On the recordJuly 14, 2010
As the massive Federal spending and overregulating continue, so does the ongoing economic crisis. The Labor Department reported this week that job openings dropped in May from the previous month and layoffs edged up. Businesses added a net total of only 83,000 jobs in June and 33,000 in May, after average net gains of 200,000 in March and April. A major reason for this weak hiring is that small businesses, which create about 60 percent of new jobs, are having trouble getting the credit they need to expand and hire more workers. Meanwhile, in the middle of this recession, the liberal leadership in the House is about to unload another 2,500 pages of hundreds of new regulations on the very businesses that provide credit. Madam Speaker, we need to act now to reverse course, to lower the tax burden on small firms and simplify the regulations in order to encourage job creation, and we need it now.
