|
|
The views expressed on this page are soley
those of the author and do not
necessarily represent the views of County
News Online
|
 |
Senate President Keith Faber
The Key to
Growth: Ohio is Working!
At the height of the Great Recession, Ohio’s economy was in critical
condition, barely clinging to life after the devastating loss of
350,000 private sector jobs. Under the leadership of our previous
governor’s administration, we consistently earned bottom ten national
rankings for our business climate. The tired old tax-and-spend strategy
couldn’t stop the bleeding, let alone get the patient up and moving
again. It was time for a new approach.
Five years ago the legislature and Gov. John Kasich forged a different
path. The results are striking. Ohio’s job creators have added 425,000
private sector jobs to the economy. National rankings
consistently place Ohio in the top ten states for a favorable business
climate. Cynics will tell you that the economy rebounded
naturally and economic decisions made in Columbus played a minor role
in the turnaround, but anyone whose run a business in Ohio in the past
five years knows better. Here in the Ohio Senate, we’ve enacted
an ambitious pro-growth agenda to ensure that Ohio is open for business
in every corner of the state.
Our agenda of growth starts with tax and regulatory reform. We
recognize that you know how to spend your money far more effectively
than does government, so we've worked hard to let you keep more of your
hard-earned dollars. The two-year operating budget we passed last
spring reduced everyone’s income tax rate by more than 6 percent and
eliminated income tax on small businesses with incomes up to $250,000.
We recognize the enormous impact Ohio’s entrepreneurs have on job
creation and overall growth. To support these tax cuts, we’ve cut yards
of red tape that choke many small businesses. We focus on common sense
compliance, not a “one size fits all” approach. As a result, new agency
rules and regulations are down by nearly 50 percent, and Ohio
businesses now have an advocate to ensure that new state agency rules
don’t impose an unreasonable burden.
Lower taxes and less burdensome regulations promote needed job growth,
but we also need to provide a trained and skilled workforce to fill
those jobs and offer Ohioans real career opportunities. To bridge the
widening gap between needed skills and employee qualifications, we're
working in tandem with higher education institutions and Ohio
businesses to help orient education and skills training toward
in-demand professions. In order to help students receive career
training without crushing debt, we called on our state colleges and
universities to reduce student costs by at least five percent. They
have gone above and beyond by reducing the cost burden for students by
an average of nearly 12 percent. Higher education affordability
is a key ingredient in developing a workforce that's prepared to
address the unique challenges of the 21st century.
We keep in mind that fiscal sustainability is the foundation of every
measure we pass to promote growth. To position our children and
grandchildren for success in the future, we must act in the present to
balance our checkbook. Last month, we passed legislation to repay a
federal loan so that the federal employment tax rate on businesses
wouldn’t double overnight. As a result, Ohio businesses saved half a
billion dollars this year, and the state saved more than 25 million
dollars in interest payments. These savings can be used to hire,
expand and reinvest in our people and our economy.
The steps we’ve taken to revitalize Ohio’s economy have created a
business climate that is earning the attention of executives around the
country. A recent annual survey of more than 500 CEOs placed Ohio
second in the Midwest for a favorable business climate. According to
the Ohio State University Fisher College of Business, Ohio CEOs report
that they're producing greater profits and hiring more employees than
their peers in other states.
Clearly, something is going very right in the state of Ohio. Students
no longer need to look outside their own communities for a job when
they graduate. Businesses are expanding, not downsizing. Our
economic transformation is gaining national recognition.
Here in the Senate, we’re confident that the formula for economic
growth is simple and achievable. Ohio is proof that lower taxes, fewer
burdensome regulations, a well-educated workforce and a balanced
checkbook make the difference between a state that's thriving and a
state that’s simply surviving. Together we've made extraordinary
progress in making Ohio the best state in the country to live and work,
but we're only just beginning. Yes, Ohio is doing better, but better is
still not good enough. The best is yet to come.
Senator Faber represents Ohio’s 12th Senate District, which encompasses
all of Allen, Champaign, Mercer, and Shelby counties as well as
portions of Auglaize, Darke, and Logan counties. He currently serves as
President of the Ohio Senate. Learn more at www.OhioSenate.gov/Faber.
|
|
|
|
