e-News 10/14/16

• A Stalled Economy is a Failed Economy
• A $1 Trillion Drag on Job Creation: Excessive Regulations
• Terrorist Havens are not only in the Middle East
• Barack Obama is Wrong: The New Cold War has just Begun”
• Salute: Greystone Reduces the Stigma of Mental Illness
• Salute: Lakeland Hills Family Y Helps Haiti

 

A Stalled Economy is a Failed Economy

The goal of our House Majority is to ensure that America is the best place in the world to live, work, start a business and raise a family.

But today, we find ourselves off track. 

Technically, we are looking at the most recent recession in the rearview mirror.  But the “recovery” from that recession has been the weakest in many, many decades.

Recently, Speaker Ryan released a report on the state of our economy, and the results and outlook were dismal. In its latest projections, the Congressional Budget Office estimates that the U.S. economy will face very slow growth, if any, over the next decade. The current rate of growth at 2% will fall further to an estimated 1.85%, constricting American enterprise and providing little incentive for economic productivity.

And, as one of my House Colleagues said recently, “A stalled economy is a failed economy.”

The Wall Street Journal recently reported that many Americans are becoming “cautious” consumers, meaning that people aren’t buying and spending as often, and becoming more careful with their purchases. Sales are going down, but prices are going up and consumer spending is stalling production. This, combined with frozen wages and a record low labor participation rate, create the elements of economic stagnation.

In the latest report from the Bureau of Labor Statistics, the outlook for participation in the work force looks bleak as well. Since 2009, the rate has steadily decreased and now accounts for 94 million people who currently do not have a job and are not looking for one. And the Census Bureau reports that fewer people own their own home than in any time in the last 50 years.

When it comes to expand our economy and creating jobs, this Nation can -- and should -- be doing better.

Too many Americans are still struggling to find full-time work, grow their paychecks, and support their families. And a record number of Americans have been so discouraged by waning job prospects that they have given up looking for work altogether. This is the slow-growth status quo that has come to define the Obama Administration’s weak economic leadership.

There are ways to regulate smarter, end bailouts and promote financial independence, deliver affordable and reliable energy, build a pro-growth tax code (and more).  These ideas are encapsulated in our “Better Way” agenda.  Learn more here.

A $1 Trillion Drag on Job Creation: Excessive Regulations

Last year, regulations cost us more than $1 trillion in lost productivity and growth -- leaving too many American families and workers struggling to find full-time jobs. 

A few weeks ago, the House took action, passing legislation that delays an Obama Administration rule that would more than double the salary threshold for employees eligible for overtime pay, reducing opportunities for workers and hurting nonprofits, colleges, and universities.

I voted in favor of H.R. 6094, the Regulatory Relief for Small Businesses, Schools, and Nonprofits Act, which requires a six-month delay in the implementation of the Department of Labor’s overtime rule.  The proposed rule raises the salary threshold for overtime-eligible employees to $47,476 and would take effect on December 1, 2016 unless delayed.

This bill is important because it provides much-needed time for businesses, nonprofits, colleges, and universities to better prepare for the impact of the rule and I recently heard at the Employer Legislative Committee forum at Sussex Community College that the new rules may put some small business completely out of business!

It took the Obama Administration 27 months to craft this rule, but it expects employers to implement it with only six months’ notice.  In fact, many employers I’ve talked to were not even aware of the change in the overtime rule and are today completely unprepared for the consequences of such a major change in policy.

The rule will hurt workers, eat into charitable spending by non-profit organizations, and actually threaten college students with tuition increases.

This is an ill-considered rule that the Obama Administration is determined to enforce, and the least we can do is delay its impact.

The learn more about H.R. 6094, the Regulatory Relief for Small Businesses, Schools, and Nonprofits Act, click here. 

Terrorist Havens are not only in the Middle East

Ryan Rockwell’s story about the Philippines on the War on the Rocksblog,“If Duterte Kicks Out U.S. Special Operators, a Hard Rain’s Gonna Fall” is worth our close attention.

Recommended Reading: Michael Weiss’ story on the Daily Beast,“Barack Obama is Wrong: The New Cold War has just Begun.”

Salute: I commend Greystone Park State Psychiatric Hospital for opening its doors to the public today for a series of educational activities designed to reduce the stigma of mental illness and to help people get a better understanding of the issues surrounding mental illness and addictions.

Salute: Thank you to the Lakeland Hills Family YMCA in Mountain Lakes which will be collecting hand sanitizer, between now and October 22, to help stop the spread of cholera as relief organizations work to help the people of Haiti recover from Hurricane Matthew. Any unopened brand and size will be accepted.