/PRNewswire/ -- The Small Business Jobs Act being pushed by President Obama contains a loophole that will legalize contracting fraud while protecting large fraudulent businesses from prosecution, and stands in stark contradiction to a campaign promise made by President Obama.
In February of 2008, President Obama stated, "It is time to end the diversion of federal small business contracts to corporate giants." (http://www.barackobama.com/2008/02/26/the_american_small_business_le.php) President Obama made this statement to address ongoing fraud and abuse in federal small business contracting programs that cost small businesses over $100 billion a year in missed contract opportunities. Federal law currently mandates that a minimum of 23 percent of all federal contract dollars go to small businesses.
Since 2003, there have been over a dozen federal investigations, which have found Fortune 500 firms and thousands of large companies around the world as the actual recipients of federal small business contracts. The Small Business Administration's (SBA) Inspector General has listed this problem as the number one management challenge facing the agency for the past five consecutive years and referred to this problem as, "One of the most important challenges facing the Small Business Administration and the entire Federal government today." (http://www.asbl.com/documentlibrary.html)
Section 1341 of H.R. 5297, the Small Business Jobs Act, contains specific language that will allow the SBA to develop policies and procedures to protect large businesses that have misrepresented themselves as small businesses from prosecution for felony contracting fraud. Section 16(d) of the Small Business Act prescribes a penalty of up to ten years in prison and a fine of not more than $500,000 per occurrence for firms that have misrepresented themselves as small businesses.
Some of the firms that have received government small business contracts include: Rolls-Royce, British Aerospace (BAE), Lockheed Martin, Boeing, Northrop Grumman, L-3 Communications, SAIC, Titan Industries, Raytheon, Dell Computer, Xerox, French firm Thales Communications, Italian firm Finmeccanica SpA, and Ssangyong Corporation headquartered in Seoul, South Korea. Textron, a Fortune 500 firm, received over $775 million in federal small business contracts in a single year.
"It is unbelievable that President Obama is going to create a loophole to benefit the corporate giants he promised to kick out of federal small business contracting programs," ASBL President Lloyd Chapman said. "When you see President Obama on television, I want every American to realize that his administration is giving over $1 million a minute in small business contracts to some of the largest companies in the world."
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Showing posts with label jobs. Show all posts
Showing posts with label jobs. Show all posts
Monday, September 20, 2010
Friday, August 27, 2010
Employment Picture Grim for Least-Educated
/PRNewswire/ -- Less-educated, younger, and minority American workers face the worst job market in decades, far worse than their more educated counterparts. However, the situation for these workers was very difficult even before the current recession. A report from the Center for Immigration Studies examines their employment situation in the second quarters of both 2007 (before the recession) and 2010. Younger and less-educated workers are the most likely to be in competition with immigrants - legal and illegal.
The report, "From Bad to Worse: Unemployment and Underemployment Among Less-Educated U.S.-Born Workers, 2007 to 2010," is at http://cis.org/bad-to-worse.
Among the findings:
-- Younger and less-educated natives often do the same jobs as
immigrants. During the second quarter of 2010, in the occupations
employing the most young and less-educated U.S.-born adults, one in
five workers was an immigrant.
-- In the second quarter of 2010, the unemployment rate for U.S.-born
adults who have not completed high school was 20.8 percent. But even
in the second quarter of 2007, before the recession, it was 11.1
percent.
-- Using the broader measure of unemployment that includes those who want
to work but have not looked recently, and those forced to work
part-time (the U-6 unemployment rate), the rate for those who haven't
completed high school was 29.3 percent in the second quarter of 2010
and 18.7 percent in the same quarter of 2007.
-- The unemployment rate for U.S.-born workers who have only a high
school education and are 18 to 29 was 20 percent in the second quarter
of 2010. But even before the recession in 2007 it was 9.6 percent in
2007.
-- The broader measure of unemployment for 18- to 29-year-old U.S.-born
workers with only a high school education was 29.2 percent in the
second quarter of 2010. It was still 16.6 percent in 2007.
-- The unemployment rate for U.S.-born black workers without a high
education is currently 29 percent. Using the broader measure of
unemployment it is an astonishing 39.8 percent.
-- The unemployment rate for U.S.-born black workers with only a high
school education who are 18 to 29 is currently 22.9 percent. It is
32.4 percent using the boarder measure of unemployment.
-- The unemployment rate for U.S.-born Hispanic workers without a high
education is currently 22.9 percent. It is 32.4 percent using the
boarder measure of unemployment.
-- The unemployment rate for U.S.-born Hispanic workers with only a high
education who are 18 to 29 is currently 23.3 percent. It is 33 percent
using the boarder measure of unemployment.
-- In the second quarter of 2010 the unemployment rate of U.S.-born teens
(16 and 17) was 31 percent. It was 38 percent using the boarder
measure.
-- The total number of young and less-educated U.S.-born workers
unemployed is enormous. If we look at the broad measure of
unemployment for all workers who lack a high school education or have
only a high school education and are young (18 to 29) or are teenagers
(16-17), 6.3 million were unemployed in the second quarter of 2010.
-- In addition to the 6.3 million unemployed or underemployed, there were
another 16 million of these younger and less-educated individuals who
were entirely out of the labor market. That is, they were not working,
nor were they looking for work, even using the broadest measure of
unemployment.
-- To place these numbers in the perspective, there are an estimated
seven to eight million illegal immigrants holding jobs.
Policy Discussion: One argument for amnesty and increased future immigration is that there are not enough Americans workers to do jobs that require relatively little education, such as construction labor, cleaning and maintenance, food service and preparation, delivery, and light manufacturing. However, the employment data analysis by the Center for Immigration Studies does not support these assertions. Unemployment is extremely high among the least-educated Americans who often do these kinds of jobs. In fact, the employment situation for such workers was very high even before the current recession began. Thus it is very difficult to find any evidence to support the contention that the country needs large-scale unskilled immigration. Since there is an abundance of such workers already in the country, employers who have difficulty finding workers may need to offer better pay and working conditions in order to attract Americans.
Methodology: All figures in this report are calculated from the public use files of the Current Population Survey, collected by the Census Bureau, for second quarters of 2007 and 2010. Figures are seasonally unadjusted. Figures for U.S.-born blacks are for those who chose only one race and are not Hispanic. Hispanics can be of any race and are not included in the figures for other races.
The Center for Immigration Studies is an independent, non-partisan research institution that examines the impact of immigration on the United States.
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The report, "From Bad to Worse: Unemployment and Underemployment Among Less-Educated U.S.-Born Workers, 2007 to 2010," is at http://cis.org/bad-to-worse.
Among the findings:
-- Younger and less-educated natives often do the same jobs as
immigrants. During the second quarter of 2010, in the occupations
employing the most young and less-educated U.S.-born adults, one in
five workers was an immigrant.
-- In the second quarter of 2010, the unemployment rate for U.S.-born
adults who have not completed high school was 20.8 percent. But even
in the second quarter of 2007, before the recession, it was 11.1
percent.
-- Using the broader measure of unemployment that includes those who want
to work but have not looked recently, and those forced to work
part-time (the U-6 unemployment rate), the rate for those who haven't
completed high school was 29.3 percent in the second quarter of 2010
and 18.7 percent in the same quarter of 2007.
-- The unemployment rate for U.S.-born workers who have only a high
school education and are 18 to 29 was 20 percent in the second quarter
of 2010. But even before the recession in 2007 it was 9.6 percent in
2007.
-- The broader measure of unemployment for 18- to 29-year-old U.S.-born
workers with only a high school education was 29.2 percent in the
second quarter of 2010. It was still 16.6 percent in 2007.
-- The unemployment rate for U.S.-born black workers without a high
education is currently 29 percent. Using the broader measure of
unemployment it is an astonishing 39.8 percent.
-- The unemployment rate for U.S.-born black workers with only a high
school education who are 18 to 29 is currently 22.9 percent. It is
32.4 percent using the boarder measure of unemployment.
-- The unemployment rate for U.S.-born Hispanic workers without a high
education is currently 22.9 percent. It is 32.4 percent using the
boarder measure of unemployment.
-- The unemployment rate for U.S.-born Hispanic workers with only a high
education who are 18 to 29 is currently 23.3 percent. It is 33 percent
using the boarder measure of unemployment.
-- In the second quarter of 2010 the unemployment rate of U.S.-born teens
(16 and 17) was 31 percent. It was 38 percent using the boarder
measure.
-- The total number of young and less-educated U.S.-born workers
unemployed is enormous. If we look at the broad measure of
unemployment for all workers who lack a high school education or have
only a high school education and are young (18 to 29) or are teenagers
(16-17), 6.3 million were unemployed in the second quarter of 2010.
-- In addition to the 6.3 million unemployed or underemployed, there were
another 16 million of these younger and less-educated individuals who
were entirely out of the labor market. That is, they were not working,
nor were they looking for work, even using the broadest measure of
unemployment.
-- To place these numbers in the perspective, there are an estimated
seven to eight million illegal immigrants holding jobs.
Policy Discussion: One argument for amnesty and increased future immigration is that there are not enough Americans workers to do jobs that require relatively little education, such as construction labor, cleaning and maintenance, food service and preparation, delivery, and light manufacturing. However, the employment data analysis by the Center for Immigration Studies does not support these assertions. Unemployment is extremely high among the least-educated Americans who often do these kinds of jobs. In fact, the employment situation for such workers was very high even before the current recession began. Thus it is very difficult to find any evidence to support the contention that the country needs large-scale unskilled immigration. Since there is an abundance of such workers already in the country, employers who have difficulty finding workers may need to offer better pay and working conditions in order to attract Americans.
Methodology: All figures in this report are calculated from the public use files of the Current Population Survey, collected by the Census Bureau, for second quarters of 2007 and 2010. Figures are seasonally unadjusted. Figures for U.S.-born blacks are for those who chose only one race and are not Hispanic. Hispanics can be of any race and are not included in the figures for other races.
The Center for Immigration Studies is an independent, non-partisan research institution that examines the impact of immigration on the United States.
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Tuesday, February 23, 2010
Senate Jobs Bill Does Not Require that Employers Hire American Workers
/PRNewswire/ -- A $15 billion package of tax credits and exemptions for employers who create new jobs is expected to gain approval by the Senate this week. However, the bill, intended to help millions of unemployed American workers find jobs, includes no verification mechanism to ensure that newly created jobs will actually be filled by legal U.S. workers. Moreover, it does not prevent employers from claiming tax credits and exemptions if the workers they hire are illegal aliens, charges the Federation for American Immigration Reform (FAIR).
The legislation, authored by Senate Majority Leader Harry Reid (D-Nev.), does not require employers to use the federal E-Verify system to ensure that the workers being hired are legally eligible to work in the United States. Under an executive order issued by President Bush and implemented by President Obama, all federal contractors are already required to use E-Verify and the same requirement could easily have be applied to employers claiming tax credits and exemptions. In 2009, Sen. Reid stripped an E-Verify requirement from the $787 billion stimulus package that had been approved by the House when the bill went before a conference committee.
"It is unconscionable that while some 25 million Americans are unemployed or relegated to part-time work, the Senate is refusing to include protections that would guarantee that newly-created jobs are filled by Americans who desperately need them," said Dan Stein, president of FAIR. "The failure to include E-Verify protections in the bill is not an oversight on the part of Sen. Reid. He has consistently blocked efforts to prevent employers who receive government contracts or tax benefits from hiring illegal aliens instead of legal U.S. workers."
Under the Senate legislation, employers who fill newly created jobs with illegal aliens or guest workers would be entitled to the same tax credits and exemptions as employers who hire out-of-work Americans. Even if the employer were subsequently prosecuted for employing illegal aliens, the employer could legitimately claim these tax benefits for hiring them.
Because Sen. Reid has barred any amendments from being considered when the bill goes to the Senate floor, it will be virtually impossible for members to add E-Verify protections for American workers. "The excuse being offered for not including E-Verify in the legislation and barring its inclusion in the final language is laughable," Stein said. "Opponents of inclusion of an E-Verify provision claim it is unnecessary because existing laws already bar employers from hiring illegal aliens. This claim ignores the fact that an estimated 8 million illegal aliens already hold jobs in the U.S.
"Unemployed Americans have a right to expect that they will be the beneficiaries of any jobs created as a result of this bill. American taxpayers who will be footing the bill for this and other legislation have a right to expect that their money will help put Americans back to work," Stein continued. "These expectations could be easily fulfilled by requiring the use of E-Verify and barring employers who do not hire legal U.S. workers from receiving tax benefits - something Reid and Senate Democrats are refusing to do."
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The legislation, authored by Senate Majority Leader Harry Reid (D-Nev.), does not require employers to use the federal E-Verify system to ensure that the workers being hired are legally eligible to work in the United States. Under an executive order issued by President Bush and implemented by President Obama, all federal contractors are already required to use E-Verify and the same requirement could easily have be applied to employers claiming tax credits and exemptions. In 2009, Sen. Reid stripped an E-Verify requirement from the $787 billion stimulus package that had been approved by the House when the bill went before a conference committee.
"It is unconscionable that while some 25 million Americans are unemployed or relegated to part-time work, the Senate is refusing to include protections that would guarantee that newly-created jobs are filled by Americans who desperately need them," said Dan Stein, president of FAIR. "The failure to include E-Verify protections in the bill is not an oversight on the part of Sen. Reid. He has consistently blocked efforts to prevent employers who receive government contracts or tax benefits from hiring illegal aliens instead of legal U.S. workers."
Under the Senate legislation, employers who fill newly created jobs with illegal aliens or guest workers would be entitled to the same tax credits and exemptions as employers who hire out-of-work Americans. Even if the employer were subsequently prosecuted for employing illegal aliens, the employer could legitimately claim these tax benefits for hiring them.
Because Sen. Reid has barred any amendments from being considered when the bill goes to the Senate floor, it will be virtually impossible for members to add E-Verify protections for American workers. "The excuse being offered for not including E-Verify in the legislation and barring its inclusion in the final language is laughable," Stein said. "Opponents of inclusion of an E-Verify provision claim it is unnecessary because existing laws already bar employers from hiring illegal aliens. This claim ignores the fact that an estimated 8 million illegal aliens already hold jobs in the U.S.
"Unemployed Americans have a right to expect that they will be the beneficiaries of any jobs created as a result of this bill. American taxpayers who will be footing the bill for this and other legislation have a right to expect that their money will help put Americans back to work," Stein continued. "These expectations could be easily fulfilled by requiring the use of E-Verify and barring employers who do not hire legal U.S. workers from receiving tax benefits - something Reid and Senate Democrats are refusing to do."
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Tuesday, December 8, 2009
U.S. Mayors Praise President Obama for Supporting Fiscal Relief for Local Governments and States, Targeted Infrastructure Investment, Small Business
U.S. Mayors Praise President Obama for Supporting Fiscal Relief for Local Governments and States, Targeted Infrastructure Investment, Small Business Capital
/PRNewswire/ -- The following statement from Tom Cochran, USCM CEO and Executive Director, was released today:
"The President and his advisors have been meeting with U.S. mayors. The President understands the jobs and fiscal crisis happening in America's cities, and he is calling for action," Conference of Mayors CEO and Executive Director Tom Cochran said today following President Obama's jobs address.
The U.S. Conference of Mayors has developed A Call to Action which highlights the ongoing jobs crisis in America's cities -- predicted to last for years -- and the need for more targeted investments in cities and local infrastructure to create jobs.
One of the key action items called for by mayors is "Targeted Fiscal Relief for High Unemployment Cities and Metro Areas." Cities all across the country have faced significant layoffs and budgetary cutbacks this summer, with dire local revenue projections in the coming years. ARRA provided significant fiscal assistance to states, but none to local governments. The recession is now having drastic effects at the local level. Therefore, mayors are calling on the Administration and Congress to develop a fiscal assistance program targeted to cities with high rates of unemployment and budget shortfalls. This is needed to prevent even deeper layoffs in critical areas such as public safety and public works, and help cities promote private sector job creation through local infrastructure projects.
In his address today, the President said, Congress should extend "relief to states and localities to prevent layoffs." And during the recent White House Jobs Summit on December 3 -- attended by five mayors -- the President said, "As tough as this financial crisis or recession has been on the federal budget, it has in some cases been worse on state and local government budgets... Usually, state and local government revenues lag the recovery as a whole. They may need some more help from the federal government... If you see a complete collapse in state and local government spending on basic needs, that could create a very bad business climate for all of you."
The President also called for more targeted infrastructure investment in programs such as TIGER grants and public transit, as well as support for small business lending -- all strongly supported by mayors.
The Conference of Mayors is working closely with both the Administration and Congress to ensure that in this jobs bill, more resources and infrastructure projects go directly to cities and local areas -- ensuring they are not stalled in state bureaucracies - so that more jobs can be created now.
"Mayors can be the catalyst for creating public and private sector jobs quickly, which is exactly what this economy needs now," Cochran added.
A copy of the USCM report A Call to Action is available at usmayors.org.
The U.S. Conference of Mayors is the official nonpartisan organization of cities with populations of 30,000 or more. There are 1,139 such cities in the country today, each represented in the Conference by its chief elected official, the Mayor.
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/PRNewswire/ -- The following statement from Tom Cochran, USCM CEO and Executive Director, was released today:
"The President and his advisors have been meeting with U.S. mayors. The President understands the jobs and fiscal crisis happening in America's cities, and he is calling for action," Conference of Mayors CEO and Executive Director Tom Cochran said today following President Obama's jobs address.
The U.S. Conference of Mayors has developed A Call to Action which highlights the ongoing jobs crisis in America's cities -- predicted to last for years -- and the need for more targeted investments in cities and local infrastructure to create jobs.
One of the key action items called for by mayors is "Targeted Fiscal Relief for High Unemployment Cities and Metro Areas." Cities all across the country have faced significant layoffs and budgetary cutbacks this summer, with dire local revenue projections in the coming years. ARRA provided significant fiscal assistance to states, but none to local governments. The recession is now having drastic effects at the local level. Therefore, mayors are calling on the Administration and Congress to develop a fiscal assistance program targeted to cities with high rates of unemployment and budget shortfalls. This is needed to prevent even deeper layoffs in critical areas such as public safety and public works, and help cities promote private sector job creation through local infrastructure projects.
In his address today, the President said, Congress should extend "relief to states and localities to prevent layoffs." And during the recent White House Jobs Summit on December 3 -- attended by five mayors -- the President said, "As tough as this financial crisis or recession has been on the federal budget, it has in some cases been worse on state and local government budgets... Usually, state and local government revenues lag the recovery as a whole. They may need some more help from the federal government... If you see a complete collapse in state and local government spending on basic needs, that could create a very bad business climate for all of you."
The President also called for more targeted infrastructure investment in programs such as TIGER grants and public transit, as well as support for small business lending -- all strongly supported by mayors.
The Conference of Mayors is working closely with both the Administration and Congress to ensure that in this jobs bill, more resources and infrastructure projects go directly to cities and local areas -- ensuring they are not stalled in state bureaucracies - so that more jobs can be created now.
"Mayors can be the catalyst for creating public and private sector jobs quickly, which is exactly what this economy needs now," Cochran added.
A copy of the USCM report A Call to Action is available at usmayors.org.
The U.S. Conference of Mayors is the official nonpartisan organization of cities with populations of 30,000 or more. There are 1,139 such cities in the country today, each represented in the Conference by its chief elected official, the Mayor.
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Wednesday, July 8, 2009
Boehner Says Speaker Pelosi’s National Energy Tax & Dems’ Government Takeover of Health Care Will Make It Impossible to Create Jobs
At a news conference this morning, House Republican Leader John Boehner (R-OH) said if Democrats want to protect and create jobs, they should scrap job-killing legislation like Speaker Pelosi’s national energy tax and their government takeover of health care. These job-killing bills, during the middle of a recession and especially since the ‘stimulus’ isn’t working, will harm our economy and undermine efforts to help families and small businesses. Following are Boehner’s remarks at the news conference:
“All of this talk about a second stimulus bill has been rather interesting. I think it is an admission on the part of the Administration that, you know, their stimulus plan is not working. And so there are conversations about how we get to, how do we grow jobs. I found it interesting over the last couple of days to hear the Vice President, Vice President Biden, and the President mention the fact that they didn’t realize how difficult of an economic circumstance we were in. Now this is the greatest fabrication I’ve seen since I’ve been in Congress. I’ve sat through those meetings at the White House with the President and the Vice President.
“Trust me, there’s not one person that sat in those rooms that didn’t know how serious our economic crisis was. We tried to explain to the President that growing government was not going to get America back to work again. And that by allowing small businesses and families to keep more of what they earn – they are the real engine of economic growth in America. If we really are serious about creating jobs, we ought to allow American families and small businesses to keep more of what they earn.
“The second thing we should do if we’re concerned about growing jobs in America is that we should not pass this national energy tax, which is going to raise the taxes on all Americans – less money for them to spend – and millions of American jobs are going to get shipped overseas as a result. And if you look at their proposal on health care, again we’re talking about a $1.5 trillion tax increase – less money for the American people to spend on themselves, less money for American businesses – and if that’s not bad enough, we’re going to ruin our health care system and we’re going to tax employers if they don’t provide health insurance.
“So we are killing jobs with every proposal we see here. The first thing we should do here is practice the Hippocratic Oath. First, do no harm. Let’s get rid of the national energy tax idea, let’s get rid of the idea of raising taxes on this big government takeover of health care that will make it impossible to create jobs and it will cost Americans millions of additional jobs.”
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“All of this talk about a second stimulus bill has been rather interesting. I think it is an admission on the part of the Administration that, you know, their stimulus plan is not working. And so there are conversations about how we get to, how do we grow jobs. I found it interesting over the last couple of days to hear the Vice President, Vice President Biden, and the President mention the fact that they didn’t realize how difficult of an economic circumstance we were in. Now this is the greatest fabrication I’ve seen since I’ve been in Congress. I’ve sat through those meetings at the White House with the President and the Vice President.
“Trust me, there’s not one person that sat in those rooms that didn’t know how serious our economic crisis was. We tried to explain to the President that growing government was not going to get America back to work again. And that by allowing small businesses and families to keep more of what they earn – they are the real engine of economic growth in America. If we really are serious about creating jobs, we ought to allow American families and small businesses to keep more of what they earn.
“The second thing we should do if we’re concerned about growing jobs in America is that we should not pass this national energy tax, which is going to raise the taxes on all Americans – less money for them to spend – and millions of American jobs are going to get shipped overseas as a result. And if you look at their proposal on health care, again we’re talking about a $1.5 trillion tax increase – less money for the American people to spend on themselves, less money for American businesses – and if that’s not bad enough, we’re going to ruin our health care system and we’re going to tax employers if they don’t provide health insurance.
“So we are killing jobs with every proposal we see here. The first thing we should do here is practice the Hippocratic Oath. First, do no harm. Let’s get rid of the national energy tax idea, let’s get rid of the idea of raising taxes on this big government takeover of health care that will make it impossible to create jobs and it will cost Americans millions of additional jobs.”
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Monday, June 8, 2009
Libertarians condemn Obama’s still-skyrocketing unemployment numbers
With unemployment exploding to 9.4 percent in May instead of decreasing as Obama promised with passage of his “stimulus” package, America’s third-largest party urges Congress to instead consider tax and regulatory relief to give the nation “the jobs Americans need.”
“There is no doubt our economy will recover. Americans have always overcome adversity with our tenacity, creativity and optimism,” said Donny Ferguson, Libertarian National Committee Communications Director. “But as unemployment continues to rise when it should be falling by now, it begs the question of how long will recovery be delayed by Obama’s Big Government agenda?”
“The Libertarian Party seems to be the only party promoting a smart program of tax and regulatory relief aimed at freeing up capital,” said Ferguson. “History shows it’s the most effective way to give those 14.5 million unemployed the jobs Americans need.”
“Sadly, Obama instead chose to exploit this tragic situation to advance his personal agenda of bigger, more expensive government – which has unemployment now skyrocketing to its highest levels in a quarter-century,” said Ferguson. “Because of Obama, our economic recovery has been seriously stunted and delayed.”
Figures released Friday by the Labor Department show unemployment rose to 9.4 percent in May from 8.9 percent in April as the number of unemployed persons increased by 787,000 to 14.5 million. Unemployment is highest among blacks (14.9 percent) and Hispanics (12.7 percent.) The number of long-term unemployed (those jobless for 27 weeks or more) increased by 268,000 over the month to 3.9 million according to the Labor Department.
“Unfortunately, it looks like the Libertarian Party was proven right when we said back in January that Obama’s explosive growth of government and out-of-control spending would delay our economic recovery. We should be further along in our recovery, but Republican and Democrat spending and bailouts are delaying that,” said Ferguson.
“History has proven time and time again that decreasing the size of government, cutting taxes and freeing up people to create jobs and business are the best way to stimulate growth,” said Ferguson. “Libertarian urge Congress and the White House to take these real, proven measures, instead of exploiting people’s misfortune to inflate the size of government.”
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“There is no doubt our economy will recover. Americans have always overcome adversity with our tenacity, creativity and optimism,” said Donny Ferguson, Libertarian National Committee Communications Director. “But as unemployment continues to rise when it should be falling by now, it begs the question of how long will recovery be delayed by Obama’s Big Government agenda?”
“The Libertarian Party seems to be the only party promoting a smart program of tax and regulatory relief aimed at freeing up capital,” said Ferguson. “History shows it’s the most effective way to give those 14.5 million unemployed the jobs Americans need.”
“Sadly, Obama instead chose to exploit this tragic situation to advance his personal agenda of bigger, more expensive government – which has unemployment now skyrocketing to its highest levels in a quarter-century,” said Ferguson. “Because of Obama, our economic recovery has been seriously stunted and delayed.”
Figures released Friday by the Labor Department show unemployment rose to 9.4 percent in May from 8.9 percent in April as the number of unemployed persons increased by 787,000 to 14.5 million. Unemployment is highest among blacks (14.9 percent) and Hispanics (12.7 percent.) The number of long-term unemployed (those jobless for 27 weeks or more) increased by 268,000 over the month to 3.9 million according to the Labor Department.
“Unfortunately, it looks like the Libertarian Party was proven right when we said back in January that Obama’s explosive growth of government and out-of-control spending would delay our economic recovery. We should be further along in our recovery, but Republican and Democrat spending and bailouts are delaying that,” said Ferguson.
“History has proven time and time again that decreasing the size of government, cutting taxes and freeing up people to create jobs and business are the best way to stimulate growth,” said Ferguson. “Libertarian urge Congress and the White House to take these real, proven measures, instead of exploiting people’s misfortune to inflate the size of government.”
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Tuesday, March 10, 2009
If Majority Leader Reid Supports E-Verify Why Does the Senate Block Its Long-Term Reauthorization?
/PRNewswire-USNewswire/ -- For the second time in as many months, the United States Senate had an opportunity to reauthorize the highly effective E-Verify system and chose not to. By rejecting an amendment to the Omnibus Appropriations bill offered by Sen. Jeff Sessions (R-Ala.) to extend E-Verify through 2014, the Senate leadership belied their contention that they support this program that protects U.S. workers from losing jobs to illegal aliens.
E-Verify is a federal program that allows employers to voluntarily determine whether workers are legally authorized to work in the U.S. by electronically verifying their Social Security numbers. According to the Department of Homeland Security, E-Verify has a 99.6 percent accuracy rate.
In a letter to his Nevada constituents, Majority Leader Harry Reid states, "I strongly support programs like E-Verify that are designed to ensure that employers only hire those who are legally authorized to work in the United States, and believe we need to strengthen enforcement against employers who knowingly hire individuals who are not authorized to work." In fact, in 2006 and 2007, Senator Reid supported not only reauthorizing E-Verify, but making it mandatory for all employers nationwide.
But now, Sen. Reid and the Democratic leadership are singing a different tune:
-- In February, Sen. Reid blocked inclusion of amendments to the economic
stimulus bill that would have reauthorized E-Verify for five years,
and required that employers who receive stimulus money use E-Verify to
ensure they hire only legal U.S. workers. These provisions were
included in the House bill.
-- During the House-Senate conference committee finalizing the economic
stimulus package, Sen. Reid, together with Speaker Nancy Pelosi,
stripped the E-Verify provisions from the bill sent to President
Obama.
-- Today, Sen. Reid and the Democratic majority voted down Sen. Sessions'
five year reauthorization of E-Verify.
Because of these actions, the vital protections that E-Verify offers to American workers at a time when unemployment is rising rapidly are on tenuous life support only until September 30. They also confirm that Senate leadership's primary interest in E-Verify is to use it as a bargaining chip in an effort to gain amnesty for illegal aliens.
"If the Senate leadership were truly interested in protecting American jobs from being filled by illegal aliens, E-Verify would have been reauthorized for five years and steps would have been taken to make its use mandatory by all employers," said Dan Stein, president of the Federation for American Immigration Reform (FAIR).
"The fact that E-Verify will only receive a six-month reauthorization, and the fact that employers receiving taxpayer stimulus money are not required to verify that workers are legal U.S. residents is not an oversight. It is a deliberate decision of the Senate leaders who place the interests of low wage employers and illegal aliens over the interests of millions of unemployed American workers who desperately need jobs.
"The defeat of the Sessions amendment demonstrates conclusively that the Senate leadership, contrary to what they say, is unwilling to protect the jobs of American workers," Stein concluded.
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E-Verify is a federal program that allows employers to voluntarily determine whether workers are legally authorized to work in the U.S. by electronically verifying their Social Security numbers. According to the Department of Homeland Security, E-Verify has a 99.6 percent accuracy rate.
In a letter to his Nevada constituents, Majority Leader Harry Reid states, "I strongly support programs like E-Verify that are designed to ensure that employers only hire those who are legally authorized to work in the United States, and believe we need to strengthen enforcement against employers who knowingly hire individuals who are not authorized to work." In fact, in 2006 and 2007, Senator Reid supported not only reauthorizing E-Verify, but making it mandatory for all employers nationwide.
But now, Sen. Reid and the Democratic leadership are singing a different tune:
-- In February, Sen. Reid blocked inclusion of amendments to the economic
stimulus bill that would have reauthorized E-Verify for five years,
and required that employers who receive stimulus money use E-Verify to
ensure they hire only legal U.S. workers. These provisions were
included in the House bill.
-- During the House-Senate conference committee finalizing the economic
stimulus package, Sen. Reid, together with Speaker Nancy Pelosi,
stripped the E-Verify provisions from the bill sent to President
Obama.
-- Today, Sen. Reid and the Democratic majority voted down Sen. Sessions'
five year reauthorization of E-Verify.
Because of these actions, the vital protections that E-Verify offers to American workers at a time when unemployment is rising rapidly are on tenuous life support only until September 30. They also confirm that Senate leadership's primary interest in E-Verify is to use it as a bargaining chip in an effort to gain amnesty for illegal aliens.
"If the Senate leadership were truly interested in protecting American jobs from being filled by illegal aliens, E-Verify would have been reauthorized for five years and steps would have been taken to make its use mandatory by all employers," said Dan Stein, president of the Federation for American Immigration Reform (FAIR).
"The fact that E-Verify will only receive a six-month reauthorization, and the fact that employers receiving taxpayer stimulus money are not required to verify that workers are legal U.S. residents is not an oversight. It is a deliberate decision of the Senate leaders who place the interests of low wage employers and illegal aliens over the interests of millions of unemployed American workers who desperately need jobs.
"The defeat of the Sessions amendment demonstrates conclusively that the Senate leadership, contrary to what they say, is unwilling to protect the jobs of American workers," Stein concluded.
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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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Tuesday, February 10, 2009
Boehner: Republicans Stand Ready to Work With President Obama on Responsible Plan That Will Create and Protect Jobs
Boehner: Republicans Stand Ready to Work With President Obama on Responsible Plan That Will Create and Protect Jobs – But Democratic Congress Hasn’t Delivered
After a press conference held last evening by President Barack Obama, House Republican Leader John Boehner (R-OH) released the following statement:
“Our nation is in recession, and we applaud President Obama for continuing to make the case for action from Congress to help our economy create and protect jobs. As he said earlier this year and again this evening, both parties in Washington have a responsibility to tackle the challenge before us. In response to the President’s request for input, House Republicans have offered a plan that creates twice the jobs as the Democrats’ proposal – 6.2 million jobs total – at half the cost. Unfortunately, the trillion-dollar plan moving through Congress takes us in the wrong direction, relying on slow-moving and wasteful Washington spending that will pile even more debt on future generations, providing less tax relief than requested by the President, and encouraging dependence on welfare programs that hurt Americans instead of helping them. The American people need our help, and they deserve better than this. It is not too late to craft a bipartisan plan that creates more jobs and helps get our economy back on track, and Republicans stand ready to work with the President to do this.”
NOTE: By letting families, small businesses, home-buyers, and job-seekers keep more of what they earn, the House Republicans’ economic recovery plan will create 6.2 million new American jobs over the next two years, at half the cost of the congressional Democrats’ plan, according to a methodology used by President Obama’s own nominee as Chair of the White House Council of Economic Advisors, Dr. Christina Romer.
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After a press conference held last evening by President Barack Obama, House Republican Leader John Boehner (R-OH) released the following statement:
“Our nation is in recession, and we applaud President Obama for continuing to make the case for action from Congress to help our economy create and protect jobs. As he said earlier this year and again this evening, both parties in Washington have a responsibility to tackle the challenge before us. In response to the President’s request for input, House Republicans have offered a plan that creates twice the jobs as the Democrats’ proposal – 6.2 million jobs total – at half the cost. Unfortunately, the trillion-dollar plan moving through Congress takes us in the wrong direction, relying on slow-moving and wasteful Washington spending that will pile even more debt on future generations, providing less tax relief than requested by the President, and encouraging dependence on welfare programs that hurt Americans instead of helping them. The American people need our help, and they deserve better than this. It is not too late to craft a bipartisan plan that creates more jobs and helps get our economy back on track, and Republicans stand ready to work with the President to do this.”
NOTE: By letting families, small businesses, home-buyers, and job-seekers keep more of what they earn, the House Republicans’ economic recovery plan will create 6.2 million new American jobs over the next two years, at half the cost of the congressional Democrats’ plan, according to a methodology used by President Obama’s own nominee as Chair of the White House Council of Economic Advisors, Dr. Christina Romer.
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Wednesday, February 4, 2009
Senate Stimulus: 300,000 Jobs for Illegals?
/PRNewswire-USNewswire/ -- The Senate Stimulus bill currently being considered contains about $104 billion in new government funding for construction projects with the goal of creating jobs for millions of unemployed Americans. Unlike the House version, there is no provision in the bill to bar illegal immigrants from getting these taxpayer-funded jobs. The Center for Immigration Studies says this could result in several hundred thousand illegal immigrants receiving jobs.
-- The current version of the Senate Stimulus bill (The American Recovery
and Reinvestment Act) contains $104 billion in construction spending,
including highways, schools, and public housing.
-- Government estimates suggest this spending should create about 2
million new construction jobs.
-- Consistent with other research, the Center for Immigration Studies has
previously estimated that 15 percent of construction workers are
illegal immigrants.
-- This means that about 300,000 of the construction jobs created by the
Senate stimulus could go to illegal aliens (15 percent of 2 million).
Discussion: The $104 billion figure for new construction is based on the current version of the Senate Stimulus bill. Government estimates indicate that each $1 billion spent on construction should create roughly 19,600 construction jobs, each lasting a year.(1) Thus $104 billion for construction projects should create construction-related jobs for about 2.04 million workers over several years. The Center for Immigration Studies has estimated that about one out of seven (or 15 percent) of workers employed in construction in the United States are illegal immigrants.(2) Thus, if no effort is made to bar illegal immigrants from these jobs, it is extremely likely that about 300,000 will go to illegal immigrants. The House of Representatives version of the stimulus package has a provision requiring contractors to use the E-Verify system, which enables employers to quickly determine if new hires are authorized to work in the United States. At present, the Senate has no such provision.
(1) The Federal Highway Administration (FHWA) estimates indicate that each $1 billion in construction spending directly creates 19,584 construction related jobs. This number comes from Employment Impacts of Highway Infrastructure Investment, April 2008, FHWA. This figure does not include jobs indirectly created by construction spending.
(2) Steven A. Camarota, "Dropping Out: Immigrant Entry and Native Exit From the Labor Market, 2000-2005," Center for Immigration Studies Backgrounder, March 2006, p. 19. A 2006 Pew Hispanic Center study, "The Size and Characteristics of the Unauthorized Migrant Population in the U.S.," estimated that 14 percent of construction workers were illegal immigrants; see page 3 of that report. Both the CIS and Pew studies were based on the March 2005 Current Population Survey (CPS). The March 2007 CPS shows that the illegal share of construction workers may have grown to 18 percent, but we use 15 percent in the above discussion to be conservative.
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-- The current version of the Senate Stimulus bill (The American Recovery
and Reinvestment Act) contains $104 billion in construction spending,
including highways, schools, and public housing.
-- Government estimates suggest this spending should create about 2
million new construction jobs.
-- Consistent with other research, the Center for Immigration Studies has
previously estimated that 15 percent of construction workers are
illegal immigrants.
-- This means that about 300,000 of the construction jobs created by the
Senate stimulus could go to illegal aliens (15 percent of 2 million).
Discussion: The $104 billion figure for new construction is based on the current version of the Senate Stimulus bill. Government estimates indicate that each $1 billion spent on construction should create roughly 19,600 construction jobs, each lasting a year.(1) Thus $104 billion for construction projects should create construction-related jobs for about 2.04 million workers over several years. The Center for Immigration Studies has estimated that about one out of seven (or 15 percent) of workers employed in construction in the United States are illegal immigrants.(2) Thus, if no effort is made to bar illegal immigrants from these jobs, it is extremely likely that about 300,000 will go to illegal immigrants. The House of Representatives version of the stimulus package has a provision requiring contractors to use the E-Verify system, which enables employers to quickly determine if new hires are authorized to work in the United States. At present, the Senate has no such provision.
(1) The Federal Highway Administration (FHWA) estimates indicate that each $1 billion in construction spending directly creates 19,584 construction related jobs. This number comes from Employment Impacts of Highway Infrastructure Investment, April 2008, FHWA. This figure does not include jobs indirectly created by construction spending.
(2) Steven A. Camarota, "Dropping Out: Immigrant Entry and Native Exit From the Labor Market, 2000-2005," Center for Immigration Studies Backgrounder, March 2006, p. 19. A 2006 Pew Hispanic Center study, "The Size and Characteristics of the Unauthorized Migrant Population in the U.S.," estimated that 14 percent of construction workers were illegal immigrants; see page 3 of that report. Both the CIS and Pew studies were based on the March 2005 Current Population Survey (CPS). The March 2007 CPS shows that the illegal share of construction workers may have grown to 18 percent, but we use 15 percent in the above discussion to be conservative.
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Thursday, January 8, 2009
Without Large-Scale Recovery Package, Economy Could Shut Down, Economists Tell Lawmakers
/PRNewswire-USNewswire/ -- A large scale economic recovery package is needed to create jobs quickly, provide relief for workers and families, help states facing severe budget shortfalls, and invest in innovation and emerging industries, a bipartisan panel of economic experts and scientists told lawmakers on Capitol Hill January 7. Economists warned that, unless comprehensive action is taken, the economy will shed another 3 million jobs in 2009, real Gross Domestic Product could drop by $750 billion, and the unemployment rate will top 10 percent.
The Democratic Steering and Policy Committee, along with House committee chairs, convened the forum in the first days of the 111th Congress to brief lawmakers on the latest economic outlook and components that should be included in the upcoming economic recovery package.
"We must pass an economic recovery and jobs package no later than mid-February, in my view," said House Speaker Nancy Pelosi (D-CA). "This forum will demonstrate to the American public the need for this job and economic recovery package. We look forward working in the days ahead with our President-elect so we have legislation before we observe President's Day this year."
"Economists across the board agree that innovative strategies to create jobs and invest in our future are the only way to revive and grow our economy - and that workers and families can't afford to wait," said U.S. Rep. George Miller (D-CA), the co-chair of the Democratic Steering and Policy Committee and the chairman of the House Education and Labor Committee. "If we act swiftly and make wise decisions, we can tackle many challenges at once: rebuilding our economy and the middle class, improving our infrastructure and energy-independence, and regaining the competitive edge that will fuel discovery and opportunity for generations to come."
"We are holding this extraordinary hearing because of extraordinary times; indeed, we are convening as the economy falls deeper into crisis. We are shedding jobs at a staggering rate, retirement accounts are draining, the housing market has collapsed, the financial market is in turmoil, and the credit markets are nearly frozen. A crisis requires more than the band-aid of past efforts, but rather, we must act boldly to get our economy back to sustained job and income growth," said Congresswoman Rosa DeLauro (CT-3), the co-chair of the Democratic Steering and Policy Committee. "This forum today brought together a broad spectrum of economists and scientists who agree that we need to move quickly with a significant economic recovery package."
"This economy is shutting down," said Dr. Mark M. Zandi, the chief economist and cofounder of Moody's Economy.com, who predicted that the economy stands to lose 500,000 jobs a month for the foreseeable future. While both spending and tax cuts should be including in a package, spending provides a higher rate of return than tax cuts. Each dollar spent yields a return of $1.50 in economic growth; while each dollar in tax cuts yields $1 return.
"In my view, the goals of the economic recovery plan should be to strengthen traditional safety nets; increase purchasing power, especially among the bottom half; create as many new jobs as quickly as possible; get the long-term unemployed and the poor into many of those jobs," said Robert B. Reich, a Secretary of Labor under the Clinton administration and a professor at the University of California at Berkeley, who estimated that a stimulus of at least $900 billion over two years is needed. "The danger is not that the federal government will do too much but, rather, that it will do too little."
"While fixing the credit markets is necessary for sustained economic growth, it will not bring the economy back to full employment," explained Martin Feldstein, a professor of economics at Harvard University and the chief economic advisor to former President Ronald Reagan. "Because monetary policy is not effective, reviving the economy requires a major fiscal stimulus from tax cuts and increased government spending."
The panelists agreed that both immediate and long-term strategies are needed to jump-start the economy and spur long-term growth.
"We need to secure our overall competitiveness, otherwise we could create new jobs now only to lose them to foreign competition later," said Norman R. Augustine, the chair of National Academies' Rising Above the Gathering Storm report committee.
"What are most needed are elements that create real, sustained growth in the economy. We need to bolster existing high-growth innovation areas, and we will need to create new areas," said Maria T. Zuber, a professor of geophysics at the Massachusetts Institute of Technology. "One path ahead is clear: the country is at the cusp of a revolution in energy science and technology."
Overall, the panel's recommendations included:
-- Providing aid to states and local governments to maintain jobs and
vital aid programs;
-- Expanding unemployment insurance and extending jobless benefits;
-- Investing in existing, shovel-ready infrastructure projects, including
highways, roads, bridges, schools, levees, water and sewage systems,
and the electricity grid to get Americans back to work quickly and
effectively;
-- Investing in science, technology and other emerging industries to
support research and drive innovation and sustainable growth;
-- Creating a green economy by investing in energy-independence and
building a "green" jobs corps;
-- Providing tax cuts for lower- and middle-income families to increase
purchasing power;
-- Improving job training programs and support for unemployed and lower-
workers; and
-- Ensuring that economic recovery package is transparent and accountable
to the American public.
The forum built on committee hearings held during the 110th Congress to examine the need for an economic stimulus plan. The chairs of those committees, including the chairmen of the Science and Technology, Budget, Energy and Commerce, Ways and Means, Education and Labor, Appropriations and Transportation and Infrastructure Committees, all participated in today's forum.
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The Democratic Steering and Policy Committee, along with House committee chairs, convened the forum in the first days of the 111th Congress to brief lawmakers on the latest economic outlook and components that should be included in the upcoming economic recovery package.
"We must pass an economic recovery and jobs package no later than mid-February, in my view," said House Speaker Nancy Pelosi (D-CA). "This forum will demonstrate to the American public the need for this job and economic recovery package. We look forward working in the days ahead with our President-elect so we have legislation before we observe President's Day this year."
"Economists across the board agree that innovative strategies to create jobs and invest in our future are the only way to revive and grow our economy - and that workers and families can't afford to wait," said U.S. Rep. George Miller (D-CA), the co-chair of the Democratic Steering and Policy Committee and the chairman of the House Education and Labor Committee. "If we act swiftly and make wise decisions, we can tackle many challenges at once: rebuilding our economy and the middle class, improving our infrastructure and energy-independence, and regaining the competitive edge that will fuel discovery and opportunity for generations to come."
"We are holding this extraordinary hearing because of extraordinary times; indeed, we are convening as the economy falls deeper into crisis. We are shedding jobs at a staggering rate, retirement accounts are draining, the housing market has collapsed, the financial market is in turmoil, and the credit markets are nearly frozen. A crisis requires more than the band-aid of past efforts, but rather, we must act boldly to get our economy back to sustained job and income growth," said Congresswoman Rosa DeLauro (CT-3), the co-chair of the Democratic Steering and Policy Committee. "This forum today brought together a broad spectrum of economists and scientists who agree that we need to move quickly with a significant economic recovery package."
"This economy is shutting down," said Dr. Mark M. Zandi, the chief economist and cofounder of Moody's Economy.com, who predicted that the economy stands to lose 500,000 jobs a month for the foreseeable future. While both spending and tax cuts should be including in a package, spending provides a higher rate of return than tax cuts. Each dollar spent yields a return of $1.50 in economic growth; while each dollar in tax cuts yields $1 return.
"In my view, the goals of the economic recovery plan should be to strengthen traditional safety nets; increase purchasing power, especially among the bottom half; create as many new jobs as quickly as possible; get the long-term unemployed and the poor into many of those jobs," said Robert B. Reich, a Secretary of Labor under the Clinton administration and a professor at the University of California at Berkeley, who estimated that a stimulus of at least $900 billion over two years is needed. "The danger is not that the federal government will do too much but, rather, that it will do too little."
"While fixing the credit markets is necessary for sustained economic growth, it will not bring the economy back to full employment," explained Martin Feldstein, a professor of economics at Harvard University and the chief economic advisor to former President Ronald Reagan. "Because monetary policy is not effective, reviving the economy requires a major fiscal stimulus from tax cuts and increased government spending."
The panelists agreed that both immediate and long-term strategies are needed to jump-start the economy and spur long-term growth.
"We need to secure our overall competitiveness, otherwise we could create new jobs now only to lose them to foreign competition later," said Norman R. Augustine, the chair of National Academies' Rising Above the Gathering Storm report committee.
"What are most needed are elements that create real, sustained growth in the economy. We need to bolster existing high-growth innovation areas, and we will need to create new areas," said Maria T. Zuber, a professor of geophysics at the Massachusetts Institute of Technology. "One path ahead is clear: the country is at the cusp of a revolution in energy science and technology."
Overall, the panel's recommendations included:
-- Providing aid to states and local governments to maintain jobs and
vital aid programs;
-- Expanding unemployment insurance and extending jobless benefits;
-- Investing in existing, shovel-ready infrastructure projects, including
highways, roads, bridges, schools, levees, water and sewage systems,
and the electricity grid to get Americans back to work quickly and
effectively;
-- Investing in science, technology and other emerging industries to
support research and drive innovation and sustainable growth;
-- Creating a green economy by investing in energy-independence and
building a "green" jobs corps;
-- Providing tax cuts for lower- and middle-income families to increase
purchasing power;
-- Improving job training programs and support for unemployed and lower-
workers; and
-- Ensuring that economic recovery package is transparent and accountable
to the American public.
The forum built on committee hearings held during the 110th Congress to examine the need for an economic stimulus plan. The chairs of those committees, including the chairmen of the Science and Technology, Budget, Energy and Commerce, Ways and Means, Education and Labor, Appropriations and Transportation and Infrastructure Committees, all participated in today's forum.
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Wednesday, January 7, 2009
Congress Should Stimulate Economy With $500 Billion in Private Investment By Temporarily Reducing U.S. Business Taxes on Foreign Earnings
/PRNewswire-USNewswire/ -- The quest for cash to jumpstart the ailing U.S. economy could be alleviated if congress would revisit the 2004 successful economic stimulus measure that enabled U.S. businesses to invest $360 billion of foreign earnings at a temporary, reduced tax rate of 5.25%. In a new study commissioned by the American Council for Capital Formation (ACCF), renowned economist Dr. Allen Sinai of Decision Economics, Inc. analyzed the benefits that would occur based on an estimated $545 billion of repatriations, similar to the 2004 American Jobs Creation Act (AJCA). Sinai concludes that the U.S. economy would see a substantial boost in investment in plants and equipment and R&D, leading to higher U.S. GDP and job generation. He also projects nearly $140 billion in tax revenue over five years for the U.S. Treasury - money it would not otherwise receive.
"Unlike many of the stimulus proposals that bear a high price tag, this is a virtual free lunch that congress, the new administration and taxpayers can easily digest," said ACCF President and CEO Mark Bloomfield. "This temporary tax reduction can provide a lift to the U.S. business sector, significantly improve the financial position of nonfinancial corporations, and help relieve the tight credit and liquidity restraint for a number of companies."
Sinai's quantitative study concludes that temporarily reinstating an 85% dividends-received-deduction for repatriated foreign subsidiary earnings would lead to the following economic benefits:
-- Increased U.S. GDP, peaking at an additional $110 billion in 2010
-- Reduction in outstanding debt, which would improve credit availability
-- An average annual increase of $56 billion in new investment over the
next 5 years
-- Increased U.S. R&D spending by approximately $7 billion per year over
the next five years
-- Job generation within the U.S. economy peaking at 614,000 in 2011
-- Nearly $140 billion in tax revenue over five years from initial cash
investment and residual economic activity
ACCF also pointed to a survey of U.S. companies that utilized the 2004 AJCA and found, on average, that 25% of the funds repatriated were used for U.S. capital investment, 23% for hiring and training of U.S. employees, 15% for U.S.-based R&D, and 13% for U.S. debt reduction. Another survey indicated repatriating companies increased their total investments in the United States by over $230 billion compared to prior years.
"This temporary tax reduction would provide much needed cash flow for capital spending, R&D, strengthening corporate balance sheets, new jobs and produce gains for the overall economy," said ACCF Senior Vice President and Chief Economist Margo Thorning. "This is a true win-win alternative to placing further strains on the federal budget and Federal Reserve."
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"Unlike many of the stimulus proposals that bear a high price tag, this is a virtual free lunch that congress, the new administration and taxpayers can easily digest," said ACCF President and CEO Mark Bloomfield. "This temporary tax reduction can provide a lift to the U.S. business sector, significantly improve the financial position of nonfinancial corporations, and help relieve the tight credit and liquidity restraint for a number of companies."
Sinai's quantitative study concludes that temporarily reinstating an 85% dividends-received-deduction for repatriated foreign subsidiary earnings would lead to the following economic benefits:
-- Increased U.S. GDP, peaking at an additional $110 billion in 2010
-- Reduction in outstanding debt, which would improve credit availability
-- An average annual increase of $56 billion in new investment over the
next 5 years
-- Increased U.S. R&D spending by approximately $7 billion per year over
the next five years
-- Job generation within the U.S. economy peaking at 614,000 in 2011
-- Nearly $140 billion in tax revenue over five years from initial cash
investment and residual economic activity
ACCF also pointed to a survey of U.S. companies that utilized the 2004 AJCA and found, on average, that 25% of the funds repatriated were used for U.S. capital investment, 23% for hiring and training of U.S. employees, 15% for U.S.-based R&D, and 13% for U.S. debt reduction. Another survey indicated repatriating companies increased their total investments in the United States by over $230 billion compared to prior years.
"This temporary tax reduction would provide much needed cash flow for capital spending, R&D, strengthening corporate balance sheets, new jobs and produce gains for the overall economy," said ACCF Senior Vice President and Chief Economist Margo Thorning. "This is a true win-win alternative to placing further strains on the federal budget and Federal Reserve."
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