Los Angeles Times

On job creation, Republicans should listen to their own advice

Congressional Republican leaders have reportedly asked Federal Reserve Chairman Ben Bernanke to refrain from any further monetary stimulus during policy makers' two-day meeting this week. Specifically, they asked in a letter to Mr. Bernanke that the Federal Reserve "resist further extraordinary interventions in the U.S. economy, particularly without a clear articulation of the goals of such a policy, direction for success, ample data proving a case for economic action and quantifiable benefits to the American people."

I applaud these Republican leaders for setting a measurable standard for success regarding any future monetary action that would impact the future of the economy. Now I ask that they apply the same standard to their fiscal proposals in justifying that extending the Bush era tax cuts will somehow now bring about the economic growth that has been missing for all these years that they have been in place.

These are the facts that Americans of all political persuasions are keenly aware of:

•The poverty rate is at a historically high level

•Consumers, who drive the economy, are being attacked from every perceivable angle (unemployment, stagnant wages, pending entitlement cuts to Medicare and Medicaid, and reduced pensions)

•Corporations are posting record earnings and are sitting on historic levels of cash in the trillions of dollars, and are still not hiring

This leads to the simple conclusion that money and opportunity need to be funneled toward the people, or potential consumers who actually drive the economy, not just to the wallets of big business and the super rich who now account for the largest income disparity recorded in this country's history.

Congress and the Republican leadership in particular need to get serious about putting together sound fiscal proposals supported by the same standards and data they hold the Federal Reserve to. The reality is that the average American is not benefiting from the corporate tax cuts and loopholes that have been in place for years. People are asking why they should be sacrificing when corporations and the wealthiest of Americans have been thriving under the current system. We are all in this together.

Sean Carey, Crownsville

Copyright © 2015, Los Angeles Times
Related Content
  • Unemployment is worse than Obama administration claims

    The Obama administration and the liberal news media continues to keeps up their line that the unemployment rate is between 8 percent 9 percent. Don't believe it, as nothing could be further from the truth. The real unemployment rate ranges close to 15 percent or 16 percent because of the Obama's...

  • Help for the unemployed?

    Help for the unemployed?

    Our view: Renewal of unemployment benefits, largely overlooked in Congress' debate over extending the payroll tax cut, comes with a hefty price

  • Timid Democrats and radical Republicans: A dangerous combination

    Your article, "New budget to renew battles" (Feb. 12) points out the stark and perhaps unprecedented separation between our two major political parties. Democrats continue to display timidity and confusion and are often too ready to compromise, but they have generally proposed balanced approaches...

  • Taxing stock gains would hit middle class, too

    Not just the 1 percent invest in stocks. The Democrats would have you believe that the middle class don't get any income from the stocks, so we should double the tax rate on income derived from the stock market. Where exactly do they expect the "middle class" to put their money? Saving to put kids...

  • Obama's plan to raise capital gains taxes will drive investment offshore

    In his State of the Union Address, President Obama barely touched on the country's soon-to-be $16 trillion national debt, massive joblessness, entitlement insolvency, economy-crippling government regulations and the other compelling issues ("Obama targets economy, taxes in address," Jan. 25).

  • What has 30 years of Reaganomics brought us?

    Thank you Dan Rodricks for your insightful commentary ("A man out of tune with the times," Jan. 23). It was a perfect review of Reaganomics 30 years later. A world of huge disparity, where those who became rich by living in this great country don't want to pay their fair share. Shame on them.

  • Creating an economy 'built to last'

    Creating an economy 'built to last'

    President calls for tax changes to bring jobs home, all-of-the-above energy strategy and a 'reemployment' system

  • A level playing field for jobs

    A level playing field for jobs

    Peter Morici says U.S. priorities for boosting employment should be fair trade policies, aggressive energy development