| Weekly Update from Sam |
| Dear Friends,
This morning, the Department of Labor reported that only 69,000 jobs were created in May, and the unemployment rate rose to 8.2 percent. This disappointing unemployment report should serve as a strong message to Washington that the current policies of this administration are simply not helping small businesses grow and create jobs.
Today’s announcement was far below market expectations and well short of the 150,000 jobs needed every month just to keep pace with population growth. The month of May marked the fourth straight month of slowing job growth and the fortieth consecutive month of above 8 percent unemployment. Over three years ago, the Obama Administration said that unemployment would never reach 8 percent if the “stimulus” was approved by Congress. We now know that the big government spending programs of the last three years were not the fix they were claimed to be. Since the failed $1.2 trillion “stimulus” was enacted in February 2009, the unemployment rate has averaged 9.1 percent.
The private sector is under a tremendous amount of pressure due to uncertainty, because federal regulations are at an all-time high, a barrage of new taxes await job creators at the end of the year, and the nation’s debt continues to rise. Small businesses are simply not going to hire if they don’t feel confident enough in the future to take risks. As long as America’s small companies continue to face this kind of uncertainty, we will not experience a full economic recovery powered by small business job creators.
Sam Graves
Chairman
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Latest Committee Action
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| Yesterday, the Small Business Subcommittee on Economic Growth, Tax, and Capital Access, under the leadership of Rep. Joe Walsh (R-IL), analyzed the economic impact of the estate tax on family-owned small firms. The estate tax is frequently cited as one of the most important issues for small businesses. The current estate tax is 35% and the exemption is $5 million. If Congress does not act, the estate tax will revert to pre-2001 levels of a 55% rate and a $1 million exemption on January 1, 2013. The Subcommittee heard a message that was consistent with what we’ve heard from small businesses all year regarding federal tax policy. The threat of so many new taxes and tax increases is adding more anxiety and uncertainty to their business decisions. |
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Stay Plugged In
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Be sure to check out the House Small Business Committee on Facebook, YouTube and Twitter for all the latest in Small Biz news, resources and to join the conversation. In addition, send us a message about your small business on our interactive website Small Biz Open Mic.
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News From Washington
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On Wednesday, the House passed the Intelligence Authorization Act for Fiscal Year 2013 (H.R. 5743) by an overwhelming 386-28 vote. This bill provides resources to critical national security programs, including those that detect, prevent and disrupt potential terrorist attacks against the American people. It funds all intelligence capabilities including $300 million of new initiatives and $400 million of intelligence enhancements.
Today, a few days after Memorial Day, the House passed the Military Construction and Veterans Affairs Appropriations bill (H.R. 5854). The legislation, which passed by a resounding 407-12 vote, totals $71.7 billion in discretionary funding, which is the same as the fiscal year 2012 level. The bill provides the nation’s military with the infrastructure needed to house, train, and equip military personnel. It also funds veterans’ benefits and programs.
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| June 1, 2012 |
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