VIDEO: A Jobs Practical, Private Sector Jobs Plan
Subscribe today for Free Enterprise Updates
- Latest business trends and best practices
- News about legislation and regulation impacting business
- Business how-to articles from industry experts
- Commentary and interviews with newsmakers in business and politics
Check out this video of Chamber President and CEO, Tom Donohue outlining the six steps Congress and the President can do now to grow the economy and create jobs:
Then read Donohue's op-ed in today's Columbus Dispatch on the six "practical, private-sector ideas that can be quickly turned into action:"
• Expand trade and global commerce. Congress has the tools to open new markets and create new American jobs by passing the pending free-trade agreements with South Korea, Colombia and Panama. Doing so would save 380,000 jobs and create hundreds of thousands of new jobs. The administration can immediately modernize export controls, allowing U.S. businesses to expand trade to the tune of 340,000 new jobs. We must also complete a Trans-Pacific Partnership and initiate trade talks with the European Union to spur U.S. exports to global economies. Congress can take immediate steps to safeguard 19 million intellectual-property-related jobs and create new ones by passing a patent-reform bill, along with legislation to shut down rogue websites.
• Produce more American energy. Let American energy workers responsibly develop all sources of domestic energy. By opening up offshore resources, we could create almost 250,000 new jobs. Expanding access to federal lands for oil and gas exploration would add 530,000 new jobs. Development of natural gas in the Marcellus Shale, as well as other resource-rich shale reserves, could generate 116,000 new jobs in Pennsylvania alone by 2020. And approval of the Keystone XL pipeline, connecting Canadian oil fields to refineries in Texas, would support 250,000 energy jobs.
• Speed up infrastructure projects. Passing a multiyear highway bill with adequate funding would enable states and communities to plan projects, hire employees and prevent layoffs. Removing regulatory and permitting obstacles to 351 stalled energy projects would create 1.9 million jobs annually. Eliminating impediments to $250 billion in global private capital for infrastructure projects here at home could create 1.9 million jobs in 10 years.
• Welcome tourists and business visitors. The travel and tourism sector already accounts for $700 billion in revenues and 7.4 million American jobs. We can create 1.3 million more jobs by 2020 just by restoring the U.S. share of the travel market to its 2000 level. We can do so by removing the hassle factor of visiting the United States, expanding the visa waiver program, promoting America as a premier travel destination and reforming the visa application process to ensure consistent, fair and timely procedures without compromising security.
• Streamline permits and provide regulatory certainty and relief. America’s economy and job creators need relief from a staggering amount of new regulations and mandates. The president should issue an executive order prohibiting agencies from issuing discretionary regulations that would have a substantial economic impact — until the economy improves.
• Pass job-creating tax incentives. Congress should swiftly enact pro-growth tax measures that stimulate business expansion without adding to the deficit. A repatriation holiday — reducing taxes on profits earned overseas — could bring at least $1 trillion back to America, creating 2.9 million jobs over two years of implementation. Congress should also temporarily reduce the capital-gains tax rate to help companies restore their balance sheets and free up cash for investment and hiring.