PAUL RYAN REALITY CHECK: JOBS & ECONOMY

THURSDAY, OCTOBER 29, 2015

Over the past few days, Paul Ryan has touted that his Speakership brings “a new day to the House of Representatives” and that they “aren’t going to have a House like it looked the last few years.”

And Paul Ryan just stated in his acceptance speech that the House of Representatives will now focus on creating jobs and making life better for the American people.

What does that “new day” mean for the economy and hardworking Americans in need of a new or better job? A Paul Ryan reality check tells us that a focus on jobs and the economy means taxes that encourage companies to send jobs overseas, opposition to the job-creating Export-Import Bank and cost American jobs.

Jobs & Economy

Ryan Budget Would Encourage Companies To Ship Jobs Overseas.  The National Review reported that the FY 2015 Republican Budget would reform the tax system by “reducing the U.S. corporate tax-rate from 35 percent to 25 percent and shifting from a worldwide tax system to a territorial system.”  The Tax Policy Center previously reported that a territorial tax system “might encourage some domestic companies to move more of their operations- and shift both jobs and more reported income- to low tax countries.” Citizens for Tax Justice reported: “The tax incentives for job offshoring and profit shifting would increase if Congress adopted a ‘territorial tax system.’” [National Review, 4/02/14; Tax Policy Center, 2/28/12; Citizens for Tax Justice, 10/19/11]

Headline: New York Times: “G.O.P. Discord Over Ex-Im Bank Intensifies, As G.E. Shifts Jobs Abroad.” [New York Times, 9/15/15]

Southeast Wisconsin GE Factory Announced It Would Shut Down In Wake Of Lapse In Export-Import Bank – Jobs & Production Would Shift To Canada. “On the morning of Sept. 28, however, the Waukesha plant manager gathered the workers on the floor and told them the factory would be shut down. G.E., he said, had decided to shift production of the industrial engines — and the workers’ jobs — to Canada. What happened in less than two years to change things so much? . . . At the center is a politically charged dispute over a usually obscure agency, the Export-Import Bank.” [New York Times, 10/25/15]

Ryan Voted Against Majority Of Republicans On Export-Import Bank Reauthorization. [HR 597, Vote #576, 10/27/15]

Milwaukee Journal Sentinel Editorial: Ryan’s Push To Dismantle Export-Import Bank Is “Unilateral Disarmament.” “When the bank’s charter was last reauthorized in 2012, all four Democrats in Wisconsin’s congressional delegation along with Republican House members Sean Duffy and Reid Ribble supported the bank. Sen. Ron Johnson and House members Ryan, Jim Sensenbrenner and Tom Petri opposed reauthorization. While Republicans stand on principle, other nations have no qualms about helping domestic industry succeed through export-import financing. What Ryan and others are suggesting is unilateral disarmament.” [Editorial, Milwaukee Journal Sentinel, 9/29/15]

Economic Policy Institute: Ryan Budget Could Cost 3 Million Jobs.  “On net, I estimate that the House budget resolution would decrease GDP by 0.9 percent and decrease nonfarm payrolls by 1.1 million jobs in fiscal year 2015, relative to CBO’s current-law baseline. The following fiscal year, when Ryan’s cuts to discretionary spending kick in, ‘The Path to Prosperity’ would decrease GDP by 2.5 percent and cost 3.0 million jobs. And if the recovery remains sluggish, large job losses could continue under the Ryan budget in 2017 and beyond.” [Economic Policy Institute, 4/01/14]

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