Jobs

Arizona needs a Senator who will bring more of Arizona’s tax dollars back to Arizona. For all the tax money we pay into the system, Arizona gets $15 per resident in federal projects, while the average is $45 because John McCain refuses to ask for our dollars to come home. This isn’t just about spending for spending’s sake; Arizona’s infrastructure does not fit our state’s needs and the investment needed to keep up with the population growth during John McCain’s tenure in Congress.

Rodney’s plan would establish a $100 billion infrastructure bank to provide financing for badly needed projects. The bank would subsidize and lend money for roads, water mains, bridges and clean-energy transportation projects. This bank would pull the politics out of major infrastructure spending so states represented by powerful committee chairs do not get unfair preference over states with more legitimate needs. Those states represented by politicians like John McCain–who don’t believe in infrastructure spending–will get their fair share of funding to create new jobs. These investments would begin to get Arizonans back to work.

If we taxed Wall Street bonuses like we tax regular income, it could help pay for:

- A $5,000 tax credit for each new employee hired by small business. This was is in the jobs bill that was dashed by Republican obstructionism. Businesses with 20 employees or less need an incentive to hire more people and this tax credit will do that. Businesses could collect this quarterly, so they wouldn’t have to wait until the end of the year to see the payoff.

- One-year rebates on small business payroll and unemployment taxes for new employees. The payroll tax rebate was part of the jobs bill that Congress has been considering. I would expand it to include employment insurance paid by employers. We can make new hires a bargain for employers.

- Making permanent the Solar Investment and R & D tax credits. Both these tax credits are set to expire in the immediate or near future. This makes it impossible for businesses to plan for the long term, and a new employee is a long-term investment. We must establish with certainty that these incentives provide for the kind of cutting-edge development our economy needs to remain strong through the 21st century.

- Credit Restoration. We can’t let the Great Recession perpetuate. But that’s what is happening now. Lending has slowed because federal regulators are cracking down on lending to firms with less-than-ideal credit ratings. Businesses with a previously strong record of responsibility but that took a hit because of the recession, yet somehow managed to survive without a bailout, should have access to credit if they are in a position now to pay back the loans. I would sponsor legislation to allow banks to lend to these businesses without fear of federal regulators, who should be focused on overseeing the kind of loan schemes that led to the crisis.

Facts:

Arizona’s unemployment rate is 9.7 percent.
The state has lost 287,100 jobs since the Bush Recession began, according to the U.S. Department of Labor.
According to the Arizona Republic, 90 of the state’s 100 largest employers cut or froze jobs.
The U.S. is spending only 40 percent of what is needed to keep up with its surface infrastructure needs.
Small business lending fell to $670 billion in the first quarter of 2010, down from $710 billion in the second quarter in 2008.