My most important priority in Congress is to ensure that the residents New York's Capitol Region have jobs and economic security. We are in the midst of the worst economic situation since the Great Depression. When I took office, the American economy was losing close to 700,000 jobs every month. This February, I supported the passage of the American Recovery and Reinvestment act, which has curbed the job loss, created new jobs, and ensured that hundreds of thousands of teachers, police officers and firefighters can stay in their jobs.
Our economy has returned to economic growth, but employment has historically lagged behind economic growth. Because millions of Americans are still out of work, I support further efforts to spur immediate job creation through further investments specifically targeted at job creation and through targeted tax cuts specifically designed to encourage small businesses to hire more workers.
In addition to addressing the immediate employment picture, we must also lay the foundation for future economic growth by moving toward an innovation economy. Over the last 20 years, our economy has run on a cycle of booms and busts, driven by speculation and wall street excess. We must return to the roots of American economic strength if we are going to ensure that we will pass a better standard of living to our children. I believe our economic strength has its roots in innovation, and we must work hard to ensure the growth of an innovation economy to drive our future prosperity.