North Carolina's unemployment rate is higher than the national average and the private sector continues to lose jobs. North Carolina needs to focus on and execute policies that bolster the free-enterprise system and encourage businesses to invest, grow, and hire more workers.
There are some lessons we North Carolinians could learn from our friends in Texas. The Texas Workforce Commission reported at the beginning of the year that Texas created more private sector jobs than any other state in the nation over the last 10 years and has the lowest unemployment rate among the 10 largest states in the nation. How are they doing it? A recent CNBC report released last week shows that Texas leads the nation in employment-friendly qualities such as the cost of doing business, workforce, quality of life, transportation and infrastructure, technology and innovation, and cost of living.
Last month, the Business Roundtable and The Business Council submitted a letter outlining key legislation and regulations that are having “a dampening effect on economic growth and job creation.” Here is an excerpt:
With a massive new health care law and financial reform legislation looming, companies are more worried than ever about the impact new regulations and legislation will have on their operations and their bottom line. Not knowing what to expect from these pending regulations, businesses are acting cautiously to forestall any negative impact. These actions are squelching economic growth and job creation, as companies are forced to freeze investments and hiring until they understand how they will be affected by these new mandates. (Click here to read full letter.)
In my appearances around the district, I have spoken at length about the Economic Axis of Evil: excessive taxation, regulation, and litigation. All of those serve to choke off the lifeblood of any community - small businesses that provide jobs, investment, and opportunity.