Eighteen months ago, in the midst of the greatest economic crisis since the Great Depression, the business community worked with Congress and the president to rescue the economy and put Americans back to work. We supported programs to stabilize our financial institutions, bolster key industries, and help the unemployed. Working together, we succeeded in preventing another depression.
Although our economy may be growing again, it is not growing nearly fast enough to create the jobs Americans want and need. In fact, if we continue on our current course, we may lose even more jobs and we could end up in a double-dip recession. So, what happened to slow our progress? And more importantly, what can we do about it?
Very simply, the Congressional majority and the administration took their eyes off the ball.
Instead of continuing their partnership with the business community and embracing proven ideas for job creation, they attacked and demonized key industries. They embarked on a course of rapid government expansion, major tax increases, and suffocating regulations -- going well beyond what had to be done to keep the economy out of a depression. They have allowed the unions to call the shots on the nation's trade agenda, and as a result, we are lagging far behind our global competitors. And while it is true that they inherited a big deficit, their spending policies have made the problem far worse -- and completely unsustainable.
All of this has injected tremendous uncertainty into our economy -- and uncertainty is the enemy of investment, growth, and jobs. Banks, investors, companies, small businesses, and consumers are worried. They don't know what is going to hit them next.
Small businesses, which are so vital to the creation of new jobs, can't get the capital they need to grow -- or they don't want to spend the money they have. Many are struggling just to survive.
Larger corporations overall have plenty of cash but they are sitting on it. They cannot, in good faith to their shareholders, incur the heavy obligations of expanding and adding to payroll at this time.
Neither large nor small businesses know what their health care costs are going to be under the new law. And they're not sure where they will find future capital under the financial reform bill.
They don't know what the new workplace and EPA rules might be. They are facing the prospect of major tax increases and perhaps a price on carbon to boot. They see weak consumer demand at home and abroad.
Under these circumstances, if you were an investor, or a corporate decision-maker, or a small business owner, would you make a big decision today to expand and create more jobs here in the United States? Unfortunately, the answer for most is no. And so today, over 16 percent of the American workforce is either unemployed, underemployed, or has given up looking for a job altogether.
Government's role is to establish the right conditions so that the private sector can invest, compete, create new products and services, and put Americans back to work. But that's not happening. No matter how well-intentioned or politically popular a suggested law or regulation might be, the question should always be asked -- what will be the impact on American jobs?
We fear that this question is often ignored in the halls of our government today. Our current economic direction is not working. It's not helping those who need help the most -- the workers and the job creators who are struggling to keep them employed.
The business community wants to help our economy and the country succeed. We don't want to wait until after the election. We're ready to work with anyone who believes, like we do, that creating economic growth and jobs is the nation's highest priority. And we don't care who gets the credit.
Yesterday we offered a workable roadmap to greater prosperity and more jobs. It is a plan that is rooted in the principles of American free enterprise -- not a perfect system by any means, but the very best system ever devised to create jobs, hope, and opportunity.
It is time to go to work and create Jobs for America.
US Chamber of Commerce, White House at odds
US Chamber may sit out Harry Reid race
The imperfect "American free enterprise" advocated by Mr. Donahue and the Chamber of Commerce is built on a foundation of public infrastructure and protection (fire, police, military) and consists of tax payer subsidies ($35 Billion to oil and gas) AND tax cuts. Privatizing profits and socializing losses/failure (BP/Wall Street).
When the U.S. Chamber of Commerce starts advocating for the deregulation/decriminalization of cannabis and Hemp, then their "Free Enterprise" bona fides will appear more credible.
Free Enterprise isn't Free, just like those school lunches for impoverished kids.
This organization believes that "Freedom" is the ability to discriminate, pollute and steal money. They are Capital-centric. They will destroy our democracy and our environment in order to accumulate money.
Greed.
Funny how that works.
If you actually were helping them 18 months ago when he got into office, that is when employment started to nose dive. Thanks a ton for the help.
Nice, I like how you tried to lump the small business owner in with the Investors and Corporate decision makers as far as moving jobs offshore. Because most of the small businesses I know of have workers in India or China. That is sarcasm.
You and your monied partners, don't give a Good Gosh Damn about small business. And I have heard the arguement about the unfriendly environment in the US for business from several CEO's.
Cry me a river, for years they have enjoyed the American infrastructure in all it's glory but for the past 30 years, these same Corporations have gamed the system by way of tax cuts to make it easier and more profitable to pull money out of the company as opposed to re-investing. Back when the personal tax rate for the rich was up in the 70+% range there was no reason to pull money because Uncle Sam would get it, so the rich simply re-invested it to grow . Now they take that money and put it into offshore accounts so they don't have to pay taxes at all.
And as long as there is virtually no cost to off-shoring services or importing products from low cost countries, business will continue.
We need a new economic theory that cancels all the numerous ways corporations avoid paying taxes and have them actually pay what, on paper, they are supposed to pay. All those taxes that are really collected instead of merely avoided then can be given to the real creators of business and the economy, the people. Whether in cash or in tax write offs or write downs(you know what these are don't you Mr. Donohue?) the people would have real money with which to buy all the stuff that your businesses cannot sell. This new trickle up economics would solve everyone's problems.
Oh they say we will increase our exports... where to... other countries are making the same stuff we do, they don't nedd what we make, infact we cant get alone wwith out them because we have lost the asbility to make some of the stuff we are importing, like clothes, we would all spend a cold winter if we relied on our american made clothed to keep warm this winter, we could not make enough of em AND they don't need our knowledge, Demming and others have thought them to think on their own... so much for our ace in the hole, we are an information economy... we need some real serious thinking going on. and if we did make this stuff who we going to sell it to, remember we can make more than we need.. who could by it is another discussion,,, manly a population problem which we bewtter also address.
Always wanting more and more. They can never be satisfied.
They are the big fish who want to eat the small fish.