The American economy is growing again. As we look to the future, we must turn this growth into new and better jobs for American workers. No issue will be more imperative in 2010—Congress must create economic conditions that foster business growth, promote job creation and ultimately eliminate our federal deficit.

My economic development plan is based on this central tenet: that creating jobs for hard-working middle class Americans is the best way to get our nation back on track. To accomplish this, Congress must work to stabilize our economy, reduce unemployment and change the fundamental conditions of our financial system that led to this economic collapse. That is why my plan focuses on job creation, erasing the deficit, adapting to a changing economy, and increasing accountability for Wall Street firms and big banks.

One of the key components of my economic plan is a tax credit for capital investment. This credit would apply to small businesses and large manufacturers to encourage them to make investments in facilities, equipment, machinery and other upgrades by allowing a tax write-off for these capital investments. The American economy needs this injection of capital immediately to spur business development and job growth. A tax credit will motivate business owners to act now, not wait until the economy seems more promising.

 

While reacting to the economic downturn, Congress must be mindful of the costs of any legislation it adopts. Tax credits for businesses that make recent hires can lead to waste and fraud, giving money to businesses for temporary hires or employees that would have been hired anyway. Such a tax credit would need to be stringently monitored and regulated to prevent abuse.  A tax credit for capital investment, in comparison, is specifically designed to be the most efficient use of taxpayers’ money, encouraging business growth and new jobs without those opportunities for gaming the system.

 

American small business creates 7 out of every 10 new jobs and we need to make it easier for them to actually grow and expand their operations rather simply artificially incentivizing them to make short-lived new hires. Although we will never erase the deficit without a healthy and vibrant economy, the government must make sure it always uses the most economical and effective option. Capital investment write-offs create real demand up and down the supply chain from manufacturer to distributor to retailer and so on and in doing so also create a genuine need for new employees rather than a short-term incentive to hire them.

Working toward a prosperous economic future must include restoring confidence in our nation’s economy. Congress needs to make it clear that we have a national plan to erase the deficit and stabilize Social Security and Medicare. Partisan gridlock in Washington is delaying the development of this plan.  We need an independent fiscal commission to present a plan to Congress with clear goals, timelines and action items responsible both to our nation’s long-term fiscal health and the short-term needs of our people.

 

Senate obstructionists have temporarily stopped this plan, but President Obama is rightly moving forward through executive order. This bipartisan commission is a common-sense way to begin dealing with unsustainable deficit levels. Congress should show they are serious about deficit reduction and support this commission so that our children and grandchildren aren’t saddled with today’s debts.  

 

We have a responsibility to our children and our grandchildren to reduce our nation’s debt and restore discipline to our budget process.  Reducing the deficit is too important for partisan politics – it is an American obligation and it requires immediate action.  That is why the creation of a bipartisan commission is the best way to get serious about deficit reduction and fiscal responsibility.

Now is a critical time for our nation’s economy. As we look to the future, I want to make sure that the American workforce is prepared for the 21st century. We must prepare for new economic growth opportunities and invest in education and training for our people. A workforce trained for 21st century jobs in sectors like information technology, manufacturing, and clean energy will attract business owners and make America more competitive in the global marketplace.

 

Investments in transportation infrastructure are a positive tool for economic growth, but the government should not rely only on traditional road and bridge maintenance projects to supply jobs. These projects provide jobs quickly but they are not enough to produce long-term economic progress. An injection of capital for a real transformation of our transportation infrastructure would go a long way to promote business growth and economic prosperity. 

 

I have already introduced legislation on the state level that would create a regional airport authority, helping to streamline air traffic and ensuring optimal usage of all local airports. The authority would work with other organizations to coordinate air, road, and rail traffic throughout the region to reduce congestion. Together with the construction of a new high-speed rail network, these developments could modernize our transportation infrastructure, create jobs and increase opportunity for economic growth. Dramatic structural improvements like these will go a long way to making Pennsylvania and America globally competitive.

 

Our strained local and state government budgets can no longer shoulder 75% of the burden of infrastructure investment. Creating an avenue for the use of private capital to fund worthy projects would greatly increase the capacity for new projects to get underway. I am calling for Congress to create a National Infrastructure Bank, an organization that would be government-owned, run by experts from private industries, and serve the public interest. It would lend out private investments to fund infrastructure development after a merit-based evaluation.

 

American infrastructure is ailing. Much of the physical structure was built back in the 1880s and designed to last only 50-100 years. Investing in infrastructure is never more important that at a time of economic insecurity, as strong infrastructure is fundamental for economic growth. The National Infrastructure Bank would go a long way to modernizing our nation’s transportation, water, energy, and technological networks, creating a foundation for long-term economic prosperity in the United States.

Preparing for our economic future means looking ahead to clean, safe energy production that can happen within the United States. As the country strives for energy independence, we must take full advantage of the economic opportunities this generates. Transforming the domestic energy market into one dominated by clean, safe energy is not only an imperative for the health of our children and grandchildren, it is an unprecedented opportunity to protect and create American jobs that can never be exported.

 

As a state legislator I have sponsored a Clean Energy Summit to promote awareness and development of these new economic opportunities and introduced legislation to use revenue from the extraction of Marcellus Shale to fund “green zones”, tax-free zones for the renewable energy sector and manufacturers of energy efficient products.

 

At a time of economic uncertainty and increased danger of climate change, we must leverage the inventiveness of American industry to meet the challenges our nation faces. Given the right incentives, American businesses will be able to create new, forward-thinking jobs in companies designed for 21st century needs. Bringing clean energy jobs in the United States will help our country achieve energy independence, reducing the national security risks that come from dependence on foreign nations for oil while stimulating the national economy. Congress must pass a bipartisan energy bill that includes incentives for renewable energy.

Surviving the recent economic collapse has made us all realize how important economic security is to every American. We must change the conditions that led to this economic crisis; our nation needs greater accountability for Wall Street and big banks. Their unchecked greed and bad practices were a principal cause of the financial collapse, and as a former prosecutor, I know that those who do wrong must be held responsible for their actions and stopped from future misdeeds. That is why I firmly support the creation of a Consumer Financial Protection Agency, an organization that would be solely devoted to protecting the American people and preventing predatory and economically irresponsible practices like subprime mortgages and payday loans. 

 

Legislation that would create a CFPA has already passed the House, and it now awaits action from the Senate. I will be a vocal and consistent advocate for this agency until the Senate has passed this bill and the President has signed it. A Consumer Financial Protection Agency would defend the interests of middle-class America and make the government work for the people, replacing flawed regulatory agencies beholden to the big banks and credit card companies they are supposed to restrict. The House of Representatives has stood up for the people in passing this legislation, and I will continue to hold the Senate accountable for what the people want.

 

Another part of our financial system that desperately needs reform is the credit rating system. This is a deeply flawed area dominated by a few large ratings agencies reliant on the financial firms whose products they are meant to objectively rate. Leading up to the near-collapse of the financial system, ratings agencies were giving AAA ratings to increasingly risky financial products, lending credibility to investments that were in fact toxic. We cannot let this happen again. We need to reform the way rating agencies operate and rate financial products to ensure investors have a clear picture of where they are putting their money.

 

As the economy begins to stabilize and big banks again post large quarterly profits, we must also take action to recoup the money that taxpayers invested in these institutions. Congress has passed legislation requiring banks who received money in the bailout to pay a fee, and this money should build a fund that would give money directly back to Main Street.  It was the taxpayers who bailed the banks out and now that the banks have recovered, the people should see the benefit of their investment.

If elected to Congress, I will be a tireless advocate for everyday Americans, standing up for the needs of the middle class and fighting against corporate special interests trying to purchase influence. Our government must do more to give working Americans greater opportunities to succeed, and I believe that by focusing on job creation, working to erase the deficit, adapting to a changing economy, and holding Wall Street accountable we can put government back on the side of the people and get our country growing again.