Pelosi Touts Legislation To Spur Job Growth, Crack Down On Outsourcing

by Miles Wolf Tamboli-Talk Radio News Service

Speaker of the House Nancy Pelosi (D-Calif.) focused on job creation in her weekly news conference Thursday. In the briefing, Pelosi presented information about a new jobs bill, the name of which seems to explain itself well.

The American Jobs, Closing of Loopholes, and Prevention of Outsourcing Act is "about creating jobs, preventing outsourcing of jobs overseas, [and] closing loopholes of corporations and wealthy individuals from avoiding U.S. taxes," according to Pelosi.

The bill will tax fund managers' income and make it harder for large corporations to evade taxes. It also provides unemployment insurance to those who have lost their jobs "through no fault of their own."

The bill is expected to reach the House floor by Tuesday. Pelosi explained that the goal of putting off the vote is to increase transparency by posting the proposed bill on the internet in time for it to be seen.

"We are very proud of what is in it," said Pelosi.

Pelosi mentioned that the House will again be taking up the COMPETES Act and HIRE Act, which would spur job growth by allocating funding towards research and giving businesses that hire unemployed individuals tax cuts respectively.

House Determined To Create Jobs, Says Top Democrat

By Miles Wolf Tamboli
Talk Radio News Service

On the same day President Barack Obama traveled to Buffalo to talk about the need for increased job creation, his top lieutenant in the House said her chamber is intensely devoted to doing just that.

During her weekly press briefing Thursday, House Speaker Nancy Pelosi (D-Calif.) lauded last month's report by the Labor Department, showing that nearly 300,000 new jobs were added to the economy, primarily in the private sector, and said reforming Wall Street will lead to even more job growth.

"Never again will recklessness on Wall Street cause joblessness on Main Street," said Pelosi alluding to a tough financial regulatory reform bill being debated in the Senate. "[Democrats] are on the side of the middle class [and] the Republicans are on the side of Wall Street," she added.

With the House having passed its energy bill late last year, the Speaker said she was "optimistic" about the odds of a similar bill in the Senate passing. Pelosi praised the legislation for its measures to create jobs as well as lower the country's dependence on foreign oil.

New GDP Numbers Show Slowed Rate Of Growth

According to statistics released Friday by the U.S. Department of Commerce, the nation’s Gross Domestic Product (GDP) grew at a rate of 3.2% during the first quarter of this year. Yet while some are celebrating the news, the figure represents a drop-off since the last quarter of 2009, when real GDP increased 5.6%. Still, President Barack Obama struck an upbeat tone when he addressed reporters in the White House Rose Garden this morning.

“What this number means is that our economy, as a whole, is in a much better place than it was one year ago...We’re heading in the right direction, we’re moving forward. Our economy is stronger, that economic heartbeat is stronger,” he said, flanked by a pair of CEO’s of clean energy companies who have been able to increase domestic payroll thanks to Recovery Act awards.

In reality, however, the statistics show the country’s economy remains in less-than great shape. During the early months of 2010 businesses built up inventories at a slower rate than the previous quarter, national exports decelerated and housing sales remained sluggish. In addition, prices of goods increased slightly while personal real income levels flat lined. Although consumer spending increased, some experts attribute this uptick to the fact that many Americans who filed taxes early capitalized on their returns.

Based on today’s numbers, the economic forecast for the future isn’t too bright, said Peter Morici, an economist and professor at the University of Maryland’s Robert Smith School of Business.

“Although the inventory rebuild has begun, the pace is slow reflecting tepid sustainable demand for U.S. goods and services...Looking ahead, data are not encouraging. After such a long and damaging recession, we should expect several quarters of 5 percent growth but poor and mistargeted economic policies will force Americans to settle for less.”

GOP Underminding Health Reform At All Costs, Says Hoyer

By Laurel Brishel Prichard
University of New Mexico/Talk Radio News Service

House Majority Leader Steny Hoyer (D-Md.) told reporters Tuesday that Americans are more concerned with whether or not health reform passes than the means by which it is passed.

“We talk a lot about process in this town,” said Hoyer. “'So what?' says the American public. What they are interested in is what resulted. 'What did you do for me and my family to make my life more secure and greater quality?'”

Despite bipartisan efforts to prevent the legislation from passing, Hoyer said he's hopeful the bill will persevere. The Majority Leader disputed a popular claim that reform will deal a large blow to seniors on Medicare.

“The Republicans have been doing everything in their power to undermine the health care legislation,” he said.

According to Hoyer, Republicans are obstructing reform regardless of what is in the bill. “They continue to scare the public, some of which has worked, by saying this is a government takeover of health care. That is absolutely untrue.”

While a vote on the bill has not yet been announced, Hoyer assured that one will take place very soon.

Biden Takes Jab At Bunning

By Sofia Sanchez- University of New Mexico/ Talk Radio News Service

Vice President Joe Biden managed to take a jab Friday at Republican Senator Jim Bunning (R-Ky.), who recently acted to block a Democratic move to extend unemployment insurance.

“One of the things I am really disappointed in is that right now a single Republican Senator is standing up in the chamber that I worked in for a long, long time filibustering ... the extension of unemployment insurance," said Biden. "If he succeeds, one million people next month will be thrown off the unemployment rolls and into despair.”

Bunning has stated that he is not opposed to the extension in principle, but would like it to be covered through Recovery Act funds. He has come under fire for using profanity while voicing his displeasure on the Senate floor.

The unemployment package was set up to extend unemployment insurance and health benefits for those out of work until April 5th. The Senate adjourned Thursday without passing the legislation. Benefits for many are due to expire Sunday.

“I wish that Senator [Bunning] would think about how that man or woman is going to explain to their kids, how they are going to get by the next three, four, five, seven months,” said Biden.

Biden's remarks came during an appearance with White House Office of Management and Budget Director Peter Orszag marking the close of first year of the “Middle Class Task Force," which the Vice President has steered.

“The irony here is while we are making progress in the task force, because of a single senator in the United States Senate, ... there is going to be an immediate hurt on a lot of people."