It's hard to get too excited about today's mediocre jobs report. The Department of Labor revealed that last month our economy picked up only 120,000 new jobs, but it was enough to push the unemployment rate down to 8.2%, from 8.3%. Each new job offers a bit of hope, but we need to do better.
At an Aurora Chamber of Commerce meeting this week, I met with small business leaders who are working overtime each and every day to grow and innovate. These efforts are paying off, but to achieve a lasting recovery, we need to tear down hurdles to capital, confidence and certainty so our job creators can sprint forward. That means cutting our debt, rejecting massive tax increases and clearing away regulatory barriers with more bills like our bipartisan JOBS Act, signed into law by the President yesterday, to make it easier for entrepreneurs and startups to get their products to the marketplace.
I also co-sponsored the Small Business Tax Cut of 2012, which was approved in Committee last week, and would give small businesses a one-year tax deduction equal to 20% of their active business income. This tax benefit will apply to all small businesses, including those that pay taxes at an individual rate, and it's expected to help 22 million small businesses grow. After all, over the past 17 years, small businesses with fewer than 500 employees have generated 65% of the new jobs in this country.