Economy & Budget

The bottom line for the business community on the 2006 elections is this: The U.S. Chamber of Commerce will continue to work with and support members of the new Congress from both sides of the aisle who favor pro-business legislation, and we remain optimistic about implementing our members' agenda.

There are two things I'd like you to know about the dramatic shift in power in Washington.

First, the Chamber worked extremely hard to elect pro-business candidates. In its scope, reach, and cost, our political program was our most expansive effort ever. We put 274 people on the ground, ran TV/radio spots in 35 races, distributed 13.5 million pieces of mail, placed 12.5 million phone calls, and sent more than 18.8 million e-mails. Working with our local chambers and Federation members, we held fundraisers, educated voters, and organized get-out-the-vote efforts.

The still incomplete returns indicate that 215 of the 277 Chamber-endorsed candidates were elected Tuesday, with a handful still undecided. We fared less well in our targeted races. So far, pro-business candidates have won 19 of the 35 House races and 4 of 12 in the Senate. A majority of pro-legal reform candidates won races in which the Chamber's Institute for Legal Reform (ILR) worked to educate the public on the importance of issues such as enforcing the rule of law with integrity and impartiality. Read more...

This Election Day, voters loudly turned away from the Republicans, but in doing so, they didn’t re-embrace the same tired big government policies whose failure vaulted the Republicans into the majority 12 years ago.

Across the nation, voters struck down ballot initiatives that called for higher taxes and more intrusive government power. In California, taxpayers went four-for-four by defeating a major tobacco tax hike, higher taxes on oil production, a per-parcel property tax, and increased corporate taxes; Californians also wisely curtailed state power to invoke imminent domain for public to private land transfers. Voters were in the mood for change, not higher taxes.

Even in Congressional races, Republicans who ran as fiscal conservatives won, while many of those who ran away from limited government lost. Senator Lincoln Chafee (R-RI) and Representative Jim Leach (R-IA), two of the most liberal members of the GOP, both received “Ds

I find it perplexing when I hear politicians talking about “rolling back Read more...

The American economic engine is running full steam ahead. Unemployment is at a five-year low, gas prices are down, worker earnings are up, and the stock market is at an all-time high. You should never interrupt a good thing, but that's just what Democrats intend to do. Nancy Pelosi and her colleagues have said that tax increases are coming. This failed policy would literally take money out of the pockets of hard-working Americans and put it in the hands of tax and spend bureaucrats.

Today's announcement of continuing job growth and economic strength is good news for the American family. American businesses created 6.8 million new jobs in the last three years, marking the 38th consecutive month of job growth. Unemployment has reached its lowest point since May 2001, at 4.4 percent. In fact, there are 700,000 fewer unemployed Americans now than a year ago. And meanwhile real wages have been increasing, with a 2.4 percent increase over the past 12 months alone. That translates into $1327 more for the typical two-earner family of four. Couple that with the 82-cents per gallon drop in gas prices and this is nothing but good news for the family budget.

Today’s BLS announcement that the unemployment rate has fallen to its lowest point in over five years is proof positive that the economy is continuing on the right track. We must continue to pursue a pro-growth policy approach by continuing to ease the tax burden on America’s working families and controlling government spending, which will further spur economic growth and lower the deficit.

Under Republican leadership, the U.S. economy has created 6.8 million new jobs since August 2003. It has also resulted in 38 months of sustained job creation, including a 4.1 percent jump in hourly earnings in the first part of this year, dramatically improving the standard of living for many Americans.

The Department of Labor has reported that wages and benefits paid to American workers in the July-September quarter rose at the fastest rate in over two year, providing further evidence that pro-growth policies enacted by this Congress have kept money in the hands of American consumers, small businesses, and entrepreneurs and fueled economic growth while creating good, high-paying jobs.

The Labor Department’s announcement that wages and benefits are up is proof positive that the pro-growth, low tax policies that Republicans have enacted are working.  Gross domestic product (GDP) has risen steadily for the last five years.  The economy has created jobs for 37 consecutive months.  Wages and benefits for American workers have risen by 3.3 percent in the last 12 months.

The economy is strong and it is bringing higher paying jobs and new opportunities to working families.  It is essential that we continue to strengthen the economy by controlling spending and reducing taxes.

As Co-chair of the Blue Dog Coalition, I feel very strongly about bringing fiscal responsibility back to Washington. In this election, we have an historic opportunity to take our country in a new direction by electing candidates who will put a stop to the record deficits and exploding debt we’ve seen under the current leadership in Congress.

Recently, I hit the campaign trail on behalf of Jill Derby, who is running in Nevada’s second congressional district. Jill embodies the best traits of a Blue Dog - she is independent-minded, down to earth, and believes to her core in government accountability and fiscal responsibility. These are qualities that are in short supply in Washington right now.

The Blue Dog Coalition has proposed a twelve-point plan for restoring fiscal responsibility to your government. Some of the reforms we have outlined include: mandatory spending caps, reinstating Pay-As-You Go rules, and requiring every federal agency to pass a clean audit. With Jill Derby’s help, we can affect real, lasting change in Washington by making this plan a reality.

President Bush doesn’t want to change direction on the debt - that’s why he will be campaigning for Jill’s opponent this Thursday in Elko, Nevada. Jill’s campaign theme is "Boot ‘em." Help us send a message to the current leadership in Washington. Let’s restore fiscal sanity and give deficits the boot.

Republican pro-growth tax policies have kept money in the hands of American consumers, small businesses, and entrepreneurs, fueling economic growth and creating good, high-paying jobs.  Under Republican leadership, the American economy has grown steadily for the last five years and has created new jobs for 37 consecutive months.  More Americans are working today than ever, and unemployment is low. Gas prices are falling rapidly, the stock market is setting record highs, and wages are increasing. These factors are leading to new high paying jobs and more opportunities for America’s working families.

The Commerce Department reported today a gross domestic product (GDP) growth of 1.6 percent for the third quarter of 2006 – the 20th consecutive quarter of economic growth.  The Bureau of Labor Statistics reported earlier this month that payroll employment increased by 51,000 in September, dropping the nation’s unemployment rate to a low 4.6 percent.  Since August 2003, the U.S. economy has created 6.6 million new jobs.  In the last 12 months, real wages have increased 2.2 percent, including a 4 percent jump in average weekly earnings, dramatically improving the standard of living for many Americans.

The economic outlook is strong, with 20 consecutive quarters of economic growth averaging 3 percent since Republicans enacted tax relief in 2001, and averaging 3.5 percent since Republicans enacted tax relief in 2003.  Pro-growth tax policies have also brought a surge in tax revenues, cutting the budget deficit in half three years ahead of schedule.

Last week, all six of Michigan's Democratic U.S. Representatives wrote National Association of Manufacturers (NAM) President John Engler.  We asked a simple question: Why are you putting your Republican agenda ahead of the American manufacturers you say you represent?

On September 28, NAM's Board of Directors decided to withhold its support of H.R. 1498, a bill that would have expanded the ability of domestic manufacturers to take action against China due to currency manipulation. The board's decision contradicted the recommendation of the group's economic policy committee and has since created a wide rift in the trade group as member companies have publicly questioned Engler's decision to refuse to stand up for a top priority of many domestic manufacturers.

NAM has previously acknowledged undervaluation of the Chinese yuan and its effects on American manufacturing, but refuses to call for meaningful action from the Bush Administration or Congress. Read more...