In the ten months since I began my service in the Senate, Congress has spent tragically little of that time confronting our nation’s slow economic recovery. Every time a bill that would help create jobs came up — even ones that in previous years enjoyed widespread bipartisan support — it would be blocked. Too many opportunities to help middle-class Americans were sacrificed at the altar of partisan politics.
Those politics, which nearly shutdown our government in March and nearly caused our nation to default in July, must be put aside when Congress returns to Washington next week. We have a jobs crisis in America, and it is long past time Congress shows it’s engaged in solving it.
Over the last few weeks, I’ve visited dozens of employers and convened a series of roundtable discussions with Delawareans, since I believe the best ideas for propelling our economic recovery aren’t going to come from Washington, but from those on the front lines of the economy. The conversations have been enormously productive.
We don’t have a shortfall of good ideas, merely a lack of political will to turn those ideas into action. In fact, there are dozens of strong bills Congress can and should consider immediately to make an impact.
My legislative strategy for job creation focuses on six critical areas that join together progressive and conservative proposals and the voices of business owners and out-of-work Delawareans:
Invest in critical infrastructure projects
Investing in our infrastructure not only strengthens our long-term global competitiveness, but creates jobs for Americans looking for work. Congress should urgently pass the BUILD Act, which would create an infrastructure bank to jump-start public infrastructure projects, and should restore the Build America Bonds program, which has proven to reduce borrowing costs for cities, counties and states to build roads, bridges, and schools.
Reform our tax code and stabilize our nation’s debt
Ours is not a tax system that encourages job growth, and our staggering national debt makes it more important than ever to prioritize how our nation spends its tax dollars. We need a corporate tax code that lowers rates, closes loopholes and raises revenues by ensuring that all corporations pay their fair share and gives small businesses the opportunity to innovate and grow. Congress should consider my Job Creation Through Innovation Act, would incentivize American inventors to manufacture their products here in America. It would also make permanent the Research and Development Tax Credit and create a new Small Business Innovation Credit. Congress should also consider a raft of reforms to our nation’s tax system as part of a balanced approach to deficit reduction and debt stabilization.
Offer greater support for America’s small businesses
This spring, Congress failed to pass long-term reauthorizations of the Small Business Innovation Research and Small Business Technology Transfer programs, two programs that have enjoyed strong bipartisan support for decades. This summer, it failed to reauthorize the Economic Development Administration. All three are proven job-creators and should be reconsidered promptly.
Develop and protect the next generation of American technology and ingenuity
Our nation has the greatest wealth of talent in the world, and we need to do more to protect the ideas and innovations that have long-fueled American entrepreneurship. Protecting innovators and their hard work must be one of our highest priorities. Congress should pass the America Invents Act, PROTECT IP Act, and a series of smart bills that would support investments in clean energy development.
Increase certainty by reforming government regulation
Decades of compounded bureaucracy have created a business climate in need of significant regulatory reform. Congress should support President Obama’s plan to save businesses $10 billion over the next five years through targeted reforms, and should look for additional areas where streamlining regulations and simplifying reporting requirements can lead to savings without hurting consumer protections or the environment.
Strengthen America’s global trade position
We need to do more to assist businesses of all sizes in creating jobs through exports. Our trade agreements must do more than just open new markets — they must lower tariffs on American products and create a level playing field for American workers. Among other steps, Congress should consider and pass the Trade Enforcement Act, U.S.-Korea Free Trade Agreement, and an extension of the Trade Adjustment Assistance Program.
You can read more and weigh in on the specific proposals and bills I’m recommending in the updated version of my legislative strategy for job creation, which I released today and is on my website now at coons.senate.gov.