Posted by: Press Secretary
Friday, March 6, 2009
Another example of why the Republican stimulus alternative would have helped the economy
Associated Press: Unemployed “dumbfounded” by Democrat plan to tax benefits
Republican stimulus alternative eliminated taxes on unemployment
Here's the article: Surprise: Uncle Sam's Jobless Gift has Strings Attached
Posted by: Press Secretary
Morning Must Reads
National News:
The Wall Street Journal Editorial Board:
The Dow Jones Industrial Average fell another 281 points yesterday, or 4%, while President Obama began his political push for nationalizing health care and Barney Frank called upon state, local and federal officials to prosecute "those people whose irresponsible and, in some cases, criminal actions helped bring about this crisis." (In what must have been an oversight, Mr. Frank left himself off the target list.) Citigroup -- subject of three federal "rescues" so far -- closed at $1.02 a share.
Amid so much joy, we thought our readers might like to compare where we are so far in this recession compared to previous downturns. Economist John Cogan of the Hoover Institution has looked at the numbers, and you can see the trends in the nearby chart showing job losses over the months of recession.
So far at least, the current downturn, which officially began in December 2007, isn't much more severe than the average of all recessions since 1970. This month the downturn turns 15 months old, which is one month less than the recession of 1981-82, though job loss hasn't yet been as severe. (Today's jobs report for February could change that.) The recession of 1973-75 lasted 16 months and job loss was also worse. Many Americans may have forgotten those nasty recessions because the last two -- in 1990-91 and 2001 -- were only eight months long and shallow. But even in the worst modern downturns, after 15 months the sources of recovery were forming and the end was in sight.
The larger point is that economies don't spiral down forever without a reason and without policy encouragement. What's worrying about the plunge in equities since January 2, and especially in the last week since Mr. Obama released his radical budget, is that it has come amid the unveiling of the President's policy agenda. Equity prices have reacted to those proposals by signaling that they expect a much deeper and longer recession.
The optimistic message in Mr. Cogan's comparisons is that recessions eventually end. How long they last, and how severe they get, depends in part on the choices our leaders make. The choices that Mr. Obama and Congress are making so far are not contributing to confidence, much less to recovery.
Posted by: Press Secretary
Thursday, March 5, 2009
It's Time to Encourage Responsible Home Ownership
It seems to me, and many of my constituents back home, that Congress is spending all of its time and energy rewarding those who acted irresponsibly. We must not ignore those who have played by the rules and lived within their means.
Our current economic problems aren’t limited to the sub-prime housing market, reckless borrowers or predatory lenders. Millions of Americans who pay their bills on time and make good decisions are facing financial difficulties through no fault of their own. Responsible homeowners are being left out of the equation. That must change.
Just because responsible homeowners are paying their mortgages on time doesn’t mean they don’t need help. We must recognize responsibility.
That’s why I introduced legislation to give homeowners who pay their bills on time an incentive to continue to keep being responsible. My bill is as commonsense as it is simple. If you own a home and you’ve paid your mortgage on time you’ll get a $5,000 tax credit.
That’s it. It’s not a bailout, another taxpayer backed debt obligation, or a big government solution. It’s a way for hard working American families to keep more of the money they earn so they can keep acting responsibly and help our economy grow.
The Administration claims their plan will help 1 in 9 homeowners. My common sense plan helps the other 8 out of 9 homeowners the Administration and Democrats ignore. To pull ourselves out of this crisis we need real change. We must pursue policies that foster a culture of responsibility. My plan does just that.
I, along with my House Republican colleagues are looking for commonsense solutions to our economic problems. I invite you to visit my website to learn more about my bill and how it would help you in these tough times.
Posted by: Congressman Shuster
Wednesday, March 4, 2009
Morning Must Reads
Tuesday, March 3, 2009
Thanks for reading - there's more to come
This blog has been up and running for a little over a month now, and the reaction we've seen in the congressman's office has been positive. The congressman always stresses the need to communicate with his constituents and I am always looking for ways to make that communication faster, more interactive and useful to the people of the 9th district.
This blog is just the beginning of some new tools the congressman will be using to keep his constituents plugged-in to what he's doing in Congress and back in the district to represent you. Stay tuned, there's much more to come.
Thanks,
blog administrator
Monday, March 2, 2009
Morning Must Reads
National News:
The Wall Street Journal: Charities say tax changes add to pain
The Wall Street Journal: Declining defense
Local Impact:
Chambersburg Public Opinion: Shuster touts motorcoach safety
Uniontown Herald Standard: Lawmakers, business leaders discuss variety of issues
Posted by: Press Secretary
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