Economy
Inflation is a global challenge, with countries seeing elevated levels of inflation over the past year. The pandemic changed how our economy works. As your representative in Congress, I am working on short –and –long-term solutions to address the global challenges of rising costs as a result of inflation and focusing on repairing our supply chain to reduce impacts at home. That is why we passed the Inflation Reduction Act which will lower kitchen table costs for Americans and slash the deficit by $300 billion, all while ensuring the ultra-wealthy and billionaires pay their fair share. No one making under $400,000 and small businesses will pay a penny more in taxes
Since Congressional Democrats and President Biden took office we have created over 10 million jobs nationwide and the unemployment rate has dropped from 6.4% to 3.5%, near the lowest rate in 50 years, all thanks to the American Rescue Plan. We’re seeing the best economy for American workers in decades, with people getting higher wages, better benefits, and better jobs across the board.
Through laws like the American Rescue Plan and the Bipartisan Infrastructure Law, Democrats have unleashed record job creation. We have created 660,000 manufacturing jobs and with the CHIPS and Science Act, we are investing in the first new memory chip manufacturing plant in America in 20 years. While we have more work to do. I am continuing to work in Congress to tackle inflation, lower costs for Americans, and strengthen our American economy.
Boosting Job Growth in our District: As of August 2022, 25,300 jobs have been created in CA-16 since President Biden came into office and 1,628,300 jobs have been created statewide. Investments from the Infrastructure Investment and Jobs Act, Inflation Reduction Act, and CHIPS and Science Act will support continued job growth in clean and secure energy, construction, and manufacturing, among other sectors.
Bringing Back Manufacturing Jobs: As of August 2022, 800 manufacturing jobs have been created in CA-16 since President Biden came into office and 55,600 have been created statewide.
Creating Good-Paying Clean Energy Jobs: In 2021, 29,000 workers in CA-16 were employed in clean energy and emerging sectors of the economy, and an additional 31,000 worked in occupations that will be increasingly in demand as the United States transitions to cleaner, more secure energy. The Inflation Reduction Act will support more clean energy jobs and expand workforce training for these industries in CA-16 and around the country.
Expanding Job Training: Advocated and secured a $65.1 million American Rescue Plan “Build Back Better Regional Challenge” grant for the Fresno-Merced Future of Food Innovation (F3) Coalition led by the Central Valley Community Foundation, to drive agriculture innovation and boost our regional economy. Costa also secured a $23 million American Rescue Plan "Good Jobs Challenge" grant for the Fresno County Economic Development Corporation (EDC) to develop and spur the Central Valley's economy and create new, good-paying jobs in industries of high demand. Combined, Costa secured a total of $88 million in federal funding to boost its regional workforce and economy.
Supporting Business Growth: In total, 6,200 applications to start a new business were filed in CA-16 in 2021, up from an average of 3,500 per year pre-pandemic. There were 518,000 business applications filed in California up from an average of 334,500 per year before the pandemic.
Closing the Wage Gap: Passed the Paycheck Fairness Act, which strengthens and closes loopholes in the 1963 Equal Pay Act, in an effort to close the gap between women’s and men’s wages. Currently, full-time working women still earn just 82 cents, on average, for every dollar a man earns.
Reducing the Deficit: Passed the Inflation Reduction Act, which will make a historic down payment on deficit reduction of $300 billion to fight inflation.
To learn more about what I am doing to lower costs for you and your families, click here.
More on Economy
WASHINGTON – Congressman Jim Costa (CA-16), a senior member of the House Agriculture Committee and Chair of the Subcommittee on Livestock and Foreign Agriculture, introduced
OAKLAND, Calif. – U.S. Representatives Jim Costa (CA-16), Barbara Lee (CA-13), Mike Thompson (CA-05), and John Garamendi (CA-03), along with Chair of the Federal Maritime Commission (FMC) Chair Daniel B. Maffei held a roundtable discussion with industry leaders in agriculture, logistics, and trade. The purpose of this roundtable was to discuss supply chain issues in the international shipping industry and the impacts on American businesses and consumers.
FRESNO, Calif. - Congressman Jim Costa (CA-16) released the following statement after the Organization of the Petroleum Exporting Countries (OPEC) announced that they would cut oil production by 2 million barrels a day from its production quotas beginning in November.
WASHINGTON – Congressman Jim Costa (CA-16) released the following statement after he voted to pass the Continuing Appropriations and Ukraine Supplemental Appropriations Act of 2023 to keep the government open, fund vital public programs, and support Ukraine amidst Putin’s unprovoked war.
Fresno State opened in 1911 as what was then called Fresno State Normal School. Today it is officially called California State University, Fresno.
Regardless of the name, there is no question of the huge role the university has had over its 111-year-history in the educational advancement of the San Joaquin Valley.
Fresno, Calif. - Fresno Chaffee Zoo partnered with Fresno Housing for the first-ever "We Care Wednesdays." Together, the organizations will give away 8,000 tickets to under-resourced children and families in rural communities throughout Fresno County.
On Thursday, May 26, the Zoo held a press conference to announce We Care Wednesdays. In attendance were officials from the greater Fresno area and Congressman, Jim Costa.
WASHINGTON – Congressman Jim Costa announced California received 520,000 new business applications in 2021 – 219,000 of which are for businesses that are likely to hire new employees, according to
WASHINGTON, DC – Today, U.S. Senators Rob Portman (R-OH), Ranking Member of the Senate Homeland Security and Governmental Affairs Committee, and Tom Carper (D-DE), Chairman of the Senate Environment and Public Works Committee, and U.S.