Jobs and the Economy
Keeping Hawaii on a path to recovery and prosperity
The country continues to recover from the most severe economic crisis since the Great Depression. While financial markets have recovered and financial institutions have regained profitability, ordinary Americans - including workers, homeowners, business owners, and the unemployed - are still confronted with difficult challenges. In Hawaii, many individuals still face employment uncertainty, feel the burden of accumulating debt, and are struggling to provide for themselves and their families. For these reasons and more, Senator Akaka's number one priority is to provide economic relief to the people of Hawaii and across the country by restoring economic stability and growth.
Priorities
Senator Akaka continues to advocate for initiatives that will create jobs and promote economic growth. The Senator believes that this can be done through greater investment in education, energy independence, and infrastructure.
Senator Akaka has been a longtime advocate of education in science, technology, engineering, and math (STEM), as well as foreign language education. He is constantly working to secure additional funding in these areas, not only to create more jobs in these fields, but also to better prepare our students to be more competitive in the global job market. A stronger education sector helps the United States to become a frontrunner for research and innovation and will be another area in which employment opportunities can be created and maintained.
While the U.S. has abundant sources of renewable energy, we unfortunately rely mostly on imported fossil fuels, especially in Hawaii. We are sending money overseas when we could be supporting local green jobs. The solution is self-sufficiency through clean energy and energy efficiency. As we make investments in this sector, new jobs will be created, and it will promote economic prosperity, national security, and environmental protection, as well as an interest in higher education in this area.
The Senator also supports new investment in infrastructure development, which can increase demand for workers in construction, manufacturing, and the many other sectors that these industries affect. Jobs created by infrastructure improvement projects would provide new work opportunities to a portion of the job pool that is in great need of work.
Recent Accomplishments
Small Business Relief. Small businesses are an essential component of the Hawaiian economy. The state's 25,000 small businesses bring in over $2.9 billion in revenue and innovative products and services. Small enterprises are a major job creator in Hawaii, accounting for 96 percent of the state's employers and 56 percent of our private-sector employment. That's why Senator Akaka is fighting to ensure that small businesses, and the hard-working middle-class families who rely upon them, are able to get the support they need.
Senator Akaka co-sponsored legislation that would protect small businesses from costly new 1099 IRS tax form paperwork requirements, helping local and family-run businesses (S. 72). He has also cast votes in support of amendments that would repeal the expanded requirements.
In the past year, Senator Akaka has announced a $3 million grant to fund a small business incubator run by the state's Foreign Trade Zone in Honolulu Harbor, a step that will create more than 635 jobs while providing international business opportunities for local companies. The grant, provided by the U.S. Department of Commerce, will give local start-ups the space and support they need to compete and establish a presence in overseas markets.
Access to Credit. Senator Akaka supported the Small Business Jobs Act, which was signed into law in September 2010 (P.L. 111-240). The Act establishes a lending fund to help community banks make loans to small businesses, provides grants to encourage small business exports, ensures that small businesses receive their fair share of government contracts, and increases the availability of training and counseling for small business owners. The legislation also includes about $12 billion in tax relief for small business. As we work to restore confidence to markets and businesses, these initiatives will help to restart lending and invigorate business activity in Hawaii.
Tax Relief for Workers and Businesses. Recognizing the once-in-a-generation economic challenges facing the country, Senator Akaka voted in December 2010 to temporarily extend tax cuts that were enacted under President George W. Bush's administration. While he has always been a staunch supporter of fairness and the provision of tax relief to low- and moderate-income taxpayers, current economic conditions led him to support efforts to provide tax relief for all taxpayers. His support helped to provide greater tax certainty and maintain tax policy conducive to economic recovery and growth. Please visit Senator Akaka's tax issue page to learn more about Senator Akaka's views on tax policy.
The American Recovery and Reinvestment Act of 2009. In February 2009, Senator Akaka's support helped to enact the American Recovery and Reinvestment Act (ARRA, P.L. 111-5). This economic recovery act initiative emphasized the creation of new jobs in technology, transportation, environmental protection, and other infrastructure-related projects. As of January 2011, $787 billion was awarded nationally under ARRA. Hawaii was awarded $1.46 billion. ARRA is estimated to have created 585,654 new jobs nationwide and 4,330 new jobs in Hawaii.
Helping those hit hardest by the recession. Senator Akaka has been a strong supporter of the temporary unemployment program that was created in July 2008 to provide additional financial relief to jobless Americans. The Emergency Unemployment Compensation program (EUC08) provides up to 20 additional weeks of unemployment benefits to certain workers who have exhausted their regular unemployment compensation (UC) benefits. A second tier of benefits provides up to an additional 14 weeks of benefits. A third tier is available in states with a total unemployment rate of at least six percent and provides up to an additional 13 weeks of UC benefits. A fourth tier is available in states with a total unemployment rate of at least 8.5 percent and provides up to an additional six weeks of UC benefits. Prior to these actions, workers received between 26 and 30 weeks of UC.
As Americans struggled to recover from the economic crisis, Senator Akaka voted several times to extend this program, which individuals have come to rely on to support themselves and their families as they look for jobs. Most recently, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 was enacted to extend the temporary unemployment insurance program until January 3, 2012.
Additional Information
Information about the American Recovery and Reinvestment Act is available through the U.S. government's official ARRA website. Through the Recovery website, you can also track the distribution of ARRA resources in Hawaii. (http://www.recovery.gov/)
Additional information about ARRA activity in Hawaii is available through the state of Hawaii recovery website. (http://hawaii.gov/recovery/)
Unemployment insurance information is available through the Unemployment Insurance section of the U.S. Department of Labor website. (LINK)
"Our state is small and certainly unique, but the effects of the recession have been felt as hard here as anywhere else in the country. We need to put people and our economy back on sound footing. That starts with more jobs and by helping small businesses regain prosperity."
The country continues to recover from the most severe economic crisis since the Great Depression. While financial markets have recovered and financial institutions have regained profitability, ordinary Americans - including workers, homeowners, business owners, and the unemployed - are still confronted with difficult challenges. In Hawaii, many individuals still face employment uncertainty, feel the burden of accumulating debt, and are struggling to provide for themselves and their families. For these reasons and more, Senator Akaka's number one priority is to provide economic relief to the people of Hawaii and across the country by restoring economic stability and growth.
Priorities
Senator Akaka continues to advocate for initiatives that will create jobs and promote economic growth. The Senator believes that this can be done through greater investment in education, energy independence, and infrastructure.
Senator Akaka has been a longtime advocate of education in science, technology, engineering, and math (STEM), as well as foreign language education. He is constantly working to secure additional funding in these areas, not only to create more jobs in these fields, but also to better prepare our students to be more competitive in the global job market. A stronger education sector helps the United States to become a frontrunner for research and innovation and will be another area in which employment opportunities can be created and maintained.
While the U.S. has abundant sources of renewable energy, we unfortunately rely mostly on imported fossil fuels, especially in Hawaii. We are sending money overseas when we could be supporting local green jobs. The solution is self-sufficiency through clean energy and energy efficiency. As we make investments in this sector, new jobs will be created, and it will promote economic prosperity, national security, and environmental protection, as well as an interest in higher education in this area.
The Senator also supports new investment in infrastructure development, which can increase demand for workers in construction, manufacturing, and the many other sectors that these industries affect. Jobs created by infrastructure improvement projects would provide new work opportunities to a portion of the job pool that is in great need of work.
Recent Accomplishments
Small Business Relief. Small businesses are an essential component of the Hawaiian economy. The state's 25,000 small businesses bring in over $2.9 billion in revenue and innovative products and services. Small enterprises are a major job creator in Hawaii, accounting for 96 percent of the state's employers and 56 percent of our private-sector employment. That's why Senator Akaka is fighting to ensure that small businesses, and the hard-working middle-class families who rely upon them, are able to get the support they need.
Senator Akaka co-sponsored legislation that would protect small businesses from costly new 1099 IRS tax form paperwork requirements, helping local and family-run businesses (S. 72). He has also cast votes in support of amendments that would repeal the expanded requirements.
In the past year, Senator Akaka has announced a $3 million grant to fund a small business incubator run by the state's Foreign Trade Zone in Honolulu Harbor, a step that will create more than 635 jobs while providing international business opportunities for local companies. The grant, provided by the U.S. Department of Commerce, will give local start-ups the space and support they need to compete and establish a presence in overseas markets.
Access to Credit. Senator Akaka supported the Small Business Jobs Act, which was signed into law in September 2010 (P.L. 111-240). The Act establishes a lending fund to help community banks make loans to small businesses, provides grants to encourage small business exports, ensures that small businesses receive their fair share of government contracts, and increases the availability of training and counseling for small business owners. The legislation also includes about $12 billion in tax relief for small business. As we work to restore confidence to markets and businesses, these initiatives will help to restart lending and invigorate business activity in Hawaii.
Tax Relief for Workers and Businesses. Recognizing the once-in-a-generation economic challenges facing the country, Senator Akaka voted in December 2010 to temporarily extend tax cuts that were enacted under President George W. Bush's administration. While he has always been a staunch supporter of fairness and the provision of tax relief to low- and moderate-income taxpayers, current economic conditions led him to support efforts to provide tax relief for all taxpayers. His support helped to provide greater tax certainty and maintain tax policy conducive to economic recovery and growth. Please visit Senator Akaka's tax issue page to learn more about Senator Akaka's views on tax policy.
The American Recovery and Reinvestment Act of 2009. In February 2009, Senator Akaka's support helped to enact the American Recovery and Reinvestment Act (ARRA, P.L. 111-5). This economic recovery act initiative emphasized the creation of new jobs in technology, transportation, environmental protection, and other infrastructure-related projects. As of January 2011, $787 billion was awarded nationally under ARRA. Hawaii was awarded $1.46 billion. ARRA is estimated to have created 585,654 new jobs nationwide and 4,330 new jobs in Hawaii.
Helping those hit hardest by the recession. Senator Akaka has been a strong supporter of the temporary unemployment program that was created in July 2008 to provide additional financial relief to jobless Americans. The Emergency Unemployment Compensation program (EUC08) provides up to 20 additional weeks of unemployment benefits to certain workers who have exhausted their regular unemployment compensation (UC) benefits. A second tier of benefits provides up to an additional 14 weeks of benefits. A third tier is available in states with a total unemployment rate of at least six percent and provides up to an additional 13 weeks of UC benefits. A fourth tier is available in states with a total unemployment rate of at least 8.5 percent and provides up to an additional six weeks of UC benefits. Prior to these actions, workers received between 26 and 30 weeks of UC.
As Americans struggled to recover from the economic crisis, Senator Akaka voted several times to extend this program, which individuals have come to rely on to support themselves and their families as they look for jobs. Most recently, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 was enacted to extend the temporary unemployment insurance program until January 3, 2012.
Additional Information
Information about the American Recovery and Reinvestment Act is available through the U.S. government's official ARRA website. Through the Recovery website, you can also track the distribution of ARRA resources in Hawaii. (http://www.recovery.gov/)
Additional information about ARRA activity in Hawaii is available through the state of Hawaii recovery website. (http://hawaii.gov/recovery/)
Unemployment insurance information is available through the Unemployment Insurance section of the U.S. Department of Labor website. (LINK)
