Policy Papers
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Obama’s Economy Needs Pro-Growth Policies
Americans should look at annual economic growth to see how the economy is doing. President Obama’s annual economic growth is historically poor. In the last 65 years, his five years of growth since 2009 rank 45th, 46th, 47th, 48th and 54th. Today the Bureau of Economic Analysis released GDP numbers for the fourth quarter of 2014 and for the full year of 2014. Inflation-adjusted GDP increased by 2.6 percent in the fourth quarter, below expectations of about three percent... Continue Reading
January 27, 2015
CBO’s Call to Action on Budget, Economy
CBO reports deficits are projected to increase from 2017 to 2025, with the 2025 deficit reaching nearly $1.1 trillion. The national debt is projected to increase to $27.3 trillion by 2025. Interest on the debt will become the third largest federal expenditure in 2025, behind only Social Security and Medicare. Economic growth is expected to average a paltry 2.1 percent per year from 2018-2025. CBO states that Obamacare will harm economic growth. Yesterday CBO released its new budget baseline,... Continue Reading
January 13, 2015
House Bills Coming to the Senate
In the last Congress, dozens of bipartisan jobs bills passed by the House were blocked by Senator Reid. Through regular order and an open amendment process, bipartisan jobs bills and important policy priorities will go to the president’s desk. The Senate will finally have an opportunity to take up bills passed by the House. It is important to note that Democrats will insist on a 60-vote threshold for most legislative matters. While the Senate cannot simply pass everything the House... Continue Reading
December 9, 2014
Closing Out the 113th Congress
Before the end of the year, the Senate must take up three important bills to deal with hard deadlines. These include a continuing resolution to fund the government beyond the current deadline of December 11; authorization for continued defense spending; and legislation to extend expiring tax provisions. Omnibus/Continuing Resolution The central issue of the omnibus/CR revolves around proposals to use the appropriations process to stop the president’s executive actions on immigration. The... Continue Reading
December 5, 2014
November 2014 Jobs Report
Unemployment Rate: 5.8 percent Unemployed Americans: 9.1 million Employment and Unemployment The Department of Labor reported an unemployment rate of 5.8 percent for November, unchanged from October. It reported an increase of 321,000 nonfarm jobs over last month. Of this figure, 314,000 were jobs created in the private sector. Employment for September was revised upward from 256,000 to 271,000 jobs created, and October was revised up from 214,000 to 243,000. The... Continue Reading
November 7, 2014
Unemployment Report for October 2014
Unemployment Rate: 5.8 percent Unemployed Americans: 9.0 million Employment and Unemployment The Department of Labor reported an unemployment rate of 5.8 percent for October 2014, a decrease of 0.1 percentage point. It reported an increase of 214,000 nonfarm jobs over last month. This is lower than anticipated job growth of 233,000 for last month. Employment for August was... Continue Reading
October 3, 2014
September 2014 Unemployment Report
Unemployment Rate: 5.9 percent Unemployed Americans: 9.3 million Employment and Unemployment The Department of Labor reported an unemployment rate of 5.9 percent for September 2014, a decrease of 0.2 percentage point. It reported an increase of 248,000 nonfarm jobs over last month. Employment for July was revised upward from 212,000 to 243,000 jobs created, and August was revised up... Continue Reading
September 5, 2014
August 2014 Jobs Report
Unemployment Rate: 6.1 percent Unemployed Americans: 9.6 million Employment and Unemployment The Department of Labor reported an unemployment rate of 6.1 percent for August 2014, a decrease of 0.1 percentage point. It reported an increase of 142,000 nonfarm jobs over last month. Employment for June was revised down from 298,000 to 267,000 jobs created, and July was revised up from 209,000 to 212,000. Economists surveyed by the Wall Street Journal had anticipated job growth... Continue Reading
July 29, 2014
Waiting for Senator Reid: Bipartisan Jobs Bills
Here are 10 bills – passed by clear, bipartisan majorities in the House of Representatives – that will create jobs while strengthening our energy security, improving health care, cutting red tape, and making government smarter. Despite President Obama’s false claims, it is Majority Leader Reid and Senate Democrats who have refused votes on jobs bills. Energy Northern Route Approval Act (H.R. 3) approves the Keystone XL pipeline, as well as the thousands of jobs that... Continue Reading
July 29, 2014
Medicare and Social Security in Trouble
Yesterday the trustees for Medicare and Social Security released reports outlining the finances of these two programs that made up 41 percent of all federal spending in 2013. The trustees’ findings reveal a bleak outlook. As with every other report on the long-term budgetary health of our nation, they show the need to stop delaying and to start strengthening these programs. Social Security Social Security Trust Funds Go Broke Combined OASDI trust funds The disability and old age trust... Continue Reading
July 16, 2014
CBO on US Budget: “Unsustainable”
Yesterday the Congressional Budget Office reported on the long-term outlook for the federal budget. This report comes just a few days after the Obama administration released a report showing that the federal budget deficit is declining. Countering that spin, CBO shows that, while short-term deficits have decreased, they grow out of control in the long-term due in part to the president’s unwillingness to deal with Washington’s long-term budget problems. According to CBO, the immediate... Continue Reading
July 15, 2014
On Corporate Taxes, Democrats Wrong Again
Recently Democrats have turned a spotlight on two corporate tax issues: “offshoring” jobs and foreign inversions, where a company moves its headquarters overseas to pay lower taxes. Democrats have proposed treating two symptoms, rather than solving the problems themselves. Problem 1: High Tax Rates Since the United States last changed its corporate tax rate – a one percent increase in 1993 – the rest of the world has realized that high corporate tax rates discourage... Continue Reading
June 25, 2014
Worst Quarter Since 2009
Today the Bureau of Economic Analysis updated its 2014 first quarter economic report. The economy shrank at a staggering 2.9 percent annualized rate, down from the previous estimate of shrinking 1.0 percent. The White House’s projection of 3.1 percent growth for all of 2014 now seems like a pipe dream. CBO’s more modest projection for 2.7 percent growth in 2014 also will be very hard to meet. Looking back at the last three quarters: the economy has actually shrunk in... Continue Reading
June 10, 2014
June 2014: Policy by the Numbers
The key number for June is 57,000. An audit by the Department of Veterans Affairs of 731 VA hospitals and clinics showed 57,000 veterans have been waiting more than 90 days for their first appointment. Other recent numbers that also have major policy implications. Continue Reading
May 1, 2014
Two Simple Trade Questions for USTR Froman; One Simple Trade Question for Senate Democrats
U.S. Trade Representative Michael Froman will appear today at a Senate Finance Committee hearing concerning President Obama’s 2014 trade policy agenda. There are two simple questions he should answer: When will President Obama negotiate a trade agreement to completion? When will the president’s trade rhetoric match reality? In relation to this hearing, there is an equally pressing question Senate Democrats must answer: When will Senate Democrats act on President Obama’s... Continue Reading
April 30, 2014
Obama Economy: Stalled Growth
Today the Commerce Department released the latest disappointing Obama economic numbers: first quarter GDP grew at 0.1 percent. This follows growth of 2.6 percent in the fourth quarter of 2013, and 1.9 percent growth for all of 2013. The economy has now grown at a 0.1 percent annualized rate in two of the last six quarters. This data comes on the same day as a report that China will likely overtake the U.S. as the world’s largest economy this year. This would be the first time since 1872... Continue Reading
April 8, 2014
Tax Day
Next Tuesday, April 15, is tax day. Millions of Americans will spend the days before the deadline dealing with the stress and frustration that has become our current tax code. April 21 is Tax Freedom Day – the point in the year when Americans have earned enough money to pay their tax bill for the year and can finally start earning money they get to keep. The Tax Code Needlessly Complicates Americans’ Lives The IRS estimates that it takes 13 hours for the average taxpayer to file... Continue Reading
April 8, 2014
Consistent Warnings against a Minimum Wage Hike
Sources January 14, 1987: New York Times February 28, 2014: President Obama January 21, 2014: Bill Gates February 7, 2014: CBO February 27, 2014: Janet Yellen March 6, 2014: Warren Buffett March 11, 2014: Bloomberg poll March 12, 2014: Letter from economists March 12, 2014: Duke University survey March 19, 2014: Survey of employment professionals March 31, 2014: Letter from trade associations April 3, 2014: Harry Reid Continue Reading
April 4, 2014
March 2014 Unemployment Report
Unemployment Rate: 6.7 percent Unemployed Americans: 10.5 million Employment and Unemployment The Department of Labor reported an unemployment rate of 6.7 percent for March 2014, unchanged from last month. It reported an increase of 192,000 nonfarm jobs over last month. The employment figure for January was revised from 129,000 to 144,000 jobs created, with the figure for February revised from 175,000 to 197,000 new jobs. Today’s job growth figures falls short... Continue Reading
April 1, 2014