COMMITTEE on WAYS and MEANS

Chairman Dave Camp

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By the Numbers: Tax Increases Will Hurt, Not Help, America’s Economic Recovery

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Washington, Jul 14, 2011 | comments

Today, President Obama is expected to lay out his plan to increase taxes as part of the debt ceiling discussions.  So continues the Democrats' practice of taxing the job creators we need to spark an economic recovery.  To quote the President himself, “[T]he last thing you want to do is to raise taxes in the middle of a recession because that would just...take more demand out of the economy and put businesses in a further hole.” 

Below are reminders of how the policies supported by the Obama Administration and Congressional Democrats have hurt, not helped, America’s economy and why new tax increases won't result in the economic growth our country needs.

 


9.2 %
:


The current unemployment rate.


14 million
:


The number of unemployed Americans.

8 years, 8 months:                                  


The amount of time it would take to return to pre-recession employment levels if the recent pace of job creation continues - longer than it took to restore jobs lost in the Great Depression.

150:



The number of
economists who sent a letter to Congress warning that increasing the debt limit without significantly reducing spending will hurt job creation.

55:


The percentage of Americans who oppose including any tax hikes in the debt deal, according to a Rasmussen poll released today.

1:



Former
Obama Office of Management and Budget (OMB) Director who supported extending the 2001/2003 tax cuts stating that “…no one wants to make an already stagnating jobs market worse.”


 
We can do better than risk the economic recovery of our nation with job-killing tax increases.  Instead, we should take steps to cut Washington’s out-of-control spending and get our nation’s fiscal house in order.


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