Congressman Pete King

Economy

Long Island is going through very difficult economic times. Our biggest priorities should be job creation and economic recovery. Unfortunately, the President’s tax and spend policies continue to have the opposite effect. Since the $787 billion stimulus legislation (H.R. 1) was signed into law in 2009, more than 4 million jobs have been lost. Our deficit is at a record $1.5 trillion and unemployment continues to hover near 10%. The healthcare reform legislation, which was recently enacted, will cause even more jobs to be lost.

We need policies which will reduce the deficit and put people back to work. We need legislation that provides tax cuts for middle class families and small businesses, restores the stagnant housing market, encourages banks to lend, and spends responsibly in job-creating industries like infrastructure creation and improvements. It makes absolutely no sense to raise taxes during a recession when we should be trying to provide incentives and create jobs. I am aware of the impact the current policies are having on Long Island’s economy, and will continue my fight for tax relief and oppose unnecessary spending.

For the month of April 2010 the National Unemployment Rate has risen to 9.9%.