President Obama’s “Fiscal Cliff” Already “Wiping Out” Jobs
Last quarter’s paltry two percent economic growth – “too weak to rapidly boost hiring” – is another indictment of President Obama’s failed mixture of ‘stimulus’ spending, excessive regulations, and looming tax hikes. According to the Washington Post, a new report by the National Association of Manufacturers shows Democrats’ inaction on the “fiscal cliff” is already “hampering growth” too, “wiping out nearly 1 million jobs this year alone.”
Speaker John Boehner said the following about today’s news:
“We need robust economic growth to get our economy creating jobs again, yet the president is still demanding a tax increase that Ernst & Young confirms will hurt small businesses and cost our economy more than 700,000 jobs.
“House Republicans have passed legislation to avoid the ‘fiscal cliff’ by replacing the president’s sequester, stopping the looming small business tax hike, and paving the way for tax and entitlement reform. Meanwhile, the president and his party haven’t lifted a finger to solve these problems. The American people deserve better.”
Here’s a look at each of the House-passed bills Speaker Boehner mentions that help avert the “fiscal cliff” and create a better environment for private-sector job growth:
- Replacing the President’s Defense ‘Sequester’: On May 10, the House passed H.R. 5652 to protect our troops by replacing the ‘sequester’ proposed by the White House with common-sense spending cuts and reforms. The bill reduces the deficit by an additional $242.8 billion.
- Stopping All of the President’s Tax Hikes: On August 1, the House passed H.R. 8 to stop all of the looming tax hikes on middle class families and small businesses. This includes the small business tax hike demanded by Democrats that Ernst & Young says would destroy 700,000 jobs.
- Fixing the Tax Code to Bring Jobs Home: On August 2, the House passed H.R. 6169 to expedite the process of making fundamental reforms that simplify our tax code for families and small businesses, make job creators more competitive, and bring jobs home that have gone overseas.
- Saving Medicare, Removing Barriers to Job Growth: Since January 2011, the House has passed legislation cutting red tape, expanding energy production, saving programs like Medicare from bankruptcy, and more. Nearly 40 of these jobs bills are being blocked by Senate Democrats.
With President Obama and Senate Democrats threatening to drive us off the “fiscal cliff,” the Washington Post says “companies are bracing for the fallout by laying off workers, letting jobs go vacant and postponing major purchases.” As Speaker Boehner said, “The American people deserve better.”