Economic growth and job creation are Rep. Eshoo's number one goals. As a member of the Democratic Jobs Working Group, Rep. Eshoo works with Members of Congress, constituents, and businesses in the 14th Congressional District to enact effective legislation to meet these goals.
Among these efforts, Rep. Eshoo supported, wrote sections of, and voted for the American Recovery and Reinvestment Act, which economists agree played a large part in preventing a Depression. The Recovery Act helped initiate economic recovery, creating an estimated 2.5 million jobs as of March 2010, with another one million expected through the rest of 2010.
Because of the Recovery Act and other efforts, the hemorrhaging of jobs has ceased and job gains are now occurring for the first time since 2007. After losing jobs for a year and a half, Silicon Valley has made steady gains since November 2009. In March 2010, America gained 162,000 jobs--17,000 of which were manufacturing jobs, historically an indicator of economic recovery. While we are on the right path, it will take time to achieve the strong and sustained job growth needed for a full recovery.
American Recovery and Reinvestment Act
Rep. Eshoo helped craft the American Recovery and Reinvestment Act (ARRA) to jumpstart the economy and prevent a deepening of the recession into a full-scale depression. The Recovery Act continues to create and save jobs, accounting for an estimated 256,000 jobs in California in 2009 alone, with half of ARRA funds remaining to be invested. The non-partisan Congressional Budget Office (CBO) estimates that the Recovery Act has created or saved about 2.5 million jobs overall, and is on track to support 3.5 million by the end of 2010.
In 2009, the Recovery Act:
* Invested nearly $700 million for approximately 400 projects in the 14th Congressional District, including:
o More than $38 million for improvements and repair of public transit
o $25 million for energy efficiency projects
o $3.5 million for the Pell Grant Program in Foothill-DeAnza, West Valley-Mission, and the San Mateo County Community College Districts
* Cut taxes for 95 percent of working families--the largest middle-class tax-cut in history--through the Making Work Pay Tax Credit, providing $37 billion in tax relief across the country, including 186,000 families in the 14th Congressional District
* Made loans to nearly 40,000 small businesses through the Recovery Act, providing them with over $18 billion in much-needed capital
* Funded over 11,500 transportation construction projects nationwide, ranging from highway construction to airport improvement projects, with more than 7,800 already underway
* Started more than 2,700 construction and improvement projects at over 350 military facilities nationwide
* Made multi-billion dollar investments in innovation, science and technology that are laying the foundation for a 21st century economy
* Provided critical relief for state governments facing record budget shortfalls, including:
o $55 billion to help prevent cuts to Medicaid programs across the country
o Nearly $60 billion in funding for education--a move, according to state governors, already responsible for creating and saving over 300,000 education jobs. It is also the single largest amount of money ever spent on K-12 education in the history of the country.
Jobs for Main Street Act
The Jobs for Main Street Act builds on the success of ARRA and provides an additional $75 billion in stimulus funds to targeted programs. The legislation will create and save jobs with investments in infrastructure, public service jobs, small business, job training and affordable housing--some of the key drivers of economic growth. The bill also allocates $79 billion in emergency relief to extend unemployment and health benefits for those out of work. The non-emergency investments ($75 billion) are fully paid for by redirecting Trouble Assets Relief Program (TARP) funds from Wall Street to Main Street. This bill was passed by the House on December 16, 2009.
Other Job Creation Measures
The Hiring Incentives to Restore Employment (HIRE) Act provides tax credits and exemptions to help Americans get back to work. These were included in the House-passed Jobs for Main Street Act. The bill includes a tax credit to businesses that hire new employees, an exemption from Social Security payroll taxes for employees hired in 2010 that have been unemployed for 60 days or longer, and invests in infrastructure by expanding the Highway Trust Fund and the Build America Bonds program. This legislation was passed by the House on March 14, 2010.
The Disaster Relief and Summer Jobs Act provides $5.1 billion in disaster aid to help communities rebuild their homes, infrastructure and local economies, and future protection from environmental disasters. It also provides funding to expand the Summer Jobs for Youth Program and continues assistance to small businesses. This was passed by the House on March 24, 2010.
Rep. Eshoo is an original cosponsor of the Local Jobs for America Act, which will save or create over one million jobs by immediately funding full-time, full-year jobs in community non-profits and local government.