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Randy
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November 02, 2012
Today, the Department of Labor’s Bureau of Labor Statistics released its jobs report for the month of October. According to the report, 171,000 were added to the economy; however, the unemployment rate rose from 7.8 percent to 7.9 percent. I thought you would be interested in reading a jobs update for Virginia’s Fourth District.
There is a simple truth when it comes to job creation in America: real solutions create real growth that generates real jobs. In order to make this happen, government needs to get out of the way and provide the freedom for small businesses to work, earn, and achieve. All across Virginia’s Fourth District, we have industries that are ripe for growth. The memo provides examples of how industries in Virginia have flourished when we’ve applied that simple truth. The case studies also show the potential for even more growth when government acts as an enabler rather than a barrier. Companies across the 4th District are adding jobs, such as Rolls-Royce at Crosspointe Park in Prince George County, Capital One Financial Corp. in Chesterfield County and Sabra Dipping Company in Colonial Heights. You can download the memo here or by clicking the report below. You can also view a text version on my website here.
Posted by
Randy
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July 25, 2012
Today, the House of Representatives will vote on the Federal Reserve Transparency Act (H.R. 459). The bill was introduced to address the Federal Reserve’s 2008 and 2009 bailouts, which authorized a total of $1 trillion in outstanding loans and the expansion of government involvement in the private sector, primarily to AIG and Bear Stearns. Although the Federal Reserve has released information about the amounts borrowed by banks and companies that utilized emergency programs, Congress has not been made aware of the factors and considerations weighed by the Federal Reserve in determining how and to which institutions to lend the money. H.R.459 does not seek to curb the Federal Reserve’s independence, but aims to allow Congress to perform its appropriate oversight duty, ensuring that credible standards guide the Federal Reserve’s decision making. Given the significant sums of money involved, we need more transparency into where and why the money was dispersed. Question of the Week: With the Fed’s growing influence in the private sector, do you support a congressional audit of the Federal Reserve? ( ) Yes ( ) No ( ) I am not sure ( ) Other, share your thoughts below. Take the poll here.
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Randy
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June 22, 2012
Government spending on regulatory activities has increased so dramatically that it is growing at a rate that has completely overtaken GDP growth.
The above chart makes it clear; federal regulations stifle growth and creativity. The burdensome cost of regulations disincentivizes prospective owners from opening small businesses. Our economy is suffering because of overspending on regulations, and it is clear that the cost far outweighs the benefit.
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Randy
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June 14, 2012
The nonpartisan Congressional Budget Office (CBO) warned last week that U.S. debt is scheduled to reach 70% of the Gross Domestic Product by the end of the year and grow to nearly twice the size of the U.S. economy by 2037.
The CBO report says, “Over the past few years, the federal government has been recording budget deficits that are the largest as a share of the economy since 1945. Consequently, the amount of federal debt held by the public has surged. By the end of this year, CBO projects that the federal debt will reach roughly 70 percent of gross domestic product (GDP), the highest percentage since shortly after World War II. Whether that debt will continue to grow in coming decades will be affected by long-term demographic trends (particularly the aging of the population), economic developments, and policymakers’ decisions about taxes and spending.” To read the full report, click here. Read the Wall Street Journal’s article here: Dire CBO Report Urges Fiscal Fixes. Question of the Week: To avoid a European-like fiscal crisis, which of these measures do you support to stop our exploding debt? ( ) Reforming Medicare and Social Security entitlement programs ( ) Allowing Bush-era tax cuts to expire ( ) Enact other tax increases? ( ) Government spending cuts (Share your recommended spending cuts below) ( ) Other (share your thoughts below) Take the poll here. Find the results of last week’s instaPoll here.
Posted by
Randy
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June 07, 2012
It was a pleasure to meet today with representatives from the Virginia Manufacturers Association to discuss tax reform and changes to energy and regulatory policy critical to rebuilding and strengthening American manufacturing. I recently released a Memo on Jobs in Virginia's Fourth Congressional District that, among other areas, focuses on the need to address regulation that is hurting manufacturers in our communities.
Additionally, I've cosponsored two bills to create national solutions to address manufacturing outsourcing. The Bring Jobs Back to America Act is a simple but powerful solution that seeks to bring outsourced jobs back to the United States in order to encourage job creation. It would comprehensively align existing federal funding, at no new cost, to organize a national strategy to rebuild America’s manufacturing industry, study incentives including tax breaks for companies looking to return jobs to the United States, and streamline the patent process for American research universities and bring innovative technologies to market faster. Specifically, the bill:
I have also cosponsored a bipartisan initiative called the National Manufacturing Strategy Act, which promotes policies related to our manufacturing sector intended to promote growth, sustainability, and competitiveness; create well-paying jobs; enable innovation and investment; and support national security. This bill also requires the President to submit a National Manufacturing Strategy to Congress during each presidential term.
Posted by
Randy
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May 30, 2012
This morning, the Heritage Foundation highlighted an informative study from the Centre for Policy Studies that articulates the benefits of smaller governments as opposed to larger bloated governments. The study defines small government as advanced nations with less than 40% of their GDP in government spending and taxation, as opposed to big governments with more than 40% of their GDP in government spending. This two-minute video sums up their studies in a great way: I have always believed a smaller government is a better and more efficient model. The study confirms that small governments have faster economic growth due to lower taxes, encourage enterprise risk taking, and improve productivity. Over the last few years I have fought hard to ensure that we have a smaller government. I have consistently voted against all stimulus and bailouts and supported the Balanced Budget Amendment. Read more about my work on small government here.
Posted by
Randy
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May 16, 2012
The manufacturing industry in Virginia’s Fourth District is ripe for growth. We just have to create the incentive for businesses to come, including improving transportation and infrastructure.
Posted by
Randy
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May 03, 2012
Did you know that opening new offshore areas for American energy exploration could bring a potential 1,900 jobs to Virginia?
Domestic energy production remains an industry where there is significant room for growth and job creation. Yet, the Department of the Interior recently cancelled Virginia's scheduled offshore lease sale for 2011, pushing any possible lease sales to 2018, and the Administration has rejected opening the Keystone XL pipeline, despite the fact that it could create thousands of jobs. Greater domestic energy production means more jobs for American citizens and we need to take advantage of the opportunity to develop our domestic energy resources, including those available in Virginia (In fact, Governor McDonnell recently signed energy legislation from the Virginia General Assembly that would advance Virginia as the energy capital of the East Coast.) I have made it a priority in Congress to encourage the development of new energy sources with my New Manhattan Project for Energy Independence, support efforts to increase off-shore drilling, and call for the opening of the Keystone XL Pipeline to reduce our dependency on foreign oil. I’ve also fought against costly regulations that have caused companies like Dominion Power to close plants in Virginia. The energy industry is ripe to bring more jobs and investment to the Commonwealth and across the United States. Read more about my work for jobs in Virginia’s Fourth District in this detailed memo.
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Randy
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April 17, 2012
Today is Tax Day, and it is also Tax Freedom Day, the day the average American has earned enough to finally pay this year’s federal, state, and local tax bill. Compare that to the year 1900 when Tax Freedom Day fell on January 22nd. According to the Tax Foundation, unless Washington takes action, tax increases “could push Tax Freedom Day to the end of April or beyond.”
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Randy
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April 10, 2012
“Having built a small business into a big one, I can tell you that today the impediments that the government imposes are impossible to deal with. Home depot would never have succeeded if we'd tried to start it today." – Bernie Marcus, Co-founder and former CEO of Home Depot
“The complexity of all of the different rules and regulations that the government imposes...creates a climate of incomprehensible confusion and uncertainty for business owners.” – Adam Steck, Owner, Southwest Metal Systems These words from business leaders give us a glimpse into the harsh reality of federal regulations in America. Excessive regulations inhibit job growth by increasing consumer costs and creating an environment in which businesses are reluctant to invest or grow. Overreach of the federal government into the realm of American business stifles innovation and entrepreneurship. Our nation was founded on the tradition that an individual could have the freedom to own and grow their own business. While there is some place for the federal government to ensure safety and protect consumers, there is much evidence that the government has gone far beyond that role through the imposition of excessive regulations. I have made it a priority to rein in burdensome regulations and stand up to big government. Read about my recent work to address regulations here. Also, weigh in with your thoughts on regulations in my instaPoll that asks “Have federal regulations inhibited economic recovery and job creation?” Take the poll here. |
SEARCH BLOGRECENT POSTS11/08/2012 - This Veterans Day - E-mail me your Veteran’s picture and/or Anecdote11/02/2012 - A Memo on Jobs in Virginia's Fourth District 10/27/2012 - Hurricane Sandy Resources 10/23/2012 - What do you believe are the most serious negative impacts of having a Navy that is at its smallest size since 1917? 10/19/2012 - A Game Changer for Virginia 10/12/2012 - Question of the Week: Do you support the administration using taxpayer dollars to re-imburse legal fees to defense companies for failure to comply with the WARN Act? ARCHIVESBy YearBy Issue
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