Summary: The Hispanic workforce continues to grow and contribute to the U.S. Economy. Hispanics account for about one in seven workers in the United States and over 30 percent of Hispanic workers are employed in the labor-intensive construction, industrial repair and maintenance, and material moving industries. Hispanics display higher than average labor force participation rates and will account for more than half of the U.S. labor force growth from 2008 to 2018. Studies show that immigrant Latin-American workers tend to complement—not compete for—the jobs of other American workers. Even with these numbers, Hispanics still have 11.3% unemployment rate –almost 3% more than the national average.
Principles for Reform:
- Lower, Simpler and Permanent Tax Rates: Low taxes allow Americans to engage in the hard work and risk taking that creates jobs and prosperity for all Americans. President Obama must prevent job-destroying tax-hikes. Permanent extension of the 2001 and 2003 tax cuts save the average family of four earning $50,000 a year roughly $3,000.
- Decrease the Regulatory Burden: The Obama administration’s policy of increased business regulation has inhibited economic growth. In 2010 alone, the administration published 82,480 pages of regulations, passed two comprehensive legislative packages (the Affordable Care Act and Dodd-Frank).
- Small Federal Government: Under President Obama’s leadership the national debt has increased by $4.24 billion per day. At that pace by the end of his term, January 20, 2013, the debt will have increased $6.2 trillion. In 2011, the federal debt was 102 percent of Gross Domestic Product. Academic analysis shows that “in advance countries (like the U.S) and emerging markets, high debt to GDP levels (90 percent and above), are associated with notable lower growth.” (Carmen M. Reinhart and Kenneth S. Rogoff, “Growth in a Time of Debt,” American Economic Review Papers and Proceedings, 12/31/2009)
- Promote legislation that fosters private-sector growth: Repeal the Affordable Care Act. Reform entitlement programs such as Social Security and Medicare to make programs sustainable for future generation and reduce future red ink.
- Reform corporate tax code: Reduce the corporation income tax rate and allow tax-free repatriation – steps toward fundamental reform. Cut the corporate rate now, eliminate the tax on repatriated earnings, and broaden base according to a legislated timetable. Reform must create an environment where individuals can easily create small businesses that fuel economic growth.
- Eliminate Regulatory Burdens: Ending the regulatory uncertainty coming out of Washington would allow job creators to hire new workers and be more likely to invest in the United States.
- Reduce the Debt and Deficit: If these costs are substantially reduced and contained, then businesses will no longer have to worry about higher taxes in the future to pay down the oversized debt.
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