Economic Growth

There is no greater challenge facing families and businesses today than our nation’s struggling economy.   “Jump-starting” the economy must be Congress’ top priority.  Americans are asking for help and we had a responsibility to pass an economic stimulus package that is effective, efficient, and timely. Unfortunately, the stimulus package singed into law bears a price tag exceeding one trillion dollars (if you include debt service) and is ineffective, inefficient, and absolutely not an intelligent way to use taxpayers’ dollars.

Though this legislation was largely depicted as a transportation and infrastructure “investment” package, the fact is that only $46 billion (a mere six percent) of the spending is directed toward the “shovel ready” road and highway projects that would immediately create jobs.

At the same time, the bill requires all construction projects in the $819 billion bill to pay prevailing union wages, which will effectively shut out non-union construction firms and cost the taxpayers approximately $17 billion.

According to the nonpartisan Congressional Budget Office (CBO), less than half of the funding in H.R. 1 will actually be spent in the next two years!  At that rate, an economic recovery would probably outrun this government spending!

Rep. Frelinghuysen believes providing tax relief for New Jersey families and businesses must be a key part of effort to stimulate the economy.  Frelinghuysen has worked to make the 2001 and 2003 Congressional tax cuts permanent.  Should Congress fail to make these cuts permanent, Americans will see the largest tax increase in our history.  This would be especially damaging for families trying to recover from this economic recession.

In the House of Representatives, Rep. Frelinghuysen works to:

• Keep taxes low on families and businesses.
• Continue tax credits and deductions to help New Jersey families afford child care, college tuition, and home ownership while supporting charitable giving.
• Make greater investment in renewable technologies: Energy independence means keeping more money at home and economic stability.
• Open new markets to international trade. New Jersey exported over $30 billion of products to other nations in 2007.  In order to expand, New Jersey businesses must have access to new opportunities.