Issue Position: Job Creation

Issue Position

Pete Sessions Plan for Job Creation

America's economy continues to suffer from high unemployment and underemployment. Too many college graduates are finishing their educations without job prospects and the jobless rate among minorities and young people is unacceptable. When President Obama and the Democrats passed an $831 billion stimulus package, they went on record promising to lower the unemployment rate to just over 5 percent by 2012. Today, our unemployment rate remains above 7 percent and the percentage of Americans who have full time jobs is at a historic low. Like so many other policies of this Administration and the Democrats, their job creation plan has failed miserably.

The Obama Administration's tax hikes, wasteful spending, excessive regulations, and overall hostility to the free enterprise system have hindered our economy and slowed job growth. I know that market-driven solutions are the key to prosperity which is why I believe that Washington should learn a thing or two about the Texas way of doing things. Texans know that low taxes, limited spending, and smart regulations are the answer to creating jobs and jumpstarting our economy. That is why I support the following policies.

Repealing ObamaCare

ObamaCare is unworkable, expensive, and harmful to job creation. By its very structure, ObamaCare encourages employers to cut full-time jobs in order to avoid employer mandate requirements. North Texans have already begun feeling the negative effects of ObamaCare and I remain extremely concerned about its impact on jobs and our economy. As an example, ObamaCare's compliance costs alone are estimated to cost 800,000 jobs. That is why I will keep fighting to fully repeal and replace the law with common-sense reforms. Click here to learn more about my efforts to stop ObamaCare.

Cutting Spending

For far too long, the American government has spent more money than it takes in. With a federal debt of $17 trillion and counting and an additional $25 trillion in unfunded mandates, it is time for the United States to balance its budget and start paying down our debt. Our federal deficit and the size of our national debt are two of the main reasons why there is too much uncertainty in our economy. The Administration and its Democrat allies in Congress are unwilling to address our short term spending problems or our long-term entitlement program obligations. Instead, they continually blame job creators for not paying enough in taxes. This mistaken view freezes investors from injecting more capital in our economy which in turn stalls job creation and further economic growth. To set the proper course, I voted to balance the budget within 10 years while co-sponsoring the passage of a constitutional balanced budget amendment.

Eliminating Unnecessary Regulations and Reforming Government

From job killing regulations from the EPA to bureaucratic nightmares from the IRS, the Obama Administration has shown a commitment to over regulating our economy. Unnecessary regulations that do not benefit the public or produce results should be eliminated. Additionally, the government should not be competing unfairly against businesses. That is why I cofounded the Yellow Pages Caucus, which is a group of Members of Congress who believe that if a commercial activity can be performed by a private company found in the Yellow Pages, the government should contract its commercial duties to a private sector company instead of relying on the federal government.

Reforming the Tax Code

Click here to read my support for reforming our nation's burdensome tax code to reenergize our economy.

Encouraging Investment

Private investment has declined in recent years. As an addition to other reforms that spur investment and economic growth, I have led the way in seeking a five year extension of "bonus" depreciation and special expensing of new capital investments to grow American businesses and create domestic jobs.

The Obama Administration punishes savings and investment by placing too much economic power into the hands of the public sector. This favoritism for the public sector over the private sector is distorting investment in our economy and has led to weak economic growth. To spur growth and generate new job creation, we need to reward private investment through substantive tax reform and reduced regulation.

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