e-News October 15, 201010/15/10
1) The Week Just Past: Economic “Anger”
2) No Surprise: Washington Spending Jumps 21.4%!
3) The “War on Terrorism” is a War
4) Rodney’s Listening Tour Touches Local Manufacturers
5) Manufacturers Honor Rodney
The Week Just Past: Economic “Anger”
“Earlier this week, a new ABC News/Yahoo survey showed that 85% of Americans are either angry about the economy or at least dissatisfied with it. That makes economic discontent even higher than anger or dissatisfaction with ‘the way the federal government is working,’ at 71 percent, in an ABC News/Washington Post poll last week.
“This is absolutely no surprise to me. As I travel around our Congressional District listening to people from all walks of life, including small businessmen and women, I find them more apprehensive, worried and, frankly, angry, about the state of our economy than in recent memory.
“At the root of their unhappiness – the lack of jobs. The unemployment rate has been stuck above 9.5 percent for 14 consecutive months, the longest stretch since the 1930s.
“There are currently 15 million Americans unemployed and the vast majority of New Jersey residents know someone who has lost a job and cannot find work.
“And yet, for the last 19 months, when we should have been focused on cutting government spending, extending lower tax rates and creating jobs, Congress instead worked on other issues like the government takeover of health care and climate change.
“Now, Speaker Pelosi and Leader Reid are playing a game of ‘chicken’ with one of the largest tax increases in American history – and the people being hurt by that are the small business people that we should be trying to help.
“There is a better way, and it starts with cutting spending immediately and ensuring that no American faces a tax increase in this environment. And, government needs to ‘get out of the way!’
“Now more than ever, it is critical that we continue to fight against ALL the threatened tax increases, oppose the Pelosi ‘spending spree’ and work to enable American businesses, particularly small businessmen and women, to invest and grow so that we can get America working again.”
Read the ABC News story here.
No Surprise: Washington Spending Jumps 21.4%!
Late last week the Congressional Budget Office (CBO) released preliminary budget data for fiscal year that just ended on October 1. Not surprisingly, CBO says the U.S. government excelled at one thing: spending!
Even as the costs of TARP dropped by $262 billion from 2009 (as banks repaid their bailout money), payments to Fannie Mae and Freddie Mac were $51 billion lower than the year before (though still a $40 billion net loser for the taxpayer), and bank deposit insurance payments fell by $55 billion, the CBO says spending roseby about 9 percent in 2010, making two-year increase in federal spending a whopping 21.4%!
It’s clear that Speaker Pelosi’s Congress has used the recession as an excuse to spend record amounts of taxpayer and borrowed money! In the meantime, its economic policies have contributed to a weak, jobless recovery.
Recommended Reading: Tuesday’s editorial in the Wall Street Journal, “The 2010 Spending Record.”
Noted with Interest: In early 2009, President Obama promised that the unemployment rate would not exceed 8 percent because Congress quickly passed his $787 billion economic “stimulus” package.
March 12, 2009: President Obama: “shovels are already in the ground,” Christian Science Monitor.
This week, President Obama admitted to the New York Times that the “stimulus” didn’t immediately put people back to work.
October 13, 2010: President Obama: “there’s no such thing as shovel-ready projects”
The “War on Terrorism” is a War
Before there was a 9-11 to remember, there was a 10-12 to remember.
Tuesday, October 12 marked the tenth anniversary of the bombing of the U.S.S. Cole in the harbor at Aden, Yemen. 17 Americans lost their lives in this suicide attack carried out by al Qaeda.
And of course, before the Cole bombing, was the attack on the U.S. embassies in Kenya and Tanzania, also executed by al Qaeda.
President Clinton responded by asking Attorney General Janet Reno and the FBI to investigate. Today, the family of the murdered crew of the Cole and survivors of the attack are still waiting for “justice.” And last week, a federal civilian judge’s decision badly damaged the Justice Department’s case against the mastermind of the embassy bombings.
Both circumstances teach an important lesson.
“There is no escaping the fact that we are a nation at war. We must confront the worldwide threat of terrorism and deal with the world as it is, not as we wish it to be,” Rodney said. “The Cole anniversary reminds us that we must do everything necessary to protect our homeland. That includes recognizing that violent international extremists are at war with us and we need to be at war with them, not just treat them as undisciplined thugs or petty criminals.
“Over the last year, we have seen clear evidence that terrorists continue to plot devastating attacks against us,” he continued. “In addition to the Fort Hood murders, terrorists plotted to bomb the New York City subway system, Times Square, and a Northwest Airlines Flight. Each of these attacks present new signs of an enemy ready and willing to adapt. So must we.”
Rodney’s Listening Tour Touches Local Manufacturers
As part of his ongoing effort to meet with New Jersey employers and workers, Rodney visited two local companies that produce more than just jobs. In stops at Arlington Machine and Tool Company in Fairfield and Breeze Eastern Corporation in Whippany, he toured manufacturing operations and spoke with employees.
“These are real manufacturing and fabricating jobs that are not moving overseas,” he said. “They face challenges every day and we have to ensure that our government fosters an environment in which they can thrive.”
Both firms have defense and non-defense customers. Both firms use parts and supplies from a network of local companies.
Arlington Machine and Tool Company employs talented and experienced experts in the tool and die business.
Among its other products, Breeze Eastern is a worldwide leader in manufacturing rescue hoists for military helicopters, such as the vaunted UH-60 Blackhawk.
“These companies are not only vital to their corporate customers, but they are extremely important to their suppliers,” Rodney said. “I will continue my efforts to make sure government gets out of their way!”
Manufacturers Honor Rodney
The National Association of Manufacturers (NAM) has announced that Congressman Rodney Frelinghuysen has received its “Award for Manufacturing Legislative Excellence” for the 111th Congress.
"Manufacturing is a keystone of this nation's economic engine, and a strong manufacturing base is essential for a strong and growing economy," Rodney said. “It’s hard to envision significant job creation in America without a vibrant manufacturing sector and that is why I work to make sure that government gets off manufacturers’ backs AND their balance sheets.”
“The Award demonstrates lawmakers’ true understanding of manufacturing’s key role in our economy and their willingness to cast the critical votes that will boost competitiveness, job creation and prosperity for manufacturers,” said NAM President and CEO John Engler. “The United States remains the world’s largest manufacturing economy, but manufacturing’s leadership is under fire, facing its toughest competition in the nation’s history. It is critical that our policymakers understand what is at stake and seek to implement policies that will foster innovation, growth and competitiveness.”
The nationally recognized NAM “Award for Manufacturing Legislative Excellence” honors members of Congress who demonstrate support for policies that enhance the ability of manufacturers to succeed in the global economy.