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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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| Jobs and the Economy |
December 04, 2001 |
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| Dear Friends,
700,000 Americans have lost their jobs since September 11th and America is in a recession. We need to do everything we can to make sure this dip is as shallow as possible and get back on the path to growth. And we need to help people through who have lost their jobs because of the slow down.
I try to look beyond the unemployment rates and the GDP growth numbers for the little things and talk to a lot of people to keep my finger on New Mexico`s pulse.
Consumer confidence fell for the fifth consecutive month in November. Consumer spending is two-thirds of the economy and the Christmas season is critical for retail business. I was glad to see so many people out and about shopping the day after Thanksgiving.
The auto dealers have used 0% interest to keep people buying and it has worked, but they don`t know how long it will last. And the high tech and telecommunications companies have been hammered. One Phillips executive I talked to is predicting it will be the last sector to get back to growth -- as late as the third quarter next year.
I`ve made some calls to friends in construction, heavy equipment and real estate businesses over the last week. They say things are still going well. The Big I and the Intel expansion are two huge projects with lots of jobs; they worry about what will happen when both of those are done. One real estate and office property businessman I talked to said, "In Albuquerque we seem to be doing a little better than other places. Here, our lows aren`t as low and our peaks aren`t as high."
ACCION New Mexico works with very small businesses, financing loans that are too high risk for banks. They tell us that business is off for their clients and some are having a difficult time.
And, of course, travel and tourism businesses have been hurt very hard by the September 11th attacks. Hotels, travel agents, airlines, and rental car companies have all been hit hard. The ski industry is praying for good snow. (So am I!)
Families are hurting.
The House passed an economic stimulus bill that has some good bits in it -- particularly the focus on encouraging investment and job creation in small business. It`s not perfect, but we moved forward. The Senate is stuck. I know Pete Domenici and some of the centrists in the Senate are trying to get things moving over there. We need to.
Every day the Senate delays is another tough day for an unemployed worker. It`s another day when our small business owners decide they can`t hold off and lay off workers. It`s another day of uncertainty and low confidence for New Mexico consumers who may buy less during the Christmas season.
We need to restore confidence and spur investment and new jobs. It`s time to act.
Wish you were here,
Heather |
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