Camp Announces Hearing on Government Policies That Harm Economic Growth

In announcing the hearing, Chairman Camp stated, "Contrary to what some in Washington believe, we cannot spend our way to prosperity. Washington needs to create an environment that allows the private sector to do what it does best -- invest and create jobs. This hearing will help us identify areas where Congress needs to act to ensure that the government is not impeding job creation."

BACKGROUND:

There is widespread acknowledgment that the current pace of job creation in the United States is not sufficient to significantly reduce the nation's persistently high unemployment rate. If the current rate of growth continued, the unemployment rate would not return to "normal" until 2016 or later. With nearly 14 million Americans unemployed, and millions more unable to find full-time work or so discouraged that they've given up even looking for a job, Congress must ensure that government policies and actions are not preventing job creation. Many employers and economists believe that the recent increases in the scale and scope of government intervention in the economy are contributing factors to the lack of private sector job creation. Additionally, a bipartisan chorus of experts have stated that large deficits and debt significantly hamper the U.S. economy and limit economic growth. The hearing will explore the extent to which the expansion of the role of government is impeding economic growth and the extent to which current and projected budget deficits and debt are suppressing activity in the private sector and therefore suppressing job growth.