Restoring Job Growth In America
Madam Speaker, the United States is on an unsustainable path right now, an unsustainable course with massive debt, trillion dollar deficits going into the out-years, unemployment approaching 10 percent, and this administration, since…
Madam Speaker, the United States is on an unsustainable path right now, an unsustainable course with massive debt, trillion dollar deficits going into the out-years, unemployment approaching 10 percent, and this administration, since January of 2009, has enacted $670 billion in gross tax increases with more tax increases planned by this administration and the Democratic leadership of Congress. It's no wonder we have high unemployment and uncertainty all throughout this country with regard to the business climate.
So what can we do? How can we correct this course? How can we restore American competitiveness for the 21st century? Well, I think there are three things we can do. First, let's cut wasteful, massive government spending. Let's give the American public confidence that we can get our fiscal house in order. Let's send a signal to the bond markets and to our foreign allies and competitors that we can act responsibly. Let's lay out a path for entitlement reform, which is causing severe strain on the Federal budget and leading to this deficit spending. Just laying out a corrective path will send a positive signal.
Secondly, we can lower the corporate tax rate to make U.S. companies more competitive globally with regard to our trading competitors. Let's unleash American innovation. Let's get the American companies out there creating jobs again by lowering the tax rate for our corporations. Right now we have the second highest corporate tax rate in the world among industrialized countries. This makes us less competitive. This also means that companies that want to come to the United States and invest to create jobs here also have a high tax burden. So, therefore, if we want to create jobs, let's make this country competitive for investment coming in and for our companies going out to do investment. That's how we will restore job growth in this country.
Also, one of the things we need to do with regard to tax policy is to make sure that we don't doubly tax our companies who are trying to compete against foreign competitors abroad because our companies competing all over the globe also create American jobs. If we doubly tax ours on top of having the second highest corporate tax rate in the world, well, it's no wonder we're not seeing the kind of job growth that is necessary. We're not going to see U.S. companies and the U.S. be competitive in this global market.
And finally, the third thing: let's promote exports. Exports create jobs, good high-paying jobs. Now, the President has announced that his goal, his stated goal during the State of the Union, was to double exports by the U.S. over the next 5 years. Well, let's look at a little bit of history here for a moment. It took us 10 years previously to double exports. It required the completion of a round of negotiations at the WTO. It took implementation of NAFTA and 10 free trade agreements to be implemented to double exports. This administration has offered none of that so far.
We have, currently, three free trade agreements pending that have been negotiated in good faith, and yet this administration and this Democratic Congress has failed to implement these free trade agreements. These are a win for the United States because those countries are already bringing goods into our country; we just have barriers in exporting to theirs. Why not lift those barriers? Implementing these free trade agreements will create good high-paying U.S. jobs.
These three countries--Colombia, Panama, and South Korea--are markets that are ready for U.S. goods and services. So all we have to do is implement these agreements which have been negotiated in good faith. By failure to do this, what we're doing is sending a signal to our competitors and to other countries that the United States does not negotiate in good faith. That's a poor signal to send if we want to be competitive in this global market.
Meanwhile, those three countries I just mentioned, Colombia, Panama-- let's just take Colombia, for instance. The European Union and Canada are both in the stages of implementing free trade agreements with Colombia. And what's happened? We've seen U.S. exports of agriculture products plummet just over the past year. At the same time, the European Union and Canada have also increased their exports to fill that gap. We are losing out. We are losing out on being able to export to Colombia simply because we won't keep our good faith negotiation and implement this agreement.
The President has announced a national export initiative, but yet there have been no substantive steps to move this forward. Why not implement a small business initiative to help our small businesses export to Colombia? That's an immediate way to create jobs.