We all count on a thriving economy for the good jobs we need to provide for our families and to reach for the American dream. 

While our country is still generally prosperous, our wealth has become increasingly concentrated at the very top of the income ladder.  The richest 1% of Americans now holds 40% of the entire wealth of the nation-a situation not seen since the Titanic sailed during the Gilded Age, which preceded the Great Depression.  The President has actually worsened the situation by giving tax breaks to investors, to multi-millionaires and to multi-national corporations.  A July 2008 Government Accountability Office report concluded that more than two-thirds of corporations (including foreign-owned corporations that operate in the US) do not pay any federal income or corporate taxes at all.

There are other signs of trouble ahead.  In 1999, the US government had a balanced budget and a projected surplus of over $5 trillion over a ten-year period.  Today, we face an estimated $3 trillion deficit over the same period.  Much of the shortfall is due to the astronomical cost of the wars in Iraq and Afghanistan-a billion dollars every other day-and to the massive tax cuts that the Bush administration gave to the wealthiest Americans.  We now borrow billions from foreign countries like Communist China, whose stranglehold on our economy presents a serious security threat.

The American middle-class is shrinking.  Many well-paying manufacturing jobs have been shipped overseas, particularly in New England, which has suffered the highest manufacturing job losses in the nation.  For most families, it is now essential for both the husband and wife to work in order to sustain a middle-class lifestyle.  The job market is more turbulent and people often move from job to job-at the risk of losing their health insurance.  More and more employers offer less health insurance or none at all. A college education has become essential to success in our society, but many families can't afford the cost.  This may be the first generation of Americans that didn't do better than their parents.  With all these changes, many Americans-even those relatively well-off-suffer chronic economic insecurity.

I believe that we need to approach these challenges from two directions-both by stimulating economic growth and by giving individuals a chance to share in the nation's prosperity.  We need a business-friendly environment, but we also need a family-friendly environment.  New Hampshire has attracted many high-tech companies that offer well-paying jobs.  These companies, along with thousands of small businesses, are the engines of our state economy.  We must continue to provide an attractive business climate, both in New Hampshire and across the nation.  We need to reinvigorate our middle-class.

Millions of Americans count on the minimum wage to support their families.  I was an original cosponsor of the Increasing the Minimum Wage Act (HR 2), which gave American workers the first and long overdue, minimum-wage increase in over ten years. According to the US Census Bureau, the poverty rate has been rising year after year since 2000.  I believe that no American should have to work full-time and still live in poverty.  On May 25, 2007, the increase in the minimum wage became law and on July 24, 2007, rose 70 cents to $5.85 an hour.  Over the next two years, the rate will increase to $7.25 an hour.

To make sure that businesses are not adversely affected by the rise in the minimum wage, we voted to increase the amount small businesses can expense each year so they can make the investments they need to grow.  The legislation also has a provision to allow a husband and wife who jointly own a business to both get credit for paying Social Security and Medicare taxes-fixing a quirk in the tax law that unfairly penalizes small businesses. Small businesses are an important part of our economy and of the fabric of our society.  I am dedicated to making sure that they are able to thrive.

We also need to be fiscally responsible.  One of the first things the new Congress did was to institute a pay-as-you-go (PAYGO) system for government spending.  This means that if Congress wants to spend money, it must find an offset so there is zero net effect on the budget.  If Congress wants to cut taxes, it must also find an offset.  Opponents of good government can no longer criticize worthy programs because they may raise taxes-because PAYGO prevents it.  PAYGO is the key to budget discipline, and I am happy to support it.

In order for nation to continue to be prosperous, we need to invest in the education of our workforce.  I was pleased to vote for the America COMPETES Act (H.R. 2272), which was signed into law on August 9, 2007.  It establishes funding for math and science education, for research and development, for energy independence, and for our small businesses.  The bill authorizes scholarship funds for 25,000 teachers in math, science and engineering.  We will need this talent if we are to prepare our children to compete in the global economy.  The legislation also supports the business community through increased investment in the Manufacturing Extension Partnership and the new Technology Innovation Program, which focus on aiding small and medium-sized businesses and encouraging high-risk, high-reward, technology development.

We have a bright future ahead of us-if we reverse some of the troubling trends of the recent years, like the bloated national debt, "reverse Robin Hood" tax policies, and a failure to train our workforce or to invest in our business infrastructure.  I am committed to bringing about the changes necessary to lead our children to a bright future.