WASHINGTON–The National Retail Federation has told Republican Party leaders in the U.S. House of Representatives that the U.S. Congress must pass legislation to encourage job creation.
Matt Shay, NRF’s president and chief executive officer, was among executives from a number of business associations who met with John Boehner, R-Ohio and the House minority leader, in a forum on job creation at the U.S. Capitol. Among the statements Shay delivered at the meeting were that job creation is the House’s number-one issue, and that “the road to recovery clearly leads through retail” because U.S. retailers employ one out of five American workers and because consumer spending accounts for two-thirds of the gross domestic product. “Without increased employment and better access to credit,” Shay said, “it will be next to impossible to sustain a meaningful economic recovery.”
Shay also expressed NRF’s opposition to a value-added tax or other consumption taxes, ideas that have received the support of Erskine Bowles, co-chairman of President Obama’s deficit-reduction commission. Shay said that because of its “negative impact on consumer spending,” establishing a VAT or other tax on consumption is “the wrong message to consumers and investors and businesses.”