As President Obama’s new jobs proposal soon approaches, the U.S. Chamber of Commerce has prepared its own plan for expanding U.S. employment. In an open letter to Congress and the White House, the Chamber called for an array of measures to promote employment, ranging from easing restrictions on oil drilling, providing temporary corporate tax breaks, and increasing spending on public infrastructure.
California Governor Jerry Brown proposed a new tax plan to the state legislature Thursday that would boost levies on large corporations located outside of California. Brown’s request to state lawmakers is to revert the sales tax structure back to the formula adopted before 2009, which would require multi-state corporations, which employ few California workers, to pay higher sales taxes for goods they sell within state boundaries.
While U.S. lawmakers wrestle with high unemployment and a mounting federal deficit, 80 percent of them have no academic background in business or economics, according to a new study by the Employment Policies Institute (EPI). The study found that only 8.4 percent of U.S. lawmakers majored in economics, while 13.7 percent studied subjects related to business or accounting. The majority of Congress — 55.7 percent — studied law, government, or humanities.
President Obama’s pledge to recover the economy has taken a long and winding detour, but his 2008 campaign pledge to regulate corporate America is right on course — despite the fact that in January, the White House issued an executive order to review regulations for all federal agencies, with the intent to root out oppressive regulations on American businesses.
If a $14.3 trillion national debt sounds like a staggering sum, economist Lawrence Kotlikoff's estimate of the nation's real long-term indebtedness might bowl you over. Kotlikoff, who was a senior economist on President Reagan's Council of Economic Advisers, calculates the debt at $211 trillion.