Building a Sound Recovery Through Job Creation

While our nation is actively recovering from the greatest economic downturn since the Great Depression, Delawareans, and all Americans are still struggling to make ends meet and feel the effects of recovery measures at home. Despite renewed economic growth at the national level, Delawareans continue to face daily challenges of lay-offs, bankruptcy claims, and threats of foreclosure. Delaware still sees between 500 and 600 foreclosures each month, and our state’s unemployment has remained stagnant. 

The most important thing we can do to get our economy back on track and help Delawareans feel our recovery is to take concrete steps to get Americans back to work. To do this, it is critical that we encourage businesses to invest in themselves, creating avenues for growth and innovation that provide incentives for job growth. We must also work to promote consumer financial health, investments in infrastructure and education, and greater protections for American business and innovation in the global arena.

Chris’ economic recovery priorities include:

• Promoting innovation by investing in research and development. An important concrete step we can take right now is making the research and development tax credit permanent. Additionally, Congress should pass legislation creating a manufacturing tax credit tied to research and development here in order to incentivize the building of new manufacturing capacity that results from new discoveries.
• Encouraging business growth with a Repatriation Tax Holiday. It is important in our current economic climate that we incent businesses to invest in new operations that will create American jobs. One way to achieve this goal is through a tax holiday on earnings of American businesses from international operations. If we temporarily allow these earnings to more freely enter our domestic markets, businesses will have greater flexibility to expand operations that will result in job growth.
• Helping to keep families in their homes and prevent unnecessary foreclosures. Each month Delaware sees 500-600 new foreclosures. It is important that we work to help families stay in their homes and prevent foreclosures that stem from unawareness of other options. This can be achieved by increasing access to and awareness of mortgage modification programs and facilitating educational programs that help families manage their finances and understand lending principles.
• Preserving unemployment insurance for those still looking for work. Emergency unemployment insurance has been an important lifeline during our economic downturn. This emergency funding has allowed the many Delawareans faced with lay-offs to continue to actively seek employment while providing a backbone of support to help keep food on the table, meet mortgage and rent payments, and pay utility bills. Until there is a more noticeable recovery at the local level, it is critical that we continue to champion efforts to maintain this support system. 
• Increasing funding for high-speed rail development, especially in the Northeast Corridor. Amtrak’s Northeast Corridor has long been a critical artery of commerce for Delaware. Nearly every day the Senate is in session, Chris commutes by train to Washington alongside many other Delawareans who are regular riders. He knows how important rail access is to our state, not just passenger rail, but freight rail too. Developing a dedicated high-speed rail network in this country will reduce transit times, improve access, and lower freight congestion. Investments in advanced high-speed rail will also help create a new commercial corridor, as businesses move to take advantage of new transportation opportunities. Strategically positioned within hours of many major U.S. cities, Wilmington, Delaware is perfectly positioned to gain these new business investments and job opportunities.
• Helping local governments invest in public infrastructure to attract new businesses. An important step we can take is the extension of the Build America Bonds program to help local governments invest in public infrastructure. Building new roads, pipes, and electrical connections can help draw manufacturing firms and bring new skilled jobs. 
• Investing in STEM Education to help train high-skilled workers needed for our 21st Century economy. Science, technology, engineering, and mathematics – or “STEM” – fields are critical to preparing students for skilled manufacturing jobs and 21st century competitiveness. We need to continue making investments in an educated workforce from the earliest levels of schooling. At a time when American students are falling behind their counterparts from Asia and Europe on international standardized testing, Congress must be proactive in ensuring that educators have the resources they need to graduate students who are well-prepared to be tomorrow’s innovators and entrepreneurs 
• Implementing of patent reforms that promote innovation and make American goods more competitive globally. Chris strongly supports efforts to make patent filings more efficient and to give the Patent and Trademark Office the resources it needs to process applications more quickly. The ability to patent new technologies is central to continued American global competitiveness and high-tech job growth.
• Taking a tougher stand on enforcing trade agreements. We must do more to increase exports and help more of our businesses – especially small businesses – compete overseas. It is important that the Office of the U.S. Trade Representative strongly enforce trade rules, and Congress should support programs to help businesses learn about new export opportunities.
• Protecting American intellectual property abroad. Just as we need to take steps to expedite patent approvals, we must also ensure that those patents are recognized and respected internationally. As a member of the Senate Judiciary and Foreign Relations Committees, Chris will press for greater international protections for American intellectual property.