Each day passes with more disturbing news about the financial markets and the economy. We’re now bracing for a severe recession – or worse. The national, and now global, slowdown is dramatically affecting our pocketbooks. I know households are really feeling the pinch. Out in the neighborhoods every day I’m meeting many people who have been laid off, students just graduating who cannot find jobs and older adults having to come out of retirement.
I believe the Legislature can do a lot to improve the state economy and to help workers and homeowners hurt by this economic crisis. Washington’s economy, with the nation’s third-highest growth rate, is comparably strong but we’re still destined for some very challenging times. Back in the Legislature I intend to continue my work supporting education and providing more opportunities for good jobs.
Supporting Commerce and Entrepreneurship
In the current crisis Washington businesses have already suffered, including the nation’s largest bank failure with Washington Mutual and a commercial credit market frozen for small and large businesses alike. This is a time perhaps unlike any other.
As we move forward we need to continue supporting our cornerstone industries such as aerospace, agriculture and timber. We should keep our focus on infrastructure projects that spur economic development and on tax breaks and employee training for those companies with good-paying jobs.
Just as important is the small business community, the main engine of job creation and innovation. We need to keep our small business owners successful and encourage entrepreneurship. Measures I support include:
- the continuation of small business tax incentives
- enhancing our loan and grant programs to provide capital access and development assistance
- maintaining our national lead in research and development in “green technologies” and continuing to forge ahead in that market