Issue Position: Economy

Issue Position

Issue Position: Economy

America is facing the worst economic crisis since the Great Depression. We have lost millions of jobs since this recession began in 2007, and weekly unemployment claims in New Hampshire have tripled in the last two years. Home values and retirement savings have steadily declined, and more and more families are losing their homes to foreclosure, which hurts even the most responsible homeowner through decreased property values. But Americans always have united to meet great challenges, and Senator Shaheen knows that we will do so once more.

Senator Shaheen believes that the best way to get our economy back on track is by putting the middle class first again, creating jobs, and enacting a plan for a balanced budget and long-term financial responsibility. The economic crisis was created over many years, and it won't be solved overnight. Senator Shaheen is committed to working with her colleagues on both sides of the aisle to create policies that will put middle class families first and help turn our economy around.

Investing in Transportation and Infrastructure to Create Jobs

Upgrading and repairing New Hampshire's infrastructure will both create jobs today and lay the foundation for economic growth for tomorrow. New Hampshire has received approximately $130 million for critical repairs and development of its road and bridges and $13.2 million for investments in mass transit under the American Recovery and Reinvestment Act. New Hampshire was one of the fastest states to get these projects up and running, which put people to work right away. In addition, Shaheen supported critical investments in intercity rail, highway infrastructure, and airport modernization. Dependable transportation infrastructure is essential for a modern, 21st century economy, and these projects will create jobs, connect communities, and stimulate economic development in New Hampshire.

Tax Relief for Middle Class Families

Senator Shaheen believes we need to lower taxes for families and small businesses and end tax breaks for special interests. She voted to provide a refundable tax credit of up to $400 for working individuals and $800 for working families; increase the college tuition tax credit; triple the energy efficiency tax credit for homeowners; temporarily suspend the federal income tax for Americans collecting unemployment on the first $2,400 of unemployment and extend the first-time homebuyer tax credit. Senator Shaheen also co-sponsored comprehensive legislation to stop offshore tax haven and tax shelter abuses that are costing American taxpayers an estimated $100 billion a year.

Housing

The housing market led us into the recession, and it will play a key role in leading us out of these difficult economic times. To get the real estate market back on track, Senator Shaheen believes we must boost home sales and encourage homeownership. That's why she twice led an effort to extend and expand the first-time homebuyer tax credit. This important tax credit has helped thousands of families purchase their first home, and in turn has helped boost the housing market and begin to turn our economy around.

Senator Shaheen also helped provide our state and local governments the funds they need to ensure that affordable housing is available to New Hampshire families during these difficult economic times and to mitigate the effects of foreclosures. She fought to make sure that New Hampshire received its fair share of Recovery Act funding to build more affordable housing, and advocated for the Recovery Act to allow New Hampshire to trade in unused low-income housing tax credits for cash to develop affordable housing programs. She also voted to expand a Neighborhood Stabilization Program to provide New Hampshire with $19.6 million to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight in our communities. Senator Shaheen also supported increased funding for crucial programs like Community Development Block Grant, which will help local communities address housing problems and fund economic development projects.

Exporting

Today 95 percent of the world's consumers live outside the United States, yet the vast majority of American businesses do not export their products or services and less than one percent of small businesses export. Increasing exports is an effective way to spur growth, encourage investment, and create jobs in New Hampshire. Senator Shaheen has been a leader in helping New Hampshire businesses sell their products and services to international markets and find new and expanded markets. She was the first New Hampshire Governor to lead a trade delegation outside of North America.

In the Senate, Shaheen is a cosponsor of legislation to strengthen Small Business Administration programs that assist small business exporting. As the chairman of the Senate Foreign Relations Subcommittee on European Affairs, she convened a hearing to explore how to enhance trade with Europe. She is also the cosponsor of legislation to reauthorize and strengthen the Overseas Private Investment Corporation, which helps U.S. businesses invest overseas and promotes economic development in new and emerging markets.

Wall Street Reform

For too long the interests of Wall Street have been put before the needs of middle class families. Lax regulation and the culture of greed on Wall Street led to the financial meltdown that sent this country into a deep recession. Senator Shaheen supports strong regulatory reform that will restore accountability and oversight to our financial markets.

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