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ask.heather@mail.house.gov
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In Washington DC
442 Cannon House
Office Building
Washington, DC
20515
202-225-6316 Phone
202-225-4975 Fax |
In Albuquerque
20 First Plaza NW
Suite 603
Albuquerque, NM
87102
505-346-6781 Phone
505-346-6723 Fax |  |
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Congresswoman Heather Wilson, First Congressional District of New Mexico
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| The Great American Jobs Machine |
April 17, 2006 |
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Dear Friends,
When I`m here in New Mexico, I usually spend time with businesses -- particularly small businesses -- to get a sense of how the economy is doing. No doubt about it. Things are going really well in every sector you touch in New Mexico.
I spent a little time at ScoJo`s on the corner of Wyoming Blvd. and Paseo del Norte. Scott King and Jo Creange started their own card and gift shop just when the Paseo Village opened in December 2001. It was a tough time to start a card and gift store, but they`ve made it work. A few minutes in the store can tell you why. It`s the kind of place you go for something different and special. Everything there reflects their taste. (And if you like cobalt blue glass as much as I do, you should drop by just to see their collection. It is really beautiful.)
Tax rates are a big issue for many small businesses because so many of them pay taxes at the top personal rate. In fact, a very large percentage of tax returns in that top bracket are small businesses. And 7 out of 10 new jobs are created in small business. For the last 34 months, small business has been the turbocharger in the great American jobs machine.
 In March, America created another 211,000 new jobs and the unemployment rate is down to 4.7 percent -- matching its lowest level in 5 years. The unemployment rate among Hispanics is at 5.5 percent, the lowest rate in at least a decade. Since May of 2003, U.S. businesses have created 5.3 million new jobs. There`s no trick here -- that`s net new jobs here in America.
And, in more good economic news, the Blue Chip Economic Indicators continue to predict solid 3.4 percent growth in gross domestic product and moderate inflation this year.
This growth in our economy and growth in productivity is showing up in people`s paychecks. Since at least February of 2004, wages have been rising at a slightly faster pace than core inflation, and the median wage has climbed to more than $600 a week for the first time ever.
Jobs are expanding, productivity is growing and there are real increases in take-home pay.
One of the most important things we can do to keep this great machine going is to make the tax relief we passed in 2001 and 2003 permanent. There are a lot of factors that impact the strength of our economy, but there is no real doubt among the serious people who watch these things that the tax relief we passed helped spur this jobs expansion by providing businesses more incentive to invest in equipment and technology. That equipment was built, sold, and serviced creating more jobs.
Government cannot create wealth, but it can create the conditions for small businesses and entrepeneurs to invest and create jobs.
When we get back to Washington, extending this tax relief is a top priority.
Good to be home,
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