Businesses need motive to invest
The great American job creation machine is stalled. The headline 8.1 percent unemployment rate, which is "adjusted," understates the unadjusted 15 percent U6 unemployment rate. To get Americans working again, we need to send people like Peter Roskam to Washington.
He understands that over-regulation by the federal government is restraining job growth. Roskam voted for the Red Tape Reduction Act, to help small businesses reduce burdensome regulatory compliance. He is an influential member of the House Ways and Means Committee, responsible for tax reform to help small and large companies become more globally competitive. He knows business owners like me are hesitant to hire when the federal government is constantly changing the rules.
Regulatory compliance costs businesses over $1.7 trillion per year, and it continues to rise. Nonelected bureaucrats are determining the winners and losers in the competition for capital as new rules take place across a swath of industries that encompass 70 percent of our economy. Dodd Frank Financial reform required 398 rule-making deadlines for which 70 percent have yet to be written.
How do you hire anyone when you do not know what the rules are? Roskam understands that to get people to work, businesses have to invest. To get businesses to invest, you have to remove the paralyzing uncertainty associated with Washington interference.
The U.S. has the most productive, innovative and educated labor force in the world, capable of producing world changing products. Roskam understands that to create jobs, government policy should encourage, rather than constrain, America's small business entrepreneurs.