Last Thursday, we heard President Obama give a 32 minute speech on jobs, in which he urged us to “pass this bill right away”….18x as a matter of fact. This bill, which includes very little in the way of actually creating jobs, but a lot in the way of spending, is estimated to cost $447 billion, with no real plan of how to pay for it. One of the key items is extended unemployment benefits. This not only creates no jobs, but creates more dependence on government. This doesn’t sound like much of a jobs plan to me.
On the other hand, the Republicans have come up with their own jobs plan, which actually provides relief and some stability for America’s job creators, in the form of cuts on corporate taxes and fewer regulations. This allows the U.S. to be more competitive in global markets, and will actually provide incentives for companies to bring work back to the U.S.
A staggering statistic in the proposal:
The Small Business Administration has reported that government regulations are
estimated to cost our economy over $1.75 trillion a year. To make matters worse, in
2009, the Administration had – under various stages of consideration – another 184
regulations that are estimated to cost the economy in excess of $100 million each,
and likely to cause more Americans to lose jobs.
This is what we’ve been telling liberals since Obama took office in 2009, but it has fallen upon deaf ears. The increased regulations not only cost money, but they create an environment of fear, not confidence, in the market, which is a death wish for any economy. They insist that the only solution is more spending, a solution which we have witnessed, time and time again, does not work.
The key points of the Republican bill include the following:
- Require congressional review and approval of any
government regulations that have a significant impact on the economy or
burden small businesses.
- Audit existing and pending regulations to identify and address those that hinder economic growth.
Fix the Tax Code to Help Job Creators:
- Increase American competitiveness to spur investment
and create more American jobs by streamlining the tax code and lowering
the tax rate for businesses and individuals including small business
owners to no more than 25%.
- Reform the tax code to allow American businesses to
bring back their overseas profits without having to pay a tax penalty so
they can invest in our economy and create American jobs.
Increase Competitiveness for American Manufacturers:
- Pass the three pending free trade agreements with Colombia, Panama, and South Korea to create up to 250,000 jobs.
- Continue to open new markets to American made products.
Encourage Entrepreneurship and Growth:
- Modernize our patent system to protect our nation’s innovators, discourage frivolous lawsuits, and expedite patent reviews.
- Re-Authorize and improve federal programs and approval
processes to streamline development of new products.
Remove barriers to building a first class
workforce so that the United States can compete in the global
marketplace and lead the way in technological development and growth.
Maximize Domestic Energy Production to Ensure an Energy Policy for the 21st Century:
- Promote lower energy prices through increased domestic production.
Encourage all forms of energy production.
Pay Down America’s Unsustainable Debt Burden and Start Living Within our Means:
- Build upon the House Republicans’ Budget by enacting significant spending cuts.
Now, I’m no economist, but I would venture to say this jobs plan sounds much more likely to actually create jobs and stimulate the economy than what President Obama has proposed. What do you think?
To see the full Republican proposal, click here.