Really Galvanize People." "The essential message was 'no more fooling around,' and I thought that was exactly the right tone to take...So just as a speech, as an explanation, 'here's what I'm going to do,' I thought it was outstanding. It will really galvanize people." [PBS, NewsHour with Jim Lehrer Coverage of Presidential Address, 2/24/09]
Howard Fineman: President Obama Earned "Great Applause" and Respect from Republicans and Democrats Alike. The President "I think won great applause, that's a measure of respect, not only from Democrats, but most of the Republicans in that room who realize sitting in that chamber what a political talent they are dealing with." [MSNBC, Countdown with Keith Olbermann, 2/24/09]
Fineman: "The Best Budget Speech Anyone Ever Gave." "This was the best darn budget speech that anyone ever gave because he gave it a sense of lift and drive and competence. The guy just has an ability to exude a sense of confidence in very tough circumstances." [MSNBC, Countdown with Keith Olbermann, 2/24/09]
CNN's Dana Bash: "More Of A Bipartisan Tone" In The Chamber During President's Speech Than Past Eight Years. "I was also in the chamber, Anderson, during the president's speech and certainly as opposed to what we saw for the past eight years, particularly the past couple years with President Bush, there definitely was more of a bipartisan tone in terms of the kind of reaction he got." [CNN, Anderson Cooper 360, 2/24/09]
CNN's David Gergen: President's Speech Was "Most Ambitious... We've Heard In This Chamber In Decades." "This was the most ambitious president we've heard in this chamber in decades. The first half of the speech was FDR fighting for the New Deal. The second half was Lyndon Johnson fighting for the Great Society and we have never seen those two presidents rolled together in quite this way before." [CNN, Anderson Cooper 360, 2/24/09]
Associated Press: Obama "Used Address to Tap the Deep Well of American Optimism..." that "Great Presidents Embody." "The president used his address to Congress on Tuesday night to tap the deep well of American optimism -- the never-say-die national spirit that every president tries to capture in words. And great presidents embody...The themes of responsibility, accountability and, above all, national community rang throughout an address carefully balanced by the gravity of its times."[Associated Press, 2/24/09: http://news.yahoo.com/s/ap/20090225/ap_on_go_pr_wh/obama_analysis_1]
Fox News' Major Garret: President's Speech is Bi-Partisan: "Well I think what we're seeing right there playing out there on the floor of the House of Representatives is that continued efforts at bipartisan outreach, and that will be, going on, be a consistent quality for this President even when Republicans don't respond in-kind because the White House believes politically it puts the President in a very safe, very productive frame of mind in relationship with the broader American public." [Fox News, 2/24/09]
Newsweek's Howard Fineman: President Gave A "Commanding" Performance. "That was as commanding performance, as confident a performance, as in control as I've ever seen a President." [MSNBC, Countdown with Keith Olbermann, 2/24/09]
CBS News' Jeff Greenfield "One of The Most Effective Uses" of the Medium. "It reminded in some sense of the radio speeches FDR gave where he talked about complicated issues in a simple way... I have to say it was one of the most effective uses of this wonderful imposing scene, the Congress. To talk not to the Congress, there was no ten-point plan. Here's where we are and this is how I am going to get you out." [CBS News Special Report, 2/24/09]
CNN.com: "Obama Puts Forth Ambitious Agenda in Speech." "In his first speech to a joint session of Congress, President Obama outlined an ambitious agenda to revive the economy, saying it's time to act boldly 'to build a new foundation for lasting prosperity.' President Obama says the United States will overcome its current economic struggles. Obama focused on the three priorities of the budget he will present to Congress later this week: energy, health care and education." [CNN.com, 2/24/09]
NBC News' Chuck Todd: Speech "Hopeful, Uplifting." "I think this idea that somehow [President Obama] had not been talking hopeful enough about the situation, I have a feeling that President Clinton isn't going to be criticizing him, particularly for that last I'd say ten minutes of the speech where it was all hopeful. It was all uplifting. It was as somebody had said to me, the last part of this speech, you're going to recognize it, is Obama-esque, and I think that it's not hard to look at that last part of the speech and saying he wasn't being hopeful and talking up about the economy." [NBC, Nightly News with Brian Williams, 2/24/09]
ABC News: President "Greeted With Thunderous Applause;" Speech Earned "Standing Ovation From Both Democrats And Republicans." "Obama was greeted with thunderous applause in the House chamber, as lawmakers reached out to try and get a handshake or in some cases a kiss as the president made his way down the narrow aisle to the podium. Obama is enjoying a 68 percent approval rating after his first month in office, according to the latest ABC News-Washington Post poll, and his pledge to reverse the nation's economic woes earned him an early standing ovation from both Democrats and Republicans." [ABC News, 2/24/09,
http://abcnews.go.com/Politics/President44/story?id=6950691&page=1]
CNN's Jeffrey Toobin: Speech "Obama's Best Moment Yet." "I give him an A." [CNN.com's Political Ticker, Jeffrey Toobin, 2/24/09]
Keith Olbermann: Speech a "Resounding Debut." "Repeatedly inspiring members of both parties to rise to their feet in the House Chamber, the 44th President of the United States with a resounding debut at that the highest stage, thus far, of his presidency." [MSNBC, Coverage of Presidential Address, 2/24/09]
MSNBC's Rachel Maddow: Speech Received High Rankings from McCain and Obama Voters in Focus Groups. Maddow noted that both McCain and Obama voters on MSNBC's audience reaction "stayed up at the top the entire speech essentially." [MSNBC, Coverage of Presidential Address, 2/24/09]
CNN's Anderson Cooper: Calls President's Address "Highly Ambitious." "President Obama just finished his first address to a joint session of congress -- highly ambitious, mixing policy, pep talk, progress report on the economy. Saying America's best days are ahead of it..." [CNN, Anderson Cooper 360, 2/24/09]
Washington Post: "A Note of Hope at a Time of Crisis." "Five weeks into an administration already marked by dramatic highs and lows, President Obama sounded a note of hope at a time of crisis tonight, delivering an address to a joint session of Congress heavily focused on the ailing economy and how to fix it. Offering the prospect of a brighter future after weeks of grim rhetoric, Obama sought to put a human face on complex policy proposals. He linked his banking rescue proposal to the ability of a 'young family' to 'finally buy a home.' And he acknowledged populist anger at the prospect of more Wall Street bailouts, vowing to crack down on CEO bonuses and conduct tough oversight of the hundreds of billions of dollars already pledged to address the economic crisis." [Washington Post, Ben Pershing, 2/24/09]
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The early reviews are in, and a bipartisan group of commentators are praising the President's speech as an "ambitious," "hopeful" and "uplifting" performance that "will really galvanize" people. According to early polling results, the speech resonated with the American people too - more Americans support the President's economic recovery plans after watching the speech.
The following are samples of the early reviews:
CBS Poll: 79% Approve of Plans for Economic Crisis After Speech. CBS News Conducted a Poll of 500 respondents during the speech and they found that before the speech 62% of respondents approved of the President's plans for the Economic Crisis. After the speech the number rose to 79%. [CBS News Special Report, 2/24/09: http://www.cbsnews.com/blogs/2009/02/24/politics/politicalhotsheet/entry482661 5.shtml?tag=centerColumn;centerColumnContent]
CBS Poll: 69% Understand President's Economic Plans; Up From 56% Before Speech. CBS News Conducted a Poll of 500 respondents during the speech and they found that before the speech 56% of the respondents believed they understood the President's plans for the Economic Crisis. After the speech the number rose to 69%. [CBS News Special Report, 2/24/09: http://www.cbsnews.com/blogs/2009/02/24/politics/politicalhotsheet/entry482661 5.shtml?tag=centerColumn;centerColumnContent]
David Brooks: This "Was An Excellent Speech" That "Perfectly Captured The Tenor Of The Country." "I thought it was an excellent speech. It's been a long time since I've really been able to rave over an Obama speech, but I thought this was a speech that perfectly captured the tenor of the country." [PBS, NewsHour with Jim Lehrer Coverage of Presidential Address, 2/24/09]
Brooks: Speech Was "Outstanding," Hits "Exactly The Right Tone," and "Will Really Galvanize People." "The essential message was 'no more fooling around,' and I thought that was exactly the right tone to take...So just as a speech, as an explanation, 'here's what I'm going to do,' I thought it was outstanding. It will really galvanize people." [PBS, NewsHour with Jim Lehrer Coverage of Presidential Address, 2/24/09]
Howard Fineman: President Obama Earned "Great Applause" and Respect from Republicans and Democrats Alike. The President "I think won great applause, that's a measure of respect, not only from Democrats, but most of the Republicans in that room who realize sitting in that chamber what a political talent they are dealing with." [MSNBC, Countdown with Keith Olbermann, 2/24/09]
Fineman: "The Best Budget Speech Anyone Ever Gave." "This was the best darn budget speech that anyone ever gave because he gave it a sense of lift and drive and competence. The guy just has an ability to exude a sense of confidence in very tough circumstances." [MSNBC, Countdown with Keith Olbermann, 2/24/09]
CNN's Dana Bash: "More Of A Bipartisan Tone" In The Chamber During President's Speech Than Past Eight Years. "I was also in the chamber, Anderson, during the president's speech and certainly as opposed to what we saw for the past eight years, particularly the past couple years with President Bush, there definitely was more of a bipartisan tone in terms of the kind of reaction he got." [CNN, Anderson Cooper 360, 2/24/09]
CNN's David Gergen: President's Speech Was "Most Ambitious... We've Heard In This Chamber In Decades." "This was the most ambitious president we've heard in this chamber in decades. The first half of the speech was FDR fighting for the New Deal. The second half was Lyndon Johnson fighting for the Great Society and we have never seen those two presidents rolled together in quite this way before." [CNN, Anderson Cooper 360, 2/24/09]
Associated Press: Obama "Used Address to Tap the Deep Well of American Optimism..." that "Great Presidents Embody." "The president used his address to Congress on Tuesday night to tap the deep well of American optimism -- the never-say-die national spirit that every president tries to capture in words. And great presidents embody...The themes of responsibility, accountability and, above all, national community rang throughout an address carefully balanced by the gravity of its times."[Associated Press, 2/24/09: http://news.yahoo.com/s/ap/20090225/ap_on_go_pr_wh/obama_analysis_1]
Fox News' Major Garret: President's Speech is Bi-Partisan: "Well I think what we're seeing right there playing out there on the floor of the House of Representatives is that continued efforts at bipartisan outreach, and that will be, going on, be a consistent quality for this President even when Republicans don't respond in-kind because the White House believes politically it puts the President in a very safe, very productive frame of mind in relationship with the broader American public." [Fox News, 2/24/09]
Newsweek's Howard Fineman: President Gave A "Commanding" Performance. "That was as commanding performance, as confident a performance, as in control as I've ever seen a President." [MSNBC, Countdown with Keith Olbermann, 2/24/09]
CBS News' Jeff Greenfield "One of The Most Effective Uses" of the Medium. "It reminded in some sense of the radio speeches FDR gave where he talked about complicated issues in a simple way... I have to say it was one of the most effective uses of this wonderful imposing scene, the Congress. To talk not to the Congress, there was no ten-point plan. Here's where we are and this is how I am going to get you out." [CBS News Special Report, 2/24/09]
CNN.com: "Obama Puts Forth Ambitious Agenda in Speech." "In his first speech to a joint session of Congress, President Obama outlined an ambitious agenda to revive the economy, saying it's time to act boldly 'to build a new foundation for lasting prosperity.' President Obama says the United States will overcome its current economic struggles. Obama focused on the three priorities of the budget he will present to Congress later this week: energy, health care and education." [CNN.com, 2/24/09]
NBC News' Chuck Todd: Speech "Hopeful, Uplifting." "I think this idea that somehow [President Obama] had not been talking hopeful enough about the situation, I have a feeling that President Clinton isn't going to be criticizing him, particularly for that last I'd say ten minutes of the speech where it was all hopeful. It was all uplifting. It was as somebody had said to me, the last part of this speech, you're going to recognize it, is Obama-esque, and I think that it's not hard to look at that last part of the speech and saying he wasn't being hopeful and talking up about the economy." [NBC, Nightly News with Brian Williams, 2/24/09]
ABC News: President "Greeted With Thunderous Applause;" Speech Earned "Standing Ovation From Both Democrats And Republicans." "Obama was greeted with thunderous applause in the House chamber, as lawmakers reached out to try and get a handshake or in some cases a kiss as the president made his way down the narrow aisle to the podium. Obama is enjoying a 68 percent approval rating after his first month in office, according to the latest ABC News-Washington Post poll, and his pledge to reverse the nation's economic woes earned him an early standing ovation from both Democrats and Republicans." [ABC News, 2/24/09,
http://abcnews.go.com/Politics/President44/story?id=6950691&page=1]
CNN's Jeffrey Toobin: Speech "Obama's Best Moment Yet." "I give him an A." [CNN.com's Political Ticker, Jeffrey Toobin, 2/24/09]
Keith Olbermann: Speech a "Resounding Debut." "Repeatedly inspiring members of both parties to rise to their feet in the House Chamber, the 44th President of the United States with a resounding debut at that the highest stage, thus far, of his presidency." [MSNBC, Coverage of Presidential Address, 2/24/09]
MSNBC's Rachel Maddow: Speech Received High Rankings from McCain and Obama Voters in Focus Groups. Maddow noted that both McCain and Obama voters on MSNBC's audience reaction "stayed up at the top the entire speech essentially." [MSNBC, Coverage of Presidential Address, 2/24/09]
CNN's Anderson Cooper: Calls President's Address "Highly Ambitious." "President Obama just finished his first address to a joint session of congress -- highly ambitious, mixing policy, pep talk, progress report on the economy. Saying America's best days are ahead of it..." [CNN, Anderson Cooper 360, 2/24/09]
Washington Post: "A Note of Hope at a Time of Crisis." "Five weeks into an administration already marked by dramatic highs and lows, President Obama sounded a note of hope at a time of crisis tonight, delivering an address to a joint session of Congress heavily focused on the ailing economy and how to fix it. Offering the prospect of a brighter future after weeks of grim rhetoric, Obama sought to put a human face on complex policy proposals. He linked his banking rescue proposal to the ability of a 'young family' to 'finally buy a home.' And he acknowledged populist anger at the prospect of more Wall Street bailouts, vowing to crack down on CEO bonuses and conduct tough oversight of the hundreds of billions of dollars already pledged to address the economic crisis." [Washington Post, Ben Pershing, 2/24/09]
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Friday, February 20, 2009
President Obama and Prime Minister Harper Vow Joint Effort on North American Economic Recovery
President Barack Obama and Prime Minister Stephen Harper yesterday agreed the United States and Canada will pursue economic recovery measures and efforts to strengthen the international financial system to counter the global economic recession.
"I value our strategic partnership with Canada and look forward to working closely with the Prime Minister to address the global economic recession and create jobs, to protect our environment through promoting clean energy technologies, and achieve our shared goals in responding to international security challenges." said the President.
"The President and I agree that both our countries must take immediate action to restore economic growth by lowering taxes, ensuring access to credit and unleashing spending that stimulates economic growth. We also agreed to strengthen our cooperation in the areas of environmental protection and global security," said the Prime Minister.
Restoring Economic Growth and Restoring Jobs
The Prime Minister and the President discussed their respective economic recovery and their focus on saving and creating jobs. In addition, the President and the Prime Minister discussed common challenges they face, including restructuring of the North American auto sector.
They also discussed working together to develop effective global responses to the economic crisis, through the G-8 and G-20 processes. The United States and Canada will actively work together to ensure that the G-20 Summit in April contributes to restoring confidence in financial markets.
Finally, they instructed senior officials to meet at an early date to develop strategies to enhance our collective security in North America, including reviewing the management of the Canada-U.S. border.
Tackling Climate Change and Energy Security
Noting the long and productive history of bilateral co-operation on continental environmental protection and energy trade and technology, the President and the Prime Minister agreed that environmental protection and the development of clean energy are inextricably linked and announced plans to work together to build a new energy economy as a key element of broader economic recovery and reinvestment efforts.
The Leaders discussed practical ways the United States and Canada could encourage the development of clean energy technologies to reduce greenhouse gases and combat climate change. The Leaders established a senior-level U.S.-Canada Clean Energy Dialogue that will cooperate on several critical energy science and technology issues, including:
Expand clean energy research and development
Develop and deploy clean energy technology
Build a more efficient electric grid based on clean and renewable generation
United States and Canadian officials will meet in the coming weeks to launch the clean energy dialogue.
Responding to International Security Challenges
The President and the Prime Minister agreed on the importance of Canada and the United States cooperating closely on a number of key international priorities for both countries, with a particular focus on Afghanistan which is a top priority for both countries and which will be a major subject of attention at the upcoming NATO Summit. The Leaders also agreed to work together closely in the Americas, including promoting effective discussion and meaningful results at the Summit of the Americas in April.
Our Foreign Ministers will meet in Washington next week, and Ministers of Defence the following week, to pursue a strengthened dialogue on these and other key international challenges.
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"I value our strategic partnership with Canada and look forward to working closely with the Prime Minister to address the global economic recession and create jobs, to protect our environment through promoting clean energy technologies, and achieve our shared goals in responding to international security challenges." said the President.
"The President and I agree that both our countries must take immediate action to restore economic growth by lowering taxes, ensuring access to credit and unleashing spending that stimulates economic growth. We also agreed to strengthen our cooperation in the areas of environmental protection and global security," said the Prime Minister.
Restoring Economic Growth and Restoring Jobs
The Prime Minister and the President discussed their respective economic recovery and their focus on saving and creating jobs. In addition, the President and the Prime Minister discussed common challenges they face, including restructuring of the North American auto sector.
They also discussed working together to develop effective global responses to the economic crisis, through the G-8 and G-20 processes. The United States and Canada will actively work together to ensure that the G-20 Summit in April contributes to restoring confidence in financial markets.
Finally, they instructed senior officials to meet at an early date to develop strategies to enhance our collective security in North America, including reviewing the management of the Canada-U.S. border.
Tackling Climate Change and Energy Security
Noting the long and productive history of bilateral co-operation on continental environmental protection and energy trade and technology, the President and the Prime Minister agreed that environmental protection and the development of clean energy are inextricably linked and announced plans to work together to build a new energy economy as a key element of broader economic recovery and reinvestment efforts.
The Leaders discussed practical ways the United States and Canada could encourage the development of clean energy technologies to reduce greenhouse gases and combat climate change. The Leaders established a senior-level U.S.-Canada Clean Energy Dialogue that will cooperate on several critical energy science and technology issues, including:
Expand clean energy research and development
Develop and deploy clean energy technology
Build a more efficient electric grid based on clean and renewable generation
United States and Canadian officials will meet in the coming weeks to launch the clean energy dialogue.
Responding to International Security Challenges
The President and the Prime Minister agreed on the importance of Canada and the United States cooperating closely on a number of key international priorities for both countries, with a particular focus on Afghanistan which is a top priority for both countries and which will be a major subject of attention at the upcoming NATO Summit. The Leaders also agreed to work together closely in the Americas, including promoting effective discussion and meaningful results at the Summit of the Americas in April.
Our Foreign Ministers will meet in Washington next week, and Ministers of Defence the following week, to pursue a strengthened dialogue on these and other key international challenges.
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Saturday, February 7, 2009
Libertarians stand alone with voters against Senate plan
America’s third largest party last night urged Senate Republicans and Democrats to scrap plans their joint plans for a $780 billion package of wealth transfers and expanded government spending.
“Poll after poll shows voters agree with the Libertarian Party. Employers and families need tax relief to create jobs and save,” said William Redpath, Libertarian National Committee chairman. “What they don’t need is politicians exploiting their fears to explode the size of government and burden our children with billions in new debt.”
Recent polls show only 37 percent of voters support such a plans, with opposition rising fastest among independent voters. A Wednesday report by the Congressional Budget Office shows such a plan would cause long-term damage to the economy. With interest on the borrowed funds, the total cost to future generations of taxpayers would be around $1.1 trillion dollars.
“With both Republicans and Democrats siding against voters to explode the national debt and expand the government, it has become clear the Libertarian Party is the only party with a fiscally responsible plan to revive our economy,” said Redpath.
Libertarians support replacing the wealth transfers and expanded spending with billions of dollars in tax relief for employers and families. Recent polling by the firm Rasmussen finds 54 percent of voters support the Libertarian approach of tax relief over the Republican/Democrat approach of drastically increased government spending.
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“Poll after poll shows voters agree with the Libertarian Party. Employers and families need tax relief to create jobs and save,” said William Redpath, Libertarian National Committee chairman. “What they don’t need is politicians exploiting their fears to explode the size of government and burden our children with billions in new debt.”
Recent polls show only 37 percent of voters support such a plans, with opposition rising fastest among independent voters. A Wednesday report by the Congressional Budget Office shows such a plan would cause long-term damage to the economy. With interest on the borrowed funds, the total cost to future generations of taxpayers would be around $1.1 trillion dollars.
“With both Republicans and Democrats siding against voters to explode the national debt and expand the government, it has become clear the Libertarian Party is the only party with a fiscally responsible plan to revive our economy,” said Redpath.
Libertarians support replacing the wealth transfers and expanded spending with billions of dollars in tax relief for employers and families. Recent polling by the firm Rasmussen finds 54 percent of voters support the Libertarian approach of tax relief over the Republican/Democrat approach of drastically increased government spending.
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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.
Monday, January 26, 2009
President Obama Promises 'New Era' of Energy, Environmental Policy Built on Foundation of Energy Efficiency
/PRNewswire-USNewswire/ -- Stating emphatically that "No single issue is as imperative to the economy as energy," President Obama today began to lay the foundation -- rapid and widespread deployment of energy efficiency -- for a new, clean energy era for the nation, the Alliance to Save Energy noted.
President Obama's quick action, taken after less than one full week in office, was hailed by Alliance President Kateri Callahan. She, along with Alliance Director of Policy Lowell Ungar and other environmental and efficiency leaders from across the country, were invited to the White House to witness what appears to be a paradigm shift in the federal government's approach to energy and environmental policy and a new commitment to achieving the full potential of energy efficiency in order to improve our nation's energy security.
"President Obama is fulfilling his campaign promise to create a clean energy economy with incredible speed and determination of purpose," said Callahan. She added, "He is moving full-steam-ahead on energy efficiency, not despite but because of the fragile state of the economy."
President Obama signed memoranda at a White House ceremony today directing the Transportation Department to establish higher fuel economy standards for vehicles by model year 2011 and directing the Environmental Protection Agency to reconsider the bid by California and 13 other states to set tailpipe carbon dioxide emission standards that also would require greater fuel economy.
In his statement, Obama also confirmed his intent to weatherize 2 million homes over the next two years; make significant energy efficiency upgrades to 75 percent of federal buildings, saving taxpayers $2 billion in avoided energy costs; double the country's renewable energy resource base; and create nearly 500,000 new "green jobs."
President Obama stated clearly and forcefully that today's action is but the first salvo in what he described as a "steady, focused, and pragmatic approach" to a new energy future.
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President Obama's quick action, taken after less than one full week in office, was hailed by Alliance President Kateri Callahan. She, along with Alliance Director of Policy Lowell Ungar and other environmental and efficiency leaders from across the country, were invited to the White House to witness what appears to be a paradigm shift in the federal government's approach to energy and environmental policy and a new commitment to achieving the full potential of energy efficiency in order to improve our nation's energy security.
"President Obama is fulfilling his campaign promise to create a clean energy economy with incredible speed and determination of purpose," said Callahan. She added, "He is moving full-steam-ahead on energy efficiency, not despite but because of the fragile state of the economy."
President Obama signed memoranda at a White House ceremony today directing the Transportation Department to establish higher fuel economy standards for vehicles by model year 2011 and directing the Environmental Protection Agency to reconsider the bid by California and 13 other states to set tailpipe carbon dioxide emission standards that also would require greater fuel economy.
In his statement, Obama also confirmed his intent to weatherize 2 million homes over the next two years; make significant energy efficiency upgrades to 75 percent of federal buildings, saving taxpayers $2 billion in avoided energy costs; double the country's renewable energy resource base; and create nearly 500,000 new "green jobs."
President Obama stated clearly and forcefully that today's action is but the first salvo in what he described as a "steady, focused, and pragmatic approach" to a new energy future.
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Thursday, January 22, 2009
Pelosi Statement Following House Passage of TARP Reform and Accountability Act
/PRNewswire-USNewswire/ -- Speaker Nancy Pelosi released the following statement on the House passage of Chairman Barney Frank's TARP Reform and Accountability Act, which bolsters transparency, accountability and addresses the foreclosure crisis directly. The House approved the measure late yesterday afternoon by a vote of 260 to 166.
"President Obama and Congress are committed to seeing that funds under the Troubled Asset Relief Program (TARP) are used responsibly, with full accountability and transparency, and that help is provided to Americans in danger of losing their homes. Chairman Frank's bill achieves these objectives and ensures that the TARP functions as Congress originally intended.
"The TARP Reform and Accountability Act will help ease the credit crunch for workers and small businesses, provide at least $100 billion to help homeowners avoid foreclosures, and end golden parachutes for executives whose banks receive TARP assistance.
"The American people deserve a government that is a fierce watchdog of their hard-earned tax dollars. Congress and the new Administration will ensure that TARP funds are used for lending to American workers and small businesses -- so we can lift our economy out of recession -- and not for the enrichment of a privileged few."
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"President Obama and Congress are committed to seeing that funds under the Troubled Asset Relief Program (TARP) are used responsibly, with full accountability and transparency, and that help is provided to Americans in danger of losing their homes. Chairman Frank's bill achieves these objectives and ensures that the TARP functions as Congress originally intended.
"The TARP Reform and Accountability Act will help ease the credit crunch for workers and small businesses, provide at least $100 billion to help homeowners avoid foreclosures, and end golden parachutes for executives whose banks receive TARP assistance.
"The American people deserve a government that is a fierce watchdog of their hard-earned tax dollars. Congress and the new Administration will ensure that TARP funds are used for lending to American workers and small businesses -- so we can lift our economy out of recession -- and not for the enrichment of a privileged few."
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Wednesday, January 14, 2009
Obama Must Withdraw Geithner Nomination
/PRNewswire-USNewswire/ -- Peter Flaherty, President of the National Legal and Policy Center (NLPC), today made the following statement:
President-elect Obama should withdraw Timothy Geithner's nomination for Treasury Secretary. Obama says that middle-class families with incomes of $250,000 are wealthy and their taxes should be raised, but he wants a Wall Streeter who didn't pay his taxes to be his point man on the economy.
The amount of unpaid taxes -- $42,000 -- may sound like pocket change to Geithner and his Wall Street buddies, but it is a lot of money on Main Street.
Geithner's claim that he didn't know he was supposed to pay taxes doesn't pass the laugh test. It is true that American citizens who work for the IMF are responsible for the employer's share of the payroll tax, but IMF employment includes generous pay and a host of other perks. Anyone who has ever worked there is well versed on the details because it is such great deal.
Henry Paulson and Timothy Geithner are the architects of our bailout policies, where ordinary taxpayers are forced to subsidize the wealthy, who are not allowed to go broke, no matter how spectacular their failures. Geithner was a poor choice, and his failure to pay his taxes proves it.
Charles Rangel, Chairman of the House Ways and Means Committee, did not report or disclose years of rental income on a Dominican Republic beach house and claims he did nothing wrong. His committee writes the tax laws. Now we have a Treasury nominee who for years failed to pay his payroll taxes and we are again told that he did nothing wrong. Will the same officials who plan to raise our taxes ever take responsibility for paying theirs?
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President-elect Obama should withdraw Timothy Geithner's nomination for Treasury Secretary. Obama says that middle-class families with incomes of $250,000 are wealthy and their taxes should be raised, but he wants a Wall Streeter who didn't pay his taxes to be his point man on the economy.
The amount of unpaid taxes -- $42,000 -- may sound like pocket change to Geithner and his Wall Street buddies, but it is a lot of money on Main Street.
Geithner's claim that he didn't know he was supposed to pay taxes doesn't pass the laugh test. It is true that American citizens who work for the IMF are responsible for the employer's share of the payroll tax, but IMF employment includes generous pay and a host of other perks. Anyone who has ever worked there is well versed on the details because it is such great deal.
Henry Paulson and Timothy Geithner are the architects of our bailout policies, where ordinary taxpayers are forced to subsidize the wealthy, who are not allowed to go broke, no matter how spectacular their failures. Geithner was a poor choice, and his failure to pay his taxes proves it.
Charles Rangel, Chairman of the House Ways and Means Committee, did not report or disclose years of rental income on a Dominican Republic beach house and claims he did nothing wrong. His committee writes the tax laws. Now we have a Treasury nominee who for years failed to pay his payroll taxes and we are again told that he did nothing wrong. Will the same officials who plan to raise our taxes ever take responsibility for paying theirs?
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Saturday, January 10, 2009
Economic Recovery Watch: Sobering Jobless Data Highlight Need for Recovery Package to Focus On Hard-Hit Families and States
/PRNewswire-USNewswire/ -- Since a decline in overall demand is the main cause of rising unemployment and the weak economy, the economic recovery package should focus on putting money in the hands of people who will spend it quickly, according to the Center on Budget and Policy Priorities.
Most economists agree that two cost-effective ways to do this are by helping hard-pressed families, such as those with low incomes and those that have experienced layoffs, and helping states avert steep budget cuts and tax increases that would reduce overall demand. In fact, these measures would do more to protect jobs and the economy than the business tax cuts and certain other measures that some in Congress are promoting as "job creators."
These conclusions are widely shared among economists. Mark Zandi, chief economist for Moody's Economy.com and a former advisor to presidential candidate John McCain, endorsed them earlier this week, stating: "To provide the largest bang for the buck, a well-designed stimulus plan should include a temporary increase in government spending... The most efficacious spending includes extending unemployment insurance benefits, expanding the food stamp program, and increasing aid to hard-pressed state and local governments."(1)
-- Poor families are more likely than businesses or higher-income families to spend quickly any new income they receive. The Congressional Budget Office has stated that "the efficacy of fiscal stimulus depends critically on households' tendency to spend the income placed in their hands."(2) CBO has also stated, "Lower-income households are... more likely to be among those with the highest propensity to spend. Therefore, policies aimed at lower-income households tend to have greater stimulative effects."(3)
The reason is simple. Families that are having difficulty affording food, shelter, and other necessities will spend any new income they receive to cover those basic costs. Higher-income families, in contrast, are likely to save more of any extra income.
So are businesses. As Goldman Sachs has stated, "companies don't spend money just because it's there to spend. To justify outlays for new projects, the expected returns have to exceed the costs, and that usually requires growth in demand strong enough to put pressure on existing resources."(4) This is why a 2008 CBO analysis comparing different stimulus proposals put corporate tax cuts in the lowest category for cost-effectiveness.(5)
-- Food stamps and unemployment insurance are two of the most effective forms of stimulus. The CBO analysis cited above put expanded food stamps and unemployment insurance in the highest category for cost-effectiveness as stimulus. "Additional [food stamp] benefits are likely to be spent rapidly by recipients, who tend to be experiencing periods of economic difficulty," CBO noted.
As for unemployment insurance, then-CBO director Peter Orszag told Congress in 2007 that "research has shown that the unemployment insurance system is among the most effective dollar-for-dollar economic stabilizers that we have in terms of counterbalancing periods of economic weakness."(6) Supporting spending by unemployed workers in hard-pressed communities helps prevent the spread of layoffs and loss of jobs in those communities.
-- But unemployment insurance reforms are needed. Fewer than half of unemployed workers actually receive jobless benefits because the unemployment insurance program, designed in the 1930s, is seriously out of date in many states. Most states, for example, require applicants to look for a full-time job, even if they are parents raising very young children and were working part-time before being laid off. These laws -- designed when most workers were married men who were the sole breadwinners for their family -- particularly disadvantaged women, who are much more likely to work part-time than men.
Congress is considering financial incentives to encourage more states to adopt reforms that would allow more part-time and other laid-off workers to qualify for benefits. States that adopt the reforms would receive temporary federal funds to cover the cost of paying the associated benefits for several years, but there would be no ongoing cost to the federal government, because regular unemployment insurance benefits are fully state-funded.
-- Fiscal relief is also badly needed. Prior to the recession, states not only balanced their budgets every year but also had built up the largest budget reserves in recent history. (This refutes the claim by some that states' budget problems reflect fiscal mismanagement.) The recession has largely wiped out these reserves. Already 30 states have had to cut services ranging from health care to education, and more than a dozen have raised revenues.
As a result of the deepening recession, state deficits are likely to total $350 billion to $370 billion over the next 2 1/2 years. Without fiscal relief to close part of that gap, states will have to institute exceedingly deep budget cuts and tax and fee increases. Both kinds of measures reduce overall demand: tax increases leave consumers with less money to spend, and budget cuts reduce state payments to vendors, benefit recipients, and others, thereby taking money out of the economy. These measures would undercut the stimulus Washington is trying to provide.
-- Loans are no substitute for fiscal relief. A few policymakers support converting the fiscal relief to loans. This would render it ineffective as stimulus. Many states have legal barriers that explicitly prohibit them from borrowing funds to cover operating expenses. Even states that could accept the loans would be reluctant to do so, since they cannot know when their budgets will recover sufficiently to begin repaying the loans. In the last two recessions, most states' fiscal problems continued two to three years after the economy hit bottom.
Funds for infrastructure projects that can be undertaken in the next couple of years constitute effective stimulus, as well. Such infrastructure investments are appropriate measures to include in a recovery package.
The Center on Budget and Policy Priorities is a nonprofit, nonpartisan research organization and policy institute that conducts research and analysis on a range of government policies and programs. It is supported primarily by foundation grants.
NOTES:
(1) Mark Zandi, "The Economic Impact of a $750 Billion Fiscal Stimulus Package," testimony before the House Democratic Steering and Policy Committee Forum, January 6, 2009.
(2) Congressional Budget Office, "Economic Stimulus: Evaluating Proposed Changes in Tax Policy," January 2002, http://www.cbo.gov/ftpdoc.cfm?index=3251&type=0.
(3) Congressional Budget Office, "Options for Responding to Short-Term Economic Weakness," January 2008, http://www.cbo.gov/ftpdocs/89xx/doc8916/01-15-Econ_Stimulus.pdf.
(4) GS Weekly, September 21, 2007.
(5) CBO, 2008.
(6) "State of the U.S. Economy and Implications for the Federal Budget," Hearing before the House Budget Committee, House of Representatives, December 5, 2007.
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Most economists agree that two cost-effective ways to do this are by helping hard-pressed families, such as those with low incomes and those that have experienced layoffs, and helping states avert steep budget cuts and tax increases that would reduce overall demand. In fact, these measures would do more to protect jobs and the economy than the business tax cuts and certain other measures that some in Congress are promoting as "job creators."
These conclusions are widely shared among economists. Mark Zandi, chief economist for Moody's Economy.com and a former advisor to presidential candidate John McCain, endorsed them earlier this week, stating: "To provide the largest bang for the buck, a well-designed stimulus plan should include a temporary increase in government spending... The most efficacious spending includes extending unemployment insurance benefits, expanding the food stamp program, and increasing aid to hard-pressed state and local governments."(1)
-- Poor families are more likely than businesses or higher-income families to spend quickly any new income they receive. The Congressional Budget Office has stated that "the efficacy of fiscal stimulus depends critically on households' tendency to spend the income placed in their hands."(2) CBO has also stated, "Lower-income households are... more likely to be among those with the highest propensity to spend. Therefore, policies aimed at lower-income households tend to have greater stimulative effects."(3)
The reason is simple. Families that are having difficulty affording food, shelter, and other necessities will spend any new income they receive to cover those basic costs. Higher-income families, in contrast, are likely to save more of any extra income.
So are businesses. As Goldman Sachs has stated, "companies don't spend money just because it's there to spend. To justify outlays for new projects, the expected returns have to exceed the costs, and that usually requires growth in demand strong enough to put pressure on existing resources."(4) This is why a 2008 CBO analysis comparing different stimulus proposals put corporate tax cuts in the lowest category for cost-effectiveness.(5)
-- Food stamps and unemployment insurance are two of the most effective forms of stimulus. The CBO analysis cited above put expanded food stamps and unemployment insurance in the highest category for cost-effectiveness as stimulus. "Additional [food stamp] benefits are likely to be spent rapidly by recipients, who tend to be experiencing periods of economic difficulty," CBO noted.
As for unemployment insurance, then-CBO director Peter Orszag told Congress in 2007 that "research has shown that the unemployment insurance system is among the most effective dollar-for-dollar economic stabilizers that we have in terms of counterbalancing periods of economic weakness."(6) Supporting spending by unemployed workers in hard-pressed communities helps prevent the spread of layoffs and loss of jobs in those communities.
-- But unemployment insurance reforms are needed. Fewer than half of unemployed workers actually receive jobless benefits because the unemployment insurance program, designed in the 1930s, is seriously out of date in many states. Most states, for example, require applicants to look for a full-time job, even if they are parents raising very young children and were working part-time before being laid off. These laws -- designed when most workers were married men who were the sole breadwinners for their family -- particularly disadvantaged women, who are much more likely to work part-time than men.
Congress is considering financial incentives to encourage more states to adopt reforms that would allow more part-time and other laid-off workers to qualify for benefits. States that adopt the reforms would receive temporary federal funds to cover the cost of paying the associated benefits for several years, but there would be no ongoing cost to the federal government, because regular unemployment insurance benefits are fully state-funded.
-- Fiscal relief is also badly needed. Prior to the recession, states not only balanced their budgets every year but also had built up the largest budget reserves in recent history. (This refutes the claim by some that states' budget problems reflect fiscal mismanagement.) The recession has largely wiped out these reserves. Already 30 states have had to cut services ranging from health care to education, and more than a dozen have raised revenues.
As a result of the deepening recession, state deficits are likely to total $350 billion to $370 billion over the next 2 1/2 years. Without fiscal relief to close part of that gap, states will have to institute exceedingly deep budget cuts and tax and fee increases. Both kinds of measures reduce overall demand: tax increases leave consumers with less money to spend, and budget cuts reduce state payments to vendors, benefit recipients, and others, thereby taking money out of the economy. These measures would undercut the stimulus Washington is trying to provide.
-- Loans are no substitute for fiscal relief. A few policymakers support converting the fiscal relief to loans. This would render it ineffective as stimulus. Many states have legal barriers that explicitly prohibit them from borrowing funds to cover operating expenses. Even states that could accept the loans would be reluctant to do so, since they cannot know when their budgets will recover sufficiently to begin repaying the loans. In the last two recessions, most states' fiscal problems continued two to three years after the economy hit bottom.
Funds for infrastructure projects that can be undertaken in the next couple of years constitute effective stimulus, as well. Such infrastructure investments are appropriate measures to include in a recovery package.
The Center on Budget and Policy Priorities is a nonprofit, nonpartisan research organization and policy institute that conducts research and analysis on a range of government policies and programs. It is supported primarily by foundation grants.
NOTES:
(1) Mark Zandi, "The Economic Impact of a $750 Billion Fiscal Stimulus Package," testimony before the House Democratic Steering and Policy Committee Forum, January 6, 2009.
(2) Congressional Budget Office, "Economic Stimulus: Evaluating Proposed Changes in Tax Policy," January 2002, http://www.cbo.gov/ftpdoc.cfm?index=3251&type=0.
(3) Congressional Budget Office, "Options for Responding to Short-Term Economic Weakness," January 2008, http://www.cbo.gov/ftpdocs/89xx/doc8916/01-15-Econ_Stimulus.pdf.
(4) GS Weekly, September 21, 2007.
(5) CBO, 2008.
(6) "State of the U.S. Economy and Implications for the Federal Budget," Hearing before the House Budget Committee, House of Representatives, December 5, 2007.
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Thursday, January 8, 2009
Financial Reforms Being Neglected by Policy Makers Could Be More Effective Than Emergency Measures
/PRNewswire/ -- RCF, Inc. announces Housing and the Financial Crisis: Overlooked Perspectives, a study calling for more attention to financial fundamentals in combating the nation's economic woes. Time, not government measures, will be needed to work off the excesses of the housing boom. Fiscal policy has become an emergency tool of choice but is blunt and takes time. Non-punitive bank-type regulation of financial intermediaries, and measures to achieve debt transparency, could bring a quicker end to the recession.
"Fears that housing foreclosures will prolong the credit crisis are exaggerated," says Dr. George Tolley, President of RCF and co-author of the study. "Although foreclosures and subprime lending have received media attention, the untold story of the housing problems goes much deeper." The study appears in Economic Insights, a newsletter published on behalf of the Chicago Economic Observatory that analyzes current events affecting the U.S. and Chicago economies.
The study points out that foreclosures have affected less than 1% of all houses in the U.S. Alarmist discussion that mortgage indebtedness exceeds market value for up to one in six homes ignores the fact that most homeowners realize that home values are likely to recover. Many home buyers with questionable credit and speculators who counted on price appreciation are out of the market by now or soon will be.
The housing boom that ended in 2006 has left a bloated housing stock that will be a drag on growth for several years. Overly easy credit led young households to purchase homes at an earlier point in their lives. More than one million first-time home buyers own homes now who would have bought at a later time if it had not been for the housing boom.
Housing is normally one of the main shock absorbers in combating recessions, but this tool is not available for the current downturn. In the past, in combating recessions, Fed monetary policy lowered interest rates as a chief tool. Today, because of past housing excesses, we have too much housing supply and can expect little response from changes in already low interest rates.
Emphasis is shifting from monetary policy to stimulus payments, unemployment benefits, infrastructure projects and green jobs. These are less flexible than monetary policy and require more time to take effect. The moves now being proposed to stimulate the economy could actually lead to inflation as the economy recovers. Once again, attention to long-run financial reform is being neglected as a way of working ourselves out of the present problems.
The co-authors of the study are George Tolley and Ella Revzin, both at RCF Economic and Financial Consulting, Inc., a Chicago-based economic consulting firm. Tolley is also Professor Emeritus of Economics at the University of Chicago.
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"Fears that housing foreclosures will prolong the credit crisis are exaggerated," says Dr. George Tolley, President of RCF and co-author of the study. "Although foreclosures and subprime lending have received media attention, the untold story of the housing problems goes much deeper." The study appears in Economic Insights, a newsletter published on behalf of the Chicago Economic Observatory that analyzes current events affecting the U.S. and Chicago economies.
The study points out that foreclosures have affected less than 1% of all houses in the U.S. Alarmist discussion that mortgage indebtedness exceeds market value for up to one in six homes ignores the fact that most homeowners realize that home values are likely to recover. Many home buyers with questionable credit and speculators who counted on price appreciation are out of the market by now or soon will be.
The housing boom that ended in 2006 has left a bloated housing stock that will be a drag on growth for several years. Overly easy credit led young households to purchase homes at an earlier point in their lives. More than one million first-time home buyers own homes now who would have bought at a later time if it had not been for the housing boom.
Housing is normally one of the main shock absorbers in combating recessions, but this tool is not available for the current downturn. In the past, in combating recessions, Fed monetary policy lowered interest rates as a chief tool. Today, because of past housing excesses, we have too much housing supply and can expect little response from changes in already low interest rates.
Emphasis is shifting from monetary policy to stimulus payments, unemployment benefits, infrastructure projects and green jobs. These are less flexible than monetary policy and require more time to take effect. The moves now being proposed to stimulate the economy could actually lead to inflation as the economy recovers. Once again, attention to long-run financial reform is being neglected as a way of working ourselves out of the present problems.
The co-authors of the study are George Tolley and Ella Revzin, both at RCF Economic and Financial Consulting, Inc., a Chicago-based economic consulting firm. Tolley is also Professor Emeritus of Economics at the University of Chicago.
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