A Jobs Recovery
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Congressman Chuck Fleischmann’s Jobs Plan for America
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- Introduction -
Our Current Recovery
In 2008, the United States experienced a significant economic crisis, which locked upcredit markets, caused the stock market to plunge, and drove up unemployment. Thisdownturn was not without precedent: The United States has experienced many economicrecessions since World War II. Unlike previous downturns, however, our current recovery hasbeen especially weak. According to data compiled by the Joint Economic Committee, thecurrent recovery has produced roughly 4 million fewer private sector jobs than the post WorldWar II average recovery. In fact, nearly 5 years after the 2008 crisis, there are still 1.9 millionfewer private sector jobs today than in January 2008. Even more concerning, the labor forceparticipation rate has declined from 66.2% in January 2008 to 63.5% in June of 2013. Soalthough the unemployment rate has declined to 7.6% (as of July 2013) from its October 2009high of 10.1%, the fact that fewer Americans are looking for work has been the primary factorin the drop in unemployment.
We can do better
In his first term, President Reagan faced a major recession, with unemployment peakingat 10.8% in December of 1982. Exercising bold leadership, President Reagan slashed taxes,reduced regulations, and returned power to the states. By contrast, President Obama hasembarked on an unprecedented path of government expansion. We have seen the US autoindustry effectively nationalized, a massive government takeover of healthcare, complex newregulations, and dozens of new taxes. The contrasts are stark, as are the results. By 1986,unemployment was at 6.7% and falling (it would be at 5.7% by 1988), the end result of a longtrend toward growth that included a month where employers created 1.1 million new jobs.
President Reagan understood a fundamental truth: The strength of our nation doesn’t come
from government regulations, taxes or social programs. Our strength comes from the spirit andingenuity of the American people. When Americans are free to create, to build, and to work,we can achieve incredible things.
A Jobs Recovery: Chuck Fleischmann’s Jobs Plan for America
A recovery that works for all Americans
My jobs plan is about a real recovery that can work for all Americans. We must learn from thelessons of the Reagan recovery and the Obama recovery. My jobs plan follows the Reaganmodel: Create the conditions for the American people to succeed and the American people willsucceed. My focus is on regulatory reform, tax reform, free trade, energy exploration, andmaking work easier for American families. By embracing the timeless principles of freemarkets, free trade, and low taxation, we can create new jobs for millions of Americans.Economic growth benefits Americans in every age group, income bracket, and region of thecountry. For example, while many critics of the oil industry love to attack CEO pay, they forgetthat oil industry pay averaged $99,175 in 2011. These are good jobs that pay livable wages tothousands of hardworking Americans. I encourage you to read my jobs recovery plan, and Iwelcome your thoughts.Thank You.
Chuck FleischmannMember of Congress (TN-03)