More must be done to aid businesses, spurn job growth Wetumpka Herald

07.09.10

The fact that there were many more applicants than available jobs shows that not enough has been done to get the economy moving again.  On Friday, the Labor Department released jobless numbers for July.  Though the economy added a better-than-expected 67,000 private sector jobs last month, the unemployment rate ticked up from 9.5 percent to 9.6 percent.  Further, the economy must add 125,000 jobs a month just to keep up with growth in the labor force.

Clearly, more must be done.  Reports last week indicated that the administration is considering further tax cuts for businesses as a way to spur job creation.  Among the options reportedly on the table are a payroll tax holiday and reinstating now-expired research and development tax credits.

Without question, these are proposals worth considering to complement existing business tax relief, such as the legislation I sponsored to allow businesses to expense more of their capital investments.  However, I believe the easiest and most meaningful way we can provide economic stability is to extend the 2001 and 2003 tax cuts for at least two years.

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