1 / 23

Democrats’ War on American Jobs

Democrats’ War on American Jobs. A Special Report by the U.S. House Republican Conference December 2007. Economic Insecurity. American working families are “stressed-out.” Some key sources of anxiety: Rising health care costs Rising college costs Rising energy costs

saul
Download Presentation

Democrats’ War on American Jobs

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Democrats’ War on American Jobs A Special Report by the U.S. House Republican Conference December 2007

  2. Economic Insecurity American working families are “stressed-out.” Some key sources of anxiety: • Rising health care costs • Rising college costs • Rising energy costs • Doubts about retirement security • Subprime crisis in housing • Record-high taxes (local, state, federal combined) (Source: Presentation Testing Research, Fall 2007)

  3. Economic Anxiety is Growing • Zogby poll: Jobs, economy and health care were top concerns of 38.2% of likely voters in October 2007 (compared to 25.7% for economy and health care in June). • “The change appears to reflect rising economic anxiety and a sense that America’s commitment in Iraq will begin winding down next year.” • “[T]here are growing signs people again are worrying more about the economy.” (Source: Weisman, Robert; “It’s the Economy,” Boston Globe, October 21, 2007)

  4. A Vulnerable Economy • “The U.S. economy is being buffeted by a number of economic forces that are adversely impacting economic growth. . .[Examples] include energy prices and real estate prices.” (U.S. Joint Economic Committee minority staff, October 2007) • “A massive tax increase ‘would be a drag on the economy’ and, as a result, ‘would probably not be advisable.’” (Federal Reserve Board Chairman Ben Bernanke, Wall Street Journal, November 8, 2007)

  5. Dangerously High Taxes • The state and local tax burden on American families and small businesses is now at its highest level in a quarter-century. (Tax Foundation study, April 4, 2007)

  6. JOB-KILLING TAX HIKES • During the first 11 months of the 110th Congress, the Democrat-controlled House passed legislation collectively raising taxes by more than $330 billion over 10 years. • These tax increases threaten more than 16 million American jobs.

  7. The Farm Bill Tax Hike • Threatens 5.1 Million American Jobs • Passed July 25, 2007 • Raises taxes on “insourcing” companies operating inside United States. • Jobs pay average of $63,428 per U.S. worker – 32% higher than U.S. average. • Among affected employers: Honda North America, Food Lion, Nestle, Bayer, BASF, T-Mobile. (Source: Organization for International Investment)

  8. Impact of Farm Bill Tax Hike on Selected StatesSource: Organization for International Investment

  9. The “Energy” Plan Tax Hike • Threatens 4.9 Million American Jobs • Passed August 4, 2007 (first bill) • Will simultaneously decrease supply and increase costs of energy supplies to U.S. economy. • All regions of U.S. will be adversely impacted. • Hardest hit: Southeast, Great Lakes, Texas-Oklahoma. Source: CRA International, November 2007

  10. Impact of “Energy” Plan(Source: CRA International)

  11. The “Mining Ban” Tax Hike • Threatens 170,000 American Jobs • Passed November 1, 2007 • Would effectively ban American minerals production and make U.S. entirely dependent on foreign nations. • Idaho mine operator: “This is probably the most Draconian thing that I have ever read in my entire life.” (Source: Las Vegas Review-Journal, October 2007)

  12. The Investment Tax Hike • Passed November 9, 2007 • Job impact: unknown • Increases taxes on private equity and hedge funds (“carried interest”) from 15% to nearly 38%. • Raises taxes on risk income, discouraging job-creating investment and risk-taking. • Will particularly discourage investment in vulnerable communities.

  13. The “Mother of All Tax Hikes” • Threatens More Than 6 Million American Jobs • Introduced October 25, 2007 • Would impose 4% surtax on Americans (including small businesses) earning more than $150,000 a year. • Will affect 10 million taxpayers directly, including small business owners and farmers. • Will trigger loss of more than 1 million American jobs in 2013 alone. (Source: Heritage Foundation)

  14. Impact of Pelosi-Rangel Tax Plan Source: Heritage Foundation

  15. JOB-KILLING SPENDING • $330 billion in new taxes will pay for bigger government, not deficit reduction. • Every $1.00 of higher taxes since 1947 has resulted in $1.07 in additional federal spending (Source: JEC). • No effort to reduce wasteful spending instead of raising taxes on families and small businesses. • House voted to increase entitlement spending by $178.6 billion between January and September 2007. • Wasteful earmarks tucked in spending bills without debate.

  16. Where $330 Billion Goes: In 2007, Congress raised taxes on families and small businesses to help pay for: • Increased entitlement spending • Expanded federal bureaucracy • Duplicative, ineffective, wasteful programs • Pork-barrel projects

  17. While raising taxes on families and small businesses, Congress is funding. . . • A regional airport for corporate executives in WI. • A “hippie museum” in Woodstock, NY. • $2 million for yoga and alternative medical research. • “Noah’s Ark” children’s play park in CA. • The Tom Daschle Center for Public Service in SD. • “Monuments to Me” for Reps. Mike Doyle, James Clyburn, Charlie Rangel. • Street improvements for celebrity shoppers in LA’s trendy Fashion District. • An “education project” aboard a 65-foot catamaran sailing Monterey Bay. • “Green pork” for local communities (Al Gore DVDs? Lexus hybrids for Beverly Hills?)

  18. JOB-KILLING LAWSUITS • Lawyers and law firms gave $23.7 million to Democratic Party during the 2006 election cycle. (Source: Center for Responsive Politics) • Democratic Congress returned favor in 2007 by passing numerous bills encouraging job-killing lawsuits on employers and workers.

  19. Bills Promoting Job-Killing Lawsuits • Lilly Ledbetter Fair Pay Act (removes statute of limitations on job discrimination claims) • Employment Non-Discrimination Act (prohibits discrimination on basis of “perceived” sexual orientation) • Blocked liability protection for companies cooperating with government after 9/11. • Numerous bills banning use of arbitration to settle disputes between consumers and sellers.

  20. JOB-KILLING REGULATIONS & MANDATES • Washington labor bosses gave nearly $60 million in PAC contributions to Democratic candidates in the 2006 election cycle. (Source: Center for Responsive Politics) • Democratic Congress returned favor in 2007 by passing numerous bills imposing job-killing mandates and regulations on small businesses and employers.

  21. The Minimum Wage Mandate • Threatens 1.6 Million American Jobs • Democrat-led House has shown willingness to impose minimum wage hikes without small business relief. • “Clean” minimum wage increase would impose $5-7 billion unfunded mandate on small businesses (Source: CBO), destroy 20% of minimum wage workforce (Source: Hoover Foundation).

  22. The Port “Security” Mandate • Threatens 356,000 American Jobs • 100% screening mandate imposed on U.S. ports without regard to feasibility, alternatives, or impact on U.S. workers. • Could cost employers $20 billion and force job losses of 365,305 jobs (Source: Homeland Security Committee minority staff analysis of Bureau of Labor Statistics data)

  23. The War on American Jobs: SUMMARY • To pay for bigger government, Congress has declared war on American jobs at a time when working families and our economy can least afford it. • During the 2007, the House approved more than $330 billion in new taxes to pay for hundreds of billions of dollars in bigger government and wasteful pork. • These tax increases threaten more than 16 million American jobs. • Millions more jobs are threatened by new mandates, regulations and lawsuits sought by Democrats’ special-interest allies.

More Related