Apr 19, 2012

McCarthy: America’s Economy is Strongest When Our Small Businesses Are Strong

Washington D.C. – House Majority Whip Kevin McCarthy (CA-22) gave the following remarks on the floor of the House in support of the Small Business Tax Cut Act, which will provide needed capital for small businesses to grow and hire new workers:

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“Mr. Speaker, I will stand behind this bill because of the statistics, the facts and the history that shows we are strongest when small business is strong. We are strongest and create jobs through small business not through more politics. Policy matters, small business matters and jobs in America matter, and that is why I say to Members from both sides of the aisle – this is an American bill for American jobs and for small business to be strong again in America, America will be strong again.”

TRANSCRIPT:

“I thank the distinguished Chairman from the Ways and Means Committee. It’s an honor to be able to speak on this floor, and it’s an honor to listen to debate from both sides of the aisle. What’s so ironic is that when you listen to the debate here, you wonder, which of it becomes law? Most importantly, do we ever measure what creates jobs? Do we ever measure who creates jobs? Some of you know my story.

“I actually grew up in a family of Democrats. I was rather fortunate – I didn’t have great grades so I went to junior college, but my family didn’t have enough money to send me there. I worked through the summer, and I took my money and created a small business. At the end of two years I then had enough money to pay my whole way through college, and so I sold my business. I applied for a summer internship with my local congressman and he turned me down. Today on this floor, I sit elected to a seat that I could not even get an internship for, and after a small business had helped me obtain an education.

“But when I sit and talk and listen to my constituents, they talk about jobs. They know that there has been eleven recessions since World War II, and after every one of those recessions we have come out stronger and faster. If you measured the time after great recession of 1982, when interest rates were double digits, against where we are today, we would have an additional 13 million jobs. Unfortunately, failed policy is holding us back.

“I thought I would go back and analyze the nearest time in America’s history when we created jobs. So I went back to the end of the last recession in 2001 to the start of the most recent recession in 2007. When people look at America through that time they think it was a pretty good time in America when jobs grew, the economy was strong and people could go and buy homes. Furthermore, I analyzed who created those jobs at this time. Do you realize that in that time small business created over 7 million jobs while large corporations cut 1 million? So to hear somebody on the floor say ‘small business is some special constituency,’ – Well, I am very proud to stand with the constituency that will grow jobs. I am very proud to stand today to cut taxes for small businesses by 20% that will put people back to work in America.

“Mr. Speaker, I will stand behind this bill because of the statistics, the facts and the history that shows we are strongest when small business is strong. We are strongest and create jobs through small business not through more politics.

“Policy matters, small business matters and jobs in America matter, and that is why I say to Members from both sides of the aisle – this is an American bill for American jobs and for small business to be strong again in America, America will be strong again.”