Jobs & Economy
Jobs & Economy I am extremely worried about the high unemployment rate in our district and across our great country. While there are some indicators showing that we are through the worst of the economic downturn, we still have a long way to go. And more important, people without a job don’t care what the Gross Domestic Product is or what numbers speculators on Wall Street are able to create. Helping hard-working Americans find good jobs is my number one priority. I am working with my colleagues to help turn our economy around and put people back to work – plain and simple. For longer term job creation, I believe we must invest in infrastructure and transportation projects. By investing in infrastructure, we not only create good jobs, but we’ll also be strengthening the future of our country – one project at a time. I fully support investment in the Army Corps of Engineers. The Corps has a construction backlog of $61 billion. I have previously led efforts in Congress to secure funding for the Corps of Engineers, and I will continue those efforts in order to spur additional job creation. During this Congress, I’ve introduced legislation focused on promoting job growth here at home. My Solar Manufacturing Jobs Creation Act would provide tax credits to solar panel manufacturers. Solar energy creates more jobs per megawatt of energy than any other source of energy, but only 5 percent of solar products are produced within the United States. This bill would add incentives for companies to produce these products domestically and create steady manufacturing jobs. In addition to creating jobs, initiatives like these will reduce our reliance on foreign oil. I’ve also written a bill that would increase the categories of tax-exempt private activity bonds for renewable energy to create clean energy projects, helping to create new green jobs. Recently, Congress has crafted some legislation that would help create jobs and provide immediate help to those families who are struggling to get by in this tough economy. · The Hiring Incentives to Restore Employment (HIRE) Act was signed into law on March 18, 2010. This legislation will help spur job creation and make immediate investments in infrastructure, and is fully paid for. It includes a new payroll tax exemption to provide employers with incentives to hire and retain new employees, gives employers a bonus payment for keeping newly hired employees for over one year, and extends Recovery Act provisions that help small business make the investments they need to grow and hire more workers. The HIRE Act also extended highway and transit programs through the end of the year. · On March 24, the House of Representatives passed the Small Business and Infrastructure Jobs Tax Act. This bill provides much-needed tax relief to small businesses, which employ over half of all U.S. workers. It also included a provision I authored to encourage investment in small businesses. The Small Business and Infrastructure Jobs Tax Act extends bond programs that allow State and local governments to invest in infrastructure programs and create more jobs. Lastly, this important legislation extends the TANF Emergency Fund which 35 states, including California, use to encourage employers to hire unemployed workers. The Fund is already on track to put over 160,000 Americans back to work. · The House of Representatives passed a package of tax provisions that will help small businesses and families. The Tax Extenders Act of 2009 will provide approximately $31 billion in tax relief, by extending existing provisions that were scheduled to expire at the end of 2009 for one additional year (through 2010). · Congress has also extended unemployment to help folks out while they get back on their feet and keep our economy afloat. The current extension runs through the end of November. · Last year, Congress passed the American Recovery and Reinvestment Act into law; it contained a number of tax provisions to assist the middle class and stimulate the economy. Recently, CBO estimated that the Recovery Act raised GDP by up to 4.5 percent, cut the unemployment rate by up to 1.8 percentage points, and created or saved up to 3.3 million American jobs Obviously, we cannot solve this problem in a day, nor can we solve it simply by passing laws here in Washington. We need to restore confidence in our economy, so that businesses can start hiring again and people can get back to work. Congress can help in many ways, such as by making sure that banks and credit unions lend to small businesses. I’ll continue to do all I can to support good policies that will turn our economy around, and put people back to work as quickly as possible. Related Documents:
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Congressman Mike Thompson announces award for rural assistance organization
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