Tax Increases and Spending Will Impede Job Growth - Manufacturing & Technology eJournal

The FY11 Budget Proposes Even Larger Deficits and Even More Spending than Last Year’s Record-Breaking Totals

WASHINGTON, D.C.—U.S. Chamber Executive Vice President for Government Affairs R. Bruce Josten issued the following statement on the President’s FY 2011 budget released yesterday:

“This budget, if enacted, will balloon the deficit, dramatically increase taxes in a weak economy, and undermine American job creation.

“The FY11 budget proposes even larger deficits and even more spending than last year’s record-breaking totals. Over the next ten years, the White House proposes to increase spending by 12 percent more as a share of the economy than it has averaged over the past three decades. Using its own numbers, the administration’s proposed budget deficits will cause debt as a share of the economy to increase by 13.6 percentage points.

“This budget is a surefire way to slow economic growth, increase unemployment, and make U.S. companies less competitive around the globe.

“The U.S. Chamber stands ready to support many of the job-creating proposals outlined in the State of the Union Address, including doubling exports in five years, expanding the use of nuclear power and offshore exploration for natural resources, implementing performance-based education reforms, improving worker training, and rebuilding our infrastructure. However, we cannot support a budget that will undermine the nation’s overriding priority—creating jobs.”

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. For information The U.S. Chamber of Commerce

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