Many elected officials have discussed ideas for addressing the outsourcing of jobs; however, no consensus has been formed on the best way to address the issue.
While some in Congress simply look to punish companies that move jobs out of the United States, our focus should be on improving the foundation of American business and industry in the United States, thus encouraging and rewarding companies for creating and keeping jobs here.
Congress can play a major role in the process by helping to reduce the high cost of doing business in the United States . For example, health benefits are the most significant cost affecting U.S. business. As these costs continue to rise, businesses are faced with the difficult decision of whether to offer health benefits to their employees. Solutions like Health Savings Accounts (HSAs), which were passed by Congress, encourage employees to take more responsibility for their health care costs and reward e mployees for responsible health management. By doing so, the high cost of health care can be reduced.
Another important part of the solution needs to be litigation reform. Frivolous lawsuits are costing American companies billions of dollars each year. Too often, companies find it easier and cheaper to settle frivolous lawsuits than it is to go to court. These costs add to the bottom line of all businesses, whether through direct payments or through higher insurance costs - costs that are ultimately passed on to consumers.
In addition, we must work to reduce the burden of government regulations on business. A recent study found that approximately $850 billion per year is spent by companies to comply with government regulations, an increase of 15% over the last five years. Through initiatives like the Small Business Enforcement Act, government agencies are forced to consider the impact of new regulations on small business. However, more must be done to reduce burdensome and unnecessary regulations on business.
Finally, Congress must reduce the burden of taxes imposed on businesses. High taxes add to the bottom line and put companies at a competitive disadvantage in relation to the cost of doing business in other countries. While Congress has of fered some temporary tax relief, these cuts must be permanent so that companies can plan for their future and chart a course for continued growth and development, utilizing the talents of our American workforce.
Again, this is a difficult and complex iss ue, and I appreciate having the value of your input. I will continue to do what I can to help ensure a strong economy by promoting the creation of jobs here in the United States , and I will keep your views in mind as we continue to debate this important issue.
Also posted on congress.org |
