Last week, the Bureau of Labor Statistics issued its August jobs report which showed that the nation’s unemployment rate remains at 9.1 percent. The most staggering figure however is that there were zero net new payroll jobs created throughout the economy, showing that our economy has stalled.
The lack of economic progress is very disappointing news to the millions of out-of-work Americans and many Utahns across the state, who were promised so much from this President about getting our economy moving again. Instead of focusing on common-sense, pro-growth policies to get our country back to work, the White House spent two and a half years in office spending record amounts of tax dollars we don’t have, dramatically increasing the regulatory burden on our job creators, and pushing through a $2.6 trillion health law with $1 trillion in tax hikes.
Of course their is no mention that it was he and his fellow Republicans who not only deregulated the financial and insurance sectors, as well as the commodities sectors, and pushed the housing bubble that created the economic crises we are in now.
He does not mention that it was under the 8 years of the Bush Administration and the two tax reductions, the biggest for those of the very wealthy, that Hatch voted for and the two wars that Bush started, again Hatch voted for, and to top it off, he does not mention the trillions of dollars we had to borrow and that he voted for to pay for the Medicare Part D prescription drug benefit.
Then the billions of dollars spent on the newly formed Home Land Security agency, again without any new revenue to pay for it, thus requiring borrowing more money.
Nor does he mention that he voted to double the Defense Department's budget during the Bush Administration, which by the way did not include the cost of the two wars, as they were funded with "emergency appropriations bills" that were not part of the annual budget of record, but did add to the total national debt.
He also does not mention the constant obstruction in the Senate by threat of or the use of the filibuster against any of President Obama's proposals and the bills Democrats passed in the house that would have stimulated the economy more dramatically and could have improved the jobs market.
He does not mention that it was the Republicans that nearly brought the nation and the world economies down and might have cause a world wide depression by holding the world hostage to get spending cuts that have exacerbated the recession. Most noted economist have said the debt reduction right now is a very bad economic policy, as it reduces government money in wages to public employees and the reduction of goods and services consumed by government and these now laid off government employees, thus it will cause us to slide back into a deep recession. Guess what, the very thing Hatch is stating above, is the very effect of this major debt reductions, even though most of the debt reductions don't take effect for several months to a year. But the free markets have responded with a negative reaction and that has caused greater loss in the private sector as government contracts are now being stopped and they have to lay off workers.
By not helping states fund education and other public services, more state and private employees are being let go, to the tune of hundreds of thousands. This is part of the negative figures Hatch is talking about. All related to his party and the obstruction and lack of will to do anything to help improve the economy.
The republicans have controlled the House for nearly a year. Not one jobs bill has been presented by them, not even in committee. The only thing they have put forth is to lower taxes again on the wealthy and corporations in a mistaken idea that it will stimulate jobs.
If lower taxes stimulate jobs, then why are we at 9.1 unemployment. The Bush Tax cuts were installed in 2001 & 2003. Should that not have created millions of jobs? But instead we lost 8 million jobs. If lower corporate taxes would stimulate jobs, why haven't they already used the nearly 2 trillion dollars they are sitting on to create private sector jobs? The Republicans want a tax amnesty on money that the corporations hold overseas in the belief that it would stimulate jobs because they would have more capital. Why then are they not currently creating jobs with the 2 trillion dollars they now have and not doing anything with it. This was tried before and not one job was created from the money they brought into this country and they paid zero taxes on those trillions of dollars.
Most multinational corporations have reported huge profits during this recession. As reported, some 25 CEOs received compensation greater than what their corporations paid in federal taxes, since none of companies paid any taxes. The CEOs received compensation in the tens of millions of dollars. Their workers did not receive any pay increase nor any increase in benefits. Is that fair?
Apparently Hatch is more interested in winning over the Tea Party to save his job, than the need of the country. He is also more interested in his corporate campaign donors and what they want than what is best for the country. Look at his involvement with MLMs (Multi Level Marketing, otherwise known as legal ponzi schemes) and the money he receives to his campaign and his private foundation.
All indications are that the majority of the current debt is related to the Bush Tax Cuts and two - decade long wars. If we eliminate them, end our involvement in the two wars and eliminate special interest tax deductions and credits, we could balance the budget and stimulate the economy at the same time. Every educated economist, whether they are liberal or conservative, agree that consumer spending has to increase to create demand that will in turn create jobs. Without consumer spending, there is no demand and thus no need for corporations to spend the trillions of dollars on hand to hire more workers.
Beside, most of the manufacturing is done outside the US, so a lot of the benefit from increased consumer spending would benefit other countries, like China and India. But there would be some increase in those companies that produce goods here in the USA.
Only infrastructure investments such as roads, bridges, new schools, teachers, colleges, universities, trade colleges, water and sewer treatment plants, water and sewer pipe lines and new clean energy production will actually create the needed quantity of jobs in America. Consumer goods are mostly made overseas and would not help create the number of jobs needed.
The bottom line for Hatch and the Republicans in general is they want Obama to be a one term president, as Senator Mitch McConnell has stated very clearly that it was his number one priority. If they can continue to keep high unemployment numbers, slow growth, and a down turn in the markets, then they think it will give them an advantage to win the White House and get control of both chambers of the Congress.
Then they will be able to complete the destruction that Bush had started.
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