Kirsten Gillibrand United States Senator for New York

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Economy

Economy

"Creating jobs in New York is my number one priority."  -Kirsten Gillibrand, U.S. Senator

From the day she was first elected to Congress, Senator Gillibrand has made economic development and job creation her highest priority.  In Congress she proposed a comprehensive plan to bring good-paying jobs to her congressional district and succeeded by helping bring new high tech jobs to a part of the state that badly needed it.  She will bring this same hard-working approach to the U.S. Senate.

Senator Gillibrand is working hand in hand with President Obama and his Administration to fix America's economy and create jobs in New York.  She was proud to support President Obama's economic recovery plan to create jobs through immediate investments in infrastructure and long term investments in education, renewable energy, and health care technology.

Recovery And Reinvestment In New York 

Senator Gillibrand voted in February for The American Recovery and Reinvestment Act, which is estimated to save or create more than 215,000 jobs in New York State alone.  The Recovery Act includes $27.5 billion to improve roads and bridges - nearly $1.1 billion of which will go to New York.

These federal dollars will allow work to be completed on projects including repairing defects on the elevated structure of the Rockaway Branch line, replacing the Route 31F bridge over Irondequoit Creek in Monroe County, and helping New York City purchase a fleet of clean fuel vehicles. 

The economic recovery plan will also lay the foundation for future economic growth by building new transportation infrastructure, improving health care technology, investing in development of renewable energy and supporting our education system.  In total New York will receive more than $24 billion for infrastructure improvements, education, health care, renewable energy, and more.

VIEW Senator Gillibrand's Economic Recovery Guidebook for New York

Getting New York Its Fair Share of Federal Dollars

Senator Gillibrand will work hard to make sure New York gets its fair share of federal dollars.  Currently, New York only receives 79 cents back from the Treasury for each dollar in taxes sent to Washington, D.C.  By bringing back more federal dollars we can create good-paying jobs in New York State.

The best way to bring this money back is to help New York businesses secure federal contracts and grants.  Senator Gillibrand will continue her work from the House by holding forums to give businesses and community organizations the information, tools, and support needed to apply and win more federal dollars.

New York City's Financial Sector -- Restore Oversight and Accountability of Financial Markets

No other state will feel the effects of the recent economic collapse more acutely than New York or have more at stake in the successful rebuilding.  New York's financial sector is responsible for 20 percent of the state's revenues and hundreds of thousands of jobs in New York.  The future well-being of New York City is dependent on the recovery of the financial sector.  Senator Gillibrand will work to restore the world's confidence in America's financial industry by bringing back sensible accountability to preserve New York's financial center.  Rebuilding New York as the world's financial capital is one of the most important challenges facing New York's economy. 

The financial community does not just affect those working directly for those firms, but serves as the underpinning for the city's economy.  Senator Gillibrand's career as a securities attorney allowed her to see first-hand the enormous importance of the financial services industry.  Even a quick review of the statistics reminds us in very real terms what most New Yorkers already understand.

  • For every one financial job, there are three created in other sectors.
  • Financial workers earn an average of five times more than workers in other sectors.
  • Jobs in New York City's finance, insurance and real estate sectors account for one-third of personal income earned in the city.

Senator Gillibrand will continue to work with the Obama Administration to restore solvency to our nation's banks, while providing appropriate protections for taxpayers and much-needed accountability.

Additionally, Senator Gillibrand will work together with the President to improve and enhance efforts to address the housing crisis - which has always been at the root of the financial meltdown - and keep families in their homes.

Strengthen Core Infrastructure

Senator Gillibrand will continue to work with the Obama Administration to strengthen our nation's core infrastructure from vital transportation systems to critical water and wastewater systems. 

Senator Gillibrand's number one focus with respect to transportation funding will be to ensure that New York receives its share of federal investment in improving our roads, bridges, freight and passenger rail, and our vital public transit systems. 

The numbers are truly staggering.  For instance, New York City and its suburbs are home to nearly one in every three Americans that use mass transit as well as two-thirds of the nation's rail riders. 

While 90% of Americans commute to work via automobile, nearly two-thirds of those who commute to the city from surrounding areas use mass transit.

President Obama has made investments in the nation's public transportation systems a priority.  As a Member of the Senate Environment & Public Works Committee, Senator Gillibrand is working to improve our nation's surface transportation system and bring vital federal investments to New York.

America must invest more in mass transit, and more of the mass transit dollars should be directed to New York.  One project that is at the top of the Senator's priority list is the development of high speed passenger rail on the Empire Corridor that runs across New York State.  The development of high-speed passenger rail will create an economic development engine in Upstate New York for decades.

President Obama has included $5 billion dollars in his budget over the next five years towards development of high speed rail corridors across the country.  Senator Gillibrand is working with Congresswoman Louise Slaughter, Senator Chuck Schumer, and others to make sure New York secures the funds it needs to move forward on the development of this important project.   

Helping New York's Small Businesses Succeed

Senator Gillibrand believes that the best way to create new, high-paying jobs is to encourage existing businesses to expand and new businesses to locate in New York.

Senator Gillibrand realizes that small businesses are New York's biggest economic driver.  By cutting taxes and reducing the overhead burden, New York businesses will create more jobs and other businesses will relocate to the state.

To promote efficiency and innovation among small businesses in New York, she will work to restore the dramatic cuts that have been made at the Small Business Administration during the Bush Administration and work with business organizations throughout New York State to secure those funds through competitive grants.

As Senator Gillibrand travels the state, the number one problem she hears about from business owners is the high cost of providing health insurance.  The smallest businesses can no longer provide any coverage and many struggle to provide just the most basic insurance.  The self-employed face the worst burden as individual insurance can easily cost more than $1000/month for an individual.  This is a problem that must be addressed not only for businesses, but for the 2.5 million New Yorkers currently living without insurance.

By addressing America's health care crisis small businesses from Rochester to Rockville Centre will be able to hire more employees and reinvest in their companies.

Addressing the Housing Crisis in New York State

New York has been hit hard by the nation's housing crisis.  In parts of the state like Rochester, Queens and Long Island, close to 1 in 1,000 homes have been foreclosed on, and thousands more are at risk of foreclosure.  The downward spiral in the housing market has also crippled our financial sector, leaving small businesses without access to credit and forcing established companies to lay off workers or close their doors.

Reducing foreclosures and keeping families in their homes is at the heart of Senator Gillibrand's agenda.

Senator Gillibrand is a strong supporter of President Obama's plan to help families stay in their home by offering incentives to borrowers and lenders to make their mortgage affordable.  By sharing the cost of writing-down borrowers debt, the government can help families who can no longer pay their mortgage because of the recession.

Foreclosure also endangers tenants when the property they are renting is foreclosed on.  Senator Gillibrand is committed to sensible reforms to protect tenants so that they are not forced out of their homes because of their landlord's foreclosure.  As a former attorney in the Department of Housing and Urban Development, Senator Gillibrand knows just how important these protections are.

New York has one of the most expensive housing markets in the nation, and finding a home they can afford can be a challenge for families.  Senator Gillibrand is committed to increasing support for programs to create affordable housing available to New York families by pushing for a national affordable housing trust fund.  Additionally, close to half a million New Yorkers live in public housing, but the federal government currently fails to fully fund and repair these projects, leaving many in horrific disrepair.  Senator Gillibrand will fight to increase the government's investments in public housing so that the thousands of New Yorkers who depend on it are not left out in the cold.

Creating Green Jobs In New York

Senator Gillibrand has spent her Congressional career working to harness New York's energy technology, agricultural and manufacturing potential to create new jobs for the new energy economy.

New York is blessed with fertile soils to support cellulosic biofuel feedstocks, organic agriculture, and the raw materials for value-added products such as compostable plant-based plastics and bio-based materials. 

New York has the potential to be a significant producer of clean, alternative energy from wind, solar, hydropower, geothermal, and waste-to-energy systems.  New York's top-notch engineering programs, research institutions and high tech businesses make the state uniquely positioned to transfer manufacturing know-how into creating the energy efficient technologies and products needed to address our current energy challenges.  

As a Member of the Green Jobs and the New Economy Subcommittee, Senator Gillibrand is advancing policies that will help New York take advantage of the alternative energy revolution - growing green jobs and creating long-term economic opportunities for decades.