[Congressional Record Volume 156, Number 107 (Tuesday, July 20, 2010)]
[House]
[Page H5723]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                 UNCERTAINTY--THE ENEMY OF JOB CREATION

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Florida (Mr. Stearns) for 5 minutes.
  Mr. STEARNS. Good morning, Mr. Speaker.
  With the United States unemployment rate steadily hovering around 10 
percent, Americans are continuing to ask, ``Where are the jobs?'' The 
response to this jobless crisis from congressional Democrats and the 
Obama administration seems to be focused on higher taxes, increased 
government spending, and more government mandates and regulation. All 
of this has led to great uncertainty in the business community, 
especially among small businesses which employ over half of all private 
sector employees.
  In a recently released letter, the U.S. Chamber of Commerce explains 
how the current policies of the administration and congressional 
Democrats are not working. The high spending and high tax agenda has 
created an atmosphere of uncertainty. As the Chamber's letter correctly 
states, ``Uncertainty is the enemy of growth, investment, and job 
creation. Through their legislative and regulatory proposals--some 
passed, some pending, and others simply talked about--the congressional 
majority and the administration have injected tremendous uncertainty 
into the economic decision-making process and business planning. This 
is why banks are reluctant to lend and why American corporations are 
sitting on well over a trillion dollars. It is why America's small 
businesses and entrepreneurs, the engines of innovation and job 
creation, are starving for capital and are either struggling to survive 
or simply unable to expand. In the process, we are also eroding our 
competitive position globally, as other nations take steps to cut 
taxes, reduce regulations, and restrain the appetites of big 
government. For all of these reasons, the known and unknown costs that 
come with expanding operations and adding to payrolls in the United 
States are simply perceived to be too high.''
  As the Chamber's letter highlights, the continued expansion of the 
Federal Government into all areas of our economy is stunting economic 
growth and prohibiting private sector job creation. The Democrats' 
congressional agenda includes one piece of job-killing legislation 
after another. The new health care law includes thousands of expensive 
and burdensome mandates and hundreds of billions of dollars in business 
taxes and penalties. It contains thousands of pages of new regulations 
to be followed by individuals, employers, health care providers and 
States.
  The House passed climate change bill, the cap and trade bill, would 
create nearly 1,500 new regulations and mandates and carry a price tag 
of well over a trillion dollars, according to the Chamber. Furthermore, 
the Environmental Protection Agency is engaging in an unprecedented 
level of regulatory action by moving forward with 29 major economic 
rules and 173 major policy rules.
  The list keeps going. The recently passed financial regulatory reform 
legislation creates 243 new formal rule-makings by 11 different Federal 
agencies, 47 studies and 74 reports. It is really no wonder American 
businesses are hesitant to expand and hire.
  In addition to the regulatory uncertainty, the Federal Government's 
appetite for spending needs to be controlled. American families and 
small businesses are simply making tough choices in this economic 
climate but Federal spending continues to soar. The Federal Government 
is spending $31,000 per household, the highest ever, and running up a 
$1.5 trillion deficit in 2010, the largest deficit since the end of 
World War II.
  Recent yearly budget deficits have reached unprecedented levels, 
accounting for 11 percent of the GDP. By comparison, the historical 
average budget deficit is only 2.9 percent of the GDP. In 2008, 
publicly held debt as a percentage of the GDP was about 21 percent, 
nearly five points below the post-war average. Under President Obama's 
budget, this figure would more than double to 90 percent of the GDP by 
the year 2020. This continued structural debt poses serious economic 
risks to this country. As the Chamber's letter notes, ``By crowding out 
available capital for business expansion and eventually triggering 
increases in interest rates and inflation, rising deficits and debt add 
to uncertainty, inhibit growth, and smother job creation.''
  The way out of this recession and toward job creation is to get 
Federal spending under control and enact policies that free up capital 
and encourage businesses to grow. We need to reduce uncertainty and 
restore confidence in our economy. We cannot do this if the 
administration and congressional Democrats continue to impose more and 
more burdensome mandates and increase taxes on job creators. It's time 
to reduce the unnecessary meddling of the Federal Government and let 
the American entrepreneurial spirit flourish.

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