President Obama loves to use the car metaphor when describing theeconomy. You’ve surely heard it by now. Republicans drove the car into theditch, the President and Democrats have been trying to push it out, butRepublicans have just sat in the back seat (or in an oddly detailed alternativeversion, stood around sipping on Slurpees) and refused to do any of the hard work.
Just as our economic car appeared to be out of the ditch and ready tohit the road, it appears our engine has stalled out (apparently Obama can’tdrive a stick). Despite the Administration’s insistence that we are constantlyon the verge of turning the corner, the recently released first quarter GDPnumbers appear to tell a different story.
According to the Commerce Department the economy grew at a measly 1.8percent rate through the first three months. That number is also a ratherdramatic step back from the 3.1 percent rate of GDP growth in the last threemonths of 2010. More bad news came from the Department of Labor, which reportedthat 10,000 more Americans had filed for unemployment in the last week, raisingthe total number to 424,000.
A recent George Will column points to the utter lack of progress being made with President Obamabehind the wheel.
June will be the 68th month since 1948 with the rate at 8 percent orhigher -- the 29th such month under Obama. So 43 percent of the most severeunemployment in the last 63 years has occurred in the last 21/2 years. Nopostwar president has sought re-election with 8 percent unemployment.
In1960, candidate John Kennedy's mantra was, "I think we can dobetter." In 2012, a Republican can win by re-casting that as a question:"Is this the best we can do?"
Congressional Republicans aren’t waiting around until 2012 to ask thatquestion. Last week they issued a no-cost jobs plan that would enact somemuch-needed reforms to jumpstart our economy. Among them:
- Fix theCorporate Tax Code: The proposed reforms would reduce the top tax rate to 25percent for businesses in order to level the playing field with globalcompetitors. In addition, the plan would eliminate the “worldwide” tax systemwhich discourages companies from bringing profits earned abroad back to theUnited States
- Pass IdleFree Trade Agreements: If passed, three pending free trade agreement withColombia, Panama and South Korea, is predicted to increase U.S. exports by $10billion with the potential to create more than 250,000 jobs
- Pay Downthe Debt: Washington’s massive spending problem has created the threat ofincreased taxes and a depreciating currency. The uncertainty of our economicfuture has caused many job creators and wealth producers to delay hiring andinvestment decisions. Reducing spending and passing a credible plan toeliminate our debt will get these economic engines off the sidelines and intothe game.
America certainly needs a President who cansteer us back to prosperity, but until then Congress must free up job creatorsto put their foot on the gas.