Ed on Jobs and the Economy

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Ed comes from an entrepreneurial family.

As a teenager, he worked in his family’s small business, where they manufactured lifesaving
communications equipment for first responders. While teaching high school science, Ed
started his own small business doing home improvements. Through his experiences,
Ed has seen what small business owners deal with during these tough economic times –
the rising cost of health care and difficulties for even the most established business in securing loans.

Ed knows that in order to get America’s edge back, we need to help small
businesses create jobs and grow our economy.

Creating Jobs now

Ed supports legislation to help small businesses put people back to work.
Legislation should invest in areas of the workforce that are expanding and that
help strengthen local communities.

  • Improve access to small business loans.
    Ed will ensure small businesses have access to the loans they need to
    start up, enhance, or expand and create good jobs in our communities.
  • Accelerated Tax Relief for Capital Equipment and Improvements.
    For many small businesses the slow economy is making a capital improvement
    (like an upgrade on computer systems or a new oven at a restaurant) out of reach
    because the tax deduction is applied over decades.  Ed supports making the tax
    deduction available immediately so that businesses can make purchases that
    stimulate the economy and put people back to work manufacturing and installing
    those capital improvements.
  • Promote Research and Development.
    In Congress Ed will expand the small business research innovation program to
    create good jobs, stimulate innovative businesses and cutting edge research,
    and expand new industries.
  • Tax Cuts for the Middle Class.
    Ed will make the tax cuts for the middle classes permanent. America’s middle
    class needs these tax cuts and Ed understands the middle class tax cuts will directly
    improve the economy, because our middle class will pump the money back into our
    local businesses and communities.
  • End Tax Breaks for Companies that Ship Jobs Overseas.
    In Congress Ed will end tax breaks and subsidies for companies that ship jobs
    overseas and leave Americans out of work.
  • Reward Companies for Creating and Keeping Jobs Here.
    Ed supports tax credits for companies small, medium and large that create new jobs
    here in the U.S. It is crucial to get the people of New Jersey back to work today and
    it will help reduce our budget deficit in long-run because for every percentage point by
    which we reduce unemployment, $200 billion is reduced from our deficit.

 

Helping Local Industries Grow

New Jersey is fortunate to have industries experiencing growth amidst the current economic climate.
Ed knows that if government provides these emerging industries and companies with the economic
and business-friendly climate they need to succeed, we will create more high-wage,
high-value jobs here in New Jersey.

  • Make the R&D Tax Credit Permanent.
    Ed's top priority in Congress will be making the research and development tax credit
    permanent so innovative companies in our District can engage in the high-risk high-reward
    research that made the U.S. the leader in the global economy. Providing these tax credits
    allows the companies to hire the research and support staff they need within our communities,
    rather than moving overseas.


The Garden State is “America’s Medicine Cabinet” because of our close proximity to financial markets,
highly skilled workers and desirable communities in which to raise families. Part of what makes
New Jersey
so attractive to biotech and pharmaceutical companies is our universities, which not
only produce high-skilled employees but are also recognized as high-tech research hubs throughout the world.

  • Expand and Enhance Public-Private Partnerships.
    Ed supports improving access to public-private partnerships to give them access to equipment,
    laboratories and research within Federal agencies so that they can advance research: particularly in
    the 7th district where pharmaceutical and biotechnology companies are working on life saving medical
    devices and therapies to cure diseases like heart disease, diabetes, Alzheimer's, and cancer.

Financial Regulation

The last piece in ensuring our economy stays on the right track is to reform our financial markets that lead
to our current economic climate.  The greed of the financial industry led our economy into the gutter and Ed
is committed to making sure we take steps to avoid any future financial collapses.

Ed knows that if we want to create more jobs and make our economy grow, we have to make sure
the rules are fair for everyone invested in the market.

Ed supports financial reform.  It established the Consumer Financial Protection Bureau, which will allow
consumers to have an advocate on their side to keep close watch on risks in the financial industry and keep
our families and businesses informed on risks within the system.  Additionally, a better process for selecting
and assigning credit rating agencies would go a long way in eliminating conflicts of interest and promoting transparency.  

Most importantly, Ed knows that serious consideration should be placed on the amount of risk large banks can
take on in their proprietary trading of investments.  Limiting the amount of assets that can be engaged in reckless
speculative ventures will protect the savings and assets New Jersey residents have invested in our financial systems.



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