Mike Thompson United States Congressman - First District of California
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Thompson: Best Stimulus is Capital Project Investment

October 29, 2008

WASHINGTON--- Today at a hearing of the Committee on Ways and Means, Congressman Mike Thompson (D-CA) insisted that any additional economic stimulus package should include significant investment in infrastructure.  By focusing on projects that are ready to begin construction immediately, the American economy would receive an immediate boost, the country’s crumbling infrastructure would receive much-needed improvements, and these projects would serve the needs of America for decades.

“Investing in infrastructure is one of the best ways to create and sustain good paying jobs,” said Congressman Thompson.  “Every dollar we invest in infrastructure gives our economy a 59% return.  Putting people to work fixing our aging roads and bridges and shoring up our levies will also build the foundation for future economic expansion.”

According to the Federal Highway Administration, $1 billion in infrastructure funding generates $1.3 billion of employment income, and supports over 36,000 jobs.  There are projects across the 1st Congressional District that would be eligible for this economic stimulus funding.  

“These projects are more than just job creators, they are also vitally important to our safety and security,” said Congressman Thompson.  “For example, if the levies in the Sacramento Delta were to break, towns would be underwater and 60% of Californians would be without drinking water.  Investing in infrastructure just makes sense.”

Congressman Thompson also advocated for changes to retirement plan rules requiring seniors to withdraw a certain amount from their portfolio.  In a letter to Chairman Charlie Rangel (D-NY), Congressman Thompson argued that due to the dire economic conditions, the current rules governing the disbursement of retirement plans will force seniors to liquidate part of their retirement plans at depressed values, and also require them to sell off an unfair percentage of their accounts.

“At this time of economic uncertainly, we should not jeopardize the future retirement security of America’s seniors by forcing them to sell more stock than necessary,” said Congressman Thompson.  “We need to protect our seniors by temporarily lifting the rules that force unwilling seniors to sell a certain percentage of their accounts.”