En Español

More NH Resources

New Hampshire News

Gregg and the Stimulus Vote
Posted by Jaime Contois (jcontois) on Jun 02 2009 at 7:40 PM
NH News >>

With the announcement that Senator Gregg has chosen not to vote on the economic recovery bill before the US Senate, New Hampshire and the nation may be losing a key vote for the economic recovery plan.  Senator Gregg is still our Senator and has the responsibility to represent the people of NH and our best interests, particularly in this time of economic crisis. 

 

As Senator Gregg takes on the new role as Secretary of Commerce for the Obama Administration, he should let his last vote demonstrate his commitment to New Hampshire’s working families.

 

At a recent forum in Keene about the impact of the current economic crisis, many stories were shared of growing anxiety, rising unemployment, vanishing retirement savings, and increased demand for basic services like healthcare and heating oil.  These issues are particularly difficult for both young workers just starting out and seniors on fixed incomes.

 

With over 1,350 individuals unemployed in Cheshire County and 33,830 unemployed statewide, we are seeing more of our family members and neighbors receiving pink slips each week.  This does not include people seeking work or those who can only find part-time work.  Meanwhile, the number of N.H. homes foreclosed has jumped from 300 in 2006 to 4,000 in 2008.  Because eighty percent of rental apartments require two wage earners, we can expect the ranks of the homeless to rise as job losses mount.

 

What can be done to address rising unemployment and its impact on our state?  To begin, Congress must pass Obama’s economic recovery package, which would invest in jobs for infrastructure, renewable energy, upgrading and weatherizing homes and buildings to help stabilize our state’s economy.  Expanding unemployment insurance will keep money moving in the local economy.  In Cheshire County alone the ranks of the unemployed are made up of 106 construction workers, 103 office workers, 106 production workers, 58 cashiers, 59 management positions and so many more of the hardworking men and women in our community that have rent to pay and dinner to put on the table.

 

The recovery plan will create or save 3 million to 4 million jobs in the next two years by providing funding for key wastewater and drinking water projects, investing in much needed road and bridge repairs, affordable health insurance and green jobs that double our clean energy production.

 

This initial stimulus will provide aid to the state of New Hampshire, just at the moment when local cuts are taking place in counties, cities and schools. The economic recovery plan will provide much needed funds to our communities. 

 

The economic recovery plan needs to be passed and followed by additional legislation to ensure its success. A step in the right direction is closing down the casino of speculative investment through both regulation and targeted taxation.  The Obama administration should bring careful oversight to the banking sector and the unregulated finance system of hedge funds, derivatives, and other exotic betting instruments.  We want to build on the diversified, healthy and real economy that we have in Cheshire County rather than spending more money to shore up the failed Wall Street gamblers.

 

At the federal level, the assumption seems to be that the funding for these programs will come from additional federal borrowing. Congress needs to change course and develop a “pay as we go” plan that makes Wall Street pay.  The lion’s share of the funding should come from the high-finance gamblers and CEOs who have so profited from lax oversight.  A modest securities transaction tax and an increased capital gains tax would raise the cost of unproductive speculative investments –and generate revenue in order to pay for these investments.

 

Senator Gregg may no longer be in the U.S. Senate when these additional items are discussed, but right now, he is. He can be a key vote in the United States Senate at a time when every vote counts.

 

Many members of Senator Gregg’s party are objecting to relative minor provisions of the bill.  But they have no alternative other than to wait and do nothing.  Like President Herbert Hoover in 1929, they are willing to conduct an experiment in how much additional economic stress working families can handle. 

 

Senator Gregg made a commitment to represent New Hampshire, and so long as he has that honor, he should do everything he can to pass the economic recovery plan and put New Hampshire, and the country, back to work.

 

Jaime Contois  is the NH Organizer  of Working Families Win (www.workingfamilieswin.org).  She is working for an economy of shared prosperity and to ensure health care for all.  She lives in Keene.

 

Back