>Rep Scott Garrett : Uncertainty , Our Greatest Obstacle
With summer now in our rearview mirror, perhaps now would be a good time to reflect on President Obama’s “Recovery Summer.” According to the U.S. Department of Labor, 49 of 50 states have lost jobs since the Democrats passed their stimulus bill in February 2009. In New Jersey, the Obama administration projected that the stimulus would create 100,000 new jobs through December 2010. In actuality, the real change in jobs for New Jersey through August 2010 resulted in a net loss of 89,500 jobs.
What’s been the cause of all this job loss? One of the major reasons is business uncertainty. American businesses do not have the certainty they need to grow their businesses and create jobs for Americans. Faced with looming tax hikes to pay for ObamaCare to the distinct possibility that Democrats will allow the Bush tax cuts to expire in January, businesses can’t be certain they’ll have enough money to keep their doors open – much less hire employees.
The high levels of government spending and deficits, along with political uncertainty over the Democrats’ policies is creating a hostile business environment that discourages financial institutions from lending and small business owners from investing, expanding, and hiring new workers. Unsure of what costly mandates are coming from Washington next, businesses are hunkering down in the near term instead of moving forward with business growth plans.
When it comes down to it, businesses can maneuver, adapt and survive in a free market economy as long they are certain about the future. Right now, no one knows what the future will hold for the business community. President Obama can keep trying to convince Americans that his policies are working, or he can start embracing policies that actually work.
One of the ways to create the certainty needed to grow our economy is to do what members of both parties have been asking for – have an up or down vote on extending the Bush-era tax cuts. Speaker Pelosi and President Obama have expressed their desire to reach out to Republicans to find common ground; this is their chance. Over 30 Democrats in Congress have implored the Democrat leadership to bring this tax-cut extension to the House floor but there has been no response.
Job creation is paramount and no one can afford a massive tax hike right now. Mandates and regulations are squeezing the life out of businesses of all sizes while unemployed Americans are suffering. It is time for the government to act responsibly and bring certainty back to our economy.
Rep. Scott Garrett
