Economy

Over the last eight years, our country ran up huge budget deficits and an unprecedented national debt, while failing to appropriately invest in areas that will lead to growth and prosperity for all Americans.  The result was that people's real incomes declined, our broken health care system drained billions of dollars from families, businesses and government alike, and we made no real progress towards energy independence.

Now our economy is experiencing the most significant recession in decades.  At meetings and events throughout the district, I have heard the tremendous hardships this current economic crisis has had on families throughout our region.  Many have lost jobs, their home, or retirement savings.   Americans have seen the value of their single biggest source of personal wealth, their homes, decline dramatically, which has had devastating consequences for the health of our economy. 

Some of the hardest hit communities in Massachusetts are here in the Fifth District.  As foreclosures rise, the prices of nearby homes plummet leaving even the most responsible homeowners with significantly less financial stability than they had just two years ago.  This loss in wealth, and its real and psychological toll on purchasing power, has been exacerbated by high unemployment numbers. 

Our cities and towns are struggling to balance their budgets and are bracing for further painful cuts.  Businesses big and small are finding it difficult to raise capital, invest and create jobs.  The economic crisis demands bold action.  To put our economy back on the road towards stability and growth, I voted for an economic recovery package that is one of the most sweeping in our nation’s history.  This package is not only stimulative; it is transformative, putting our economy on the path towards new energy development and greater competitiveness in the 21st century. 

My service on the House Budget Committee has allowed me to play a role in crafting the annual budget resolution which is an essential step in addressing our national debt, reorienting our priorities, and making the economy more productive.  The budget passed by Congress this year sets the stage for investments in clean and renewable sources of energy so that we can stop sending energy dollars overseas and instead uses technology produced in the United States to fuel cars and heat homes.  Such investments will lead to millions of new green jobs, including many in the Fifth District, which is home to many green technology companies.

The budget also supports the President’s goals for healthcare reform and education by providing a framework to begin to address lowering costs, improving quality, and expanding coverage and ensures that our citizens receive the quality education necessary to be competitive in an increasingly knowledge-based global economy.