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As the jobless rate in Kentucky continues to hover around ten percent, it is clear that years of unchecked government growth and spending by Washington Democrats did not restore our economy, nor put Americans back to work. It is time for a new plan.
That is why House Majority Leader Eric Cantor alongside Speaker of the House John Boehner recently introduced the House Republican Plan for America’s Job Creators. This plan proposes commonsense, pro-growth policies to give small businesses and entrepreneurs renewed confidence in our economy and to remove Washington as the roadblock to job creation.
House Republicans recognize that rapid expansion of the federal government and out-of-control spending are not the key to job creation. We understand that only the private sector can create and sustain the jobs our economy needs to grow now and in the future.
As part of a broader effort to reduce the regulatory burden on the economy and promote job growth, the plan includes the Regulations from the Executive In Need of Scrutiny (REINS) Act, a bill that I introduced to provide more transparency and accountability to the regulatory process.
The REINS Act would require that Congress take an up-or-down vote on every new major rule ($100 million or more in economic impact) before it could be enforced on the American people and businesses.
Additionally, the plan would require an audit of existing and pending regulations to identify and address those that hinder economic growth.
The Republican jobs plan also agrees with reforms to simplify the tax code and lower the top tax rate for businesses and individuals including small business owners to 25 percent. These reforms to simplify the tax code and ease unnecessary regulatory burdens will leave entrepreneurs and business owners with more time and money to focus on growing their business and creating jobs.
The plan calls for opening new markets to American made products by passing the free trade agreements with Colombia, Panama and South Korea that have been pending for three years. Finalizing these three agreements will make American companies more competitive in a global economy and will also create up to an estimated 250,000 new American jobs.
Our plan also recognizes that rising energy costs threaten jobs because businesses have less money to hire when they have to spend more on electricity, gas and shipping. The House jobs plan will further the expansion of American energy exploration and production to create American jobs, grow our economy and enhance our security.
Finally, our plan calls for the federal government to start living within its means and to start paying down the national debt over time through spending cuts, not tax increases. To ensure that our children have the same opportunities as we did and protect our long term economic growth, we must build on the spending cuts already made this year with even more significant cuts and stop borrowing money we do not have.
Raising taxes on Americans at a time when our economy is struggling to recover would be counterproductive because it would leave less money for entrepreneurs to invest, hire and grow and for individuals to reinvest back in the economy.
This is only a brief overview of the comprehensive House Republican Plan for Job Creators. Taken as a whole, this proposal will empower job creators to invest more of their money to grow the American economy and create jobs in the short and long term.