Congressman Glenn "GT' Thompson today responded to House Speaker John Boehner's speech before the Economic Club of Washington, where the Speaker stated that the President's proposed American Jobs Act is a "poor substitute for the pro-growth policies needed to remove barriers to job creation in America." Following the speech, Thompson issued the following statement:
"While some of the President's proposals merit consideration, the Speaker is right to point out that the bill in its entirety is no substitute for the targeted, long-term policies needed to remove barriers to job creation, provide certainty to employers and allow the private sector to expand," said Thompson. "With two years of unemployment at 8 percent or higher, both parties need to recognize the pressing need for real tax relief and aggressive regulatory reform."
Speaker Boehner also discussed tax reform and the newly created Joint Select Committee, stating the "Committee can tackle tax reform, and it should." The Committee should "develop principles for broad-based tax reform that will lower rates for individuals and corporations while closing deductions, credits, and special carveouts in our tax code. And I hope it will," he added.
"We can't afford more government spending, like the American Recovery and Reinvestment Act, passed by the Democrat-controlled Congress in 2009. Two years later and unemployment remains at staggering levels, despite billions of dollars still sitting in government coffers," stated Thompson. "The President has stated that "shovel-ready' projects were just not "as shovel-ready' as he anticipated, an admission of the very real bureaucratic burden and delay in federal attempts at economic stimulus. A legitimate recovery plan will empower private sector investment by facilitating an economic climate where businesses have the confidence to hire workers and take on new endeavors."
Since the beginning of the 112th Congress, Thompson has continued to call for regulatory relief and broad tax reform. "We're not talking about real, pro-growth tax reform and regulatory relief because it sounds good, it's what our economy needs, and badly." The U.S. House has put forth numerous regulatory reforms to incentivize private sector growth, all of which have stalled in the Senate and been ignored by the President.