Driving the Day: 4/24/12
Need to know…
- Senate to Vote on Proposal to Nullify Union Rules. Republican Senator Mike Enzi of Wyoming sponsored a resolution of disapproval of the NLRB union election rule, saying the standard leaves little time for workers and employees to learn their rights. The proposal, backed by 43 other Senate Republicans, is scheduled to be voted on today. Though the measure has little chance of passage — it also faces a White House veto threat — the vote forces Democrats in tough elections to take a stand on rules that have won praise from unions and sharp rebukes from business groups.
- Dismal Outlook for Future of Social Security, Medicare. According to the annual assessment by the trustees charged with overseeing the programs, Social Security and Medicare funds are sliding closer to insolvency. Medicare is expected to start operating in the red in 2024. That’s unchanged from last year. And the Social Security trust fund will be unable under current trends to fulfill its obligations in 2033, three years earlier than projected last year.
- China Shifting More Production to America. Chinese conglomerates are on a mission to expand their global footprint by launching manufacturing facilities in the U.S. The biggest investments are being made by Chinese firms with products that carry hefty anti-dumping tariffs. Cash-strapped states in the U.S. that are in need of revenue and jobs are welcoming foreign companies that can guarantee both.
- Senate to Vote on Postal Service Reform. The Senate plans to begin voting today on amendments to a bipartisan bill that would allow the U.S. Postal Service to tap into a retirement-fund surplus and end Saturday delivery after two years. The Senate currently is considering nearly 40 amendments. The final bill must clear a tough 60-vote hurdle to move to the House and even if it gets there, the bill differs considerably from the leading House plan.
- Survey Says Companies are Increasing Hiring and Wages. According to a new survey by the National Association of Business Economics, 39% of respondents expect hiring will increase in the next six months, a 12% increase since January. A greater majority of companies are reporting an increase in wages and salaries, from 26% in January to 44%. Sales are also on their way up.
Worth the read…
- Give Small Businesses Access to the Capital They Need – Rep. Sam Graves (R-MO) via Fox News
- Fed Likely to Stay the Course, Even As Economy Appears Mixed – The Washington Post
- Report: Mexican Immigration Drops – Politico
- Economic Gloom Deepens Europe’s Political Crisis – The Wall Street Journal
- White House Pushes for Privacy Safeguard in Cybersecurity Bill – The Hill
- Facebook Deal for Instagram Includes $300M Cash, 23 Million in Stock – The Washington Post
- Business Expenses Can Cause Tax Problems for Small Businesses: Survey Says – Huffington Post
- Broken Guitar + Angry Musician = Gripevine.com – Fox Business
- Daymond John on Engaging Young Entrepreneurs and Building a Better Business – Entrepreneur
The U.S. Chamber turned 100 yesterday, celebrating a century in support of free enterprise and pro-business policies that create jobs and grow the economy. Continuing its trend of becoming the leading trade association in digital communications, the Chamber introduced a Facebook Open Graph application -- the first-of-its-kind in the business advocacy space -- that will allow its fans to ‘stand up for American enterprise.’ Join us by clicking here!