U.S. Chamber: MACE Presentation 2013 by Doug Loon

582 views

Published on

Published in: Business, News & Politics
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
582
On SlideShare
0
From Embeds
0
Number of Embeds
73
Actions
Shares
0
Downloads
3
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide
  • As in previous recessions, economic growth slowed well below its potential rate. However, unlike in previous recoveries, we have yet to see the economy accelerate consistently above its potential rate. As a result, we have neither closed the GDP gap, nor have we re-employed those displaced during the recession. With the level of GDP below its potential, we have not seen permanent improvement in the labor market. We need a sustained period of growth above our long-term potential, and our forecast simply does not achieve that pace.
  • U.S. Chamber: MACE Presentation 2013 by Doug Loon

    1. 1. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseMid-America Chamber ExecutivesFederal Issue UpdateMay 9, 2013
    2. 2. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseSmall Business Outlook Survey
    3. 3. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseSmall Business Outlook Survey
    4. 4. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseState of American BusinessForecast = Economic Growth: 1 ½ - 1 ¾ for first half of 20132 ½ by the end of 2013• Housing starts• Energy PricesEconomic Uncertainty:• Tax Increases• Regulatory Pressures• Continued Unemployment
    5. 5. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseU.S. GDP Actual and PotentialQuarterly, Q1 1970 to Q4 2011Real GDP$$$$Forecast
    6. 6. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseAmerican Jobs and Growth AgendaReducing Deficits and Debt - address runaway spending and reformingentitlements and the tax code.Developing More American Energy - create millions of jobs whilemaking the country more secure.Expanding American Trade - two-way investment and tourism to openinternational markets and reduce commercial barriers at home and abroad.Reforming the Regulatory Process - ease the burden on capitalmarkets, health care, environmental, labor, and other rules.Enacting Comprehensive Immigration Reform - ensure that oureconomy is supplied with able workers at all skill levels.
    7. 7. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American Enterprisehttp://immigration.uschamber.com
    8. 8. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseAmerican Jobs and Growth AgendaComprehensive Immigration ReformFour Legged Stool:Border ControlWork Visa ProgramsEmployer VerificationLegalization
    9. 9. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseWhat’s Next on Health Care?• Legislative – Ongoing fixes in Congress– Repeal of employer mandate– Health Insurance Tax (HIT)• Regulatory – DOL, HHS, & IRS• State Implementation (2013):• Exchanges• and Medicaid
    10. 10. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseWhat’s In The Health Care Law?Tax hikes which total more than $500 billion over 10 years
    11. 11. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseFederal Spending, Deficits and DebtFederal Deficit:• 2011 deficit was $1.3 trillion.• 2012 deficit at $1.1 trillion• The fourth consecutive annual deficit exceeding$1 trillion.
    12. 12. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseFederal Spending, Deficits and DebtFederal Debt• Gross debt at $16 trillion dollars ($11 trillion held bythe public / $5 trillion as intergovernmental holdings).• Could lead to:• higher interest rates• weak dollar• less private investment• lower economic and job growth• and decline in our global competitiveness.
    13. 13. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseFederal Debt
    14. 14. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseGovernment OutlaysDiscretionary Mandatory Net Interest
    15. 15. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseSpending Projections
    16. 16. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseThe Fiscal Cliffs
    17. 17. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseHow Did “The Cliffs” Start?Budget Control Act of 2011 – Set the stage:• Debt limit increase - $900 billion increase in debt limit and$917 billion in discretionary budget cuts.• Sequestration - The Act mandates $1.2 trillion in SpendingCuts over ten years beginning this year through sequesterprocess. $85 billion in cuts slated for 2013.• $600 billion tax bill on January 1, 2013 because of expiringtax provisions.
    18. 18. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseThe Sequester• Started March 1• $85 billion in 2013 / $1.2 trillion over 10 years.• 2.3 % “across the board cut” in federalprograms – NOT ENTIRELY.• Budget Control Act confined cuts largely todiscretionary accounts.– 4.6 % cut in Non Defense Discretionary– 7.9 % cut in Defense
    19. 19. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseThe Deal – Big Things Left Out• Growth-oriented tax reform postponed• Runaway spending not curbed• Entitlement programs still headed towardinsolvency
    20. 20. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseReducing Deficits and DebtThree Bucket Strategy:Entitlement ReformComprehensive Tax ReformAmerican Energy
    21. 21. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseTax Reform: Why we need it• The United States has the world’s highestcorporate tax rate.• The United States is the only country thathas a worldwide system of tax.• Taxpayers spend 6.1 billion hours a yearcomplying.
    22. 22. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseTax Reform
    23. 23. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseComprehensive Tax Reform• Lower the corporate tax rate• Adopt a Territorial Tax System• Simply Tax Code• Make reforms permanent
    24. 24. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseThird Bucket: American EnergyU.S. Energy Resources – America’s next bigthing:– Encourage smart development of America’s vastenergy resources—traditional, unconventional,and alternative.– Expand access to onshore and offshore federallands for energy development.– Invest in clean coal and policies to expandrenewable energy and emissions-free nuclearpower.
    25. 25. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseThird Bucket: American Energy• Shale activity alone generated $237billion in economic activity and $62 billionin government revenues in 2012.• By 2035, we can double the economicimpact, double the number of jobs, andgenerate a cumulative $2.5 trillion ingovernment revenues.
    26. 26. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseKey 2013 DatesMarch 1: Sequestration beginsMarch 27: Appropriations extension FY2013 expires (discretionary)April 15: Budget ResolutionMay 19: Hit debt ceiling
    27. 27. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterprisePolitical Challenge• Polarization• Congress: 85% won with better than 55%of the vote• Poll on deficit reduction:– 49 % favor cuts alone– 48 % favor cuts AND tax increases• Generic Vote: 43% Dem40% GOP
    28. 28. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterprisePartisan Vote Record
    29. 29. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseThe Good News!U.S. Outperforming CompetitorsNew Energy BoomGrowth in Global MarketsRevival of U.S. ManufacturingU.S. Demographic EdgeEnterprising States
    30. 30. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseServices to Chambers
    31. 31. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American Enterprise**SAVE the DATE**- 2013 Regional Government Affairs -ConferenceChicago, Illinois New Orleans, LAOctober 9-11 October 23-25Millenium Knickerbocker Omni Royal Orleans
    32. 32. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseUSCC Midwest Regional Office on Facebook!Why should you become a fan?• Latest news on USCC Programs• Know what’s happening in D.C.• Tell us what’s going on at your chamber!• See what other Chambers in the Regionare doing‘Like Us’ atwww.facebook.com/uschambermidwest
    33. 33. U.S. CHAMBER OF COMMERCE 100 Years Standing Up for American EnterpriseU.S. Chamber of CommerceMidwest Regional OfficeQuestions?Doug LoonVice President, Regional Affairs952.832.9151dloon@uschamber.com

    ×