Jobs and the Economy
A thriving economy comes from businesses and entrepreneurs, not from government regulations and mandates. Government should enact policies that allow and encourage businesses to grow and expand, rather than stifling growth with bureaucracy and red tape.
According to the U.S. Congress Joint Economic Committee, for the past 40 years, federal spending and private job growth have moved in opposite directions. During times of low federal spending, private sector job growth has flourished, while high federal spending has been accompanied by stagnation in the economy. By contrast, private investment and job growth are directly related, with high private investment accompanying high job growth and vice versa. In short, there is no substitute for private investment to grow the economy and reduce unemployment.
The President’s own economic advisors have estimated that our current debt levels are causing a 1% drag on our economy, and that an increase of just 1% in GDP could create upwards of 1 million jobs. Far from destroying jobs, cutting government spending will create thousands of new jobs.
Uncertainty over possible tax increases to control the debt has left businesses sitting on capital instead of reinvesting in their own businesses. Raising taxes is not the answer to our debt or economic problems. We do not have a revenue problem, we have a spending problem, and it needs to be brought under control. To that end, I have supported over $1 trillion in cuts so far made by the House, including the repeal of the Reid-Pelosi health care law, eliminating the Presidential Fund, passing a full-year continuing resolution that cuts $100 billion in spending for 2011, and eliminating numerous wasteful federal programs.
We must look to reform our job-destroying tax code. Simply put, our tax code is too complex and too costly. I fought to get on the Ways and Means Committee because I believe that reforming our tax code will be key to job creation. The United States has one of the highest corporate tax rates in the world, and our individual tax rate is too high as well. I believe that citizens are better stewards of their own money than the government, and that we would be more profitable as a country if people were allowed to keep more of their money to invest on their own. In addition, the majority of small businesses are not organized as corporations, but rather pay taxes at the individual rate. As a result, every time we raise taxes on individuals, we are raising them on small businesses, which create 7 out of 10 jobs in America.
I recognize that there is no silver bullet to stimulate economic growth. However, by reducing our debt and spending levels and reducing onerous regulations and high taxes, government can get out of the way of economic growth. I will continue to work to pass legislation that reduces the burden of debt that is a drag on our economy, and that creates a healthy environment for job creation.
Aaron on Job Creation
I don’t believe government is the solution to our ailing economy, but there are ways Congress can help move the dial so that our country can begin to head in a more fiscally sound direction and encourage the private sector to create jobs. Since last year, the House has passed over 20 separate jobs related bills that would help encourage private sector job growth; however a majority of these bills have not been voted on in the Democrat-controlled Senate.
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I am proud to have supported job creation bills in the House. Whether it’s empowering small business owners who are the backbone of our economy, reducing burdensome regulations that prohibit entrepreneurial growth, or helping to get our domestic energy industry back on track, I believe we must do more to incentivize job creation. Congress needs to focus on the immediate task in front of us and that is making the United States competitive again, and that begins by creating an environment for job creation. I believe the legislation above does just that and I hope my colleagues in the Senate will begin to act soon.
Schock Report: My Reaction to Obama's Budget
The Latest Small Business Headache
Schock Introduces Small Business Tax Relief Bill
Schock Speaks Out on Job Creation (Video)
Schock’s Veterans Work Opportunity Tax Credit Finds Success in House Passed Bill
Job Creating Trade Agreements Approach Finish Line
Schock Introduces Jobs Bill Aimed at Helping Veterans
Schock Introduces Local Jobs and Economic Development Legislation
Schock Seeks Extension to Vital Welfare to Work Program
Schock tours Airflow, says small businesses are crucial for economic recovery
Schock Reports Back from Colombia
Schock Statement on House Republicans’ FY 2012 Budget Proposal, ‘Path to Prosperity’
Schock Statement on Senate Passage of 1099 Repeal
America Needs a Six Year Highway bill
Continuing what has been a several months long campaign by Congressman Schock to push for passage of a long-term and paid for transportation infrastructure bill, he is now calling on the President to join with him, and others in Congress, in supporting legislation that Schock says will address urgent transportation and infrastructure needs, create American jobs and give the private sector important incentives to locate, invest and hire in the United States.
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