Representative Robert E. Andrews
New Jersey — First Congressional District
In the News

 
FOR IMMEDIATE RELEASE
Date: October 14, 2003
 

REP. ANDREWS: JOB CREATION, NOT TAX CUTS

KEY TO ECONOMIC GROWTH

CAMDEN, NJ — In an effort to help revitalize South Jersey's economy by attracting new employers to create more jobs, Congressman Rob Andrews (D-Haddon Heights) today, visited the Camden County One Stop Career Center to unveil a new regional website, South Jersey Works. (www.ettc.net/wib/) The new site will provide workforce and economic development related information about the seven southern counties of New Jersey to assist small business owners, economic developers and planners, individuals interested in writing business plans or opening a business and real estate lawyers with access to economic development information about southern New Jersey. Rep. Andrews first conceptualized this idea in 1999 and has been working through the New Jersey Department of Labor and the Educational Technology Training Center (ETTC) of Richard Stockton College to implement this new site to help market South Jersey to potential employers as well as to provide the region's existing employers important information relevant to South jersey's labor force.

"Job creation for our region is one of my top goals as a governmental leader in South Jersey. We have a lot to offer potential employers but we need an effective way to tell our story," said Andrews. "This new website provides employers and investors the critical demographic data they need to convince them that South jersey is the right place to locate their business."

The South Jersey Works website is designed to be capable of providing an exchange of important information between the targeted public and the five Workforce Investment Boards located throughout the southern part of the state. The Atlantic Cape May Workforce Investment Board has been awarded a grant from the State Education and Training Commission (SETC) via the New Jersey Department of Labor and Workforce Development to develop a regional website called South Jersey Works. The website's development is a cooperative effort between the Atlantic Cape May Workforce Investment Board, WIB counterparts in Southern New Jersey and the Educational Technology Training Center (ETTC) of Richard Stockton College.

Rep. Andrews next traveled to L-3 Communications in Camden to congratulate the company on the 100,000th Secure Terminal Equipment (STE) sold. This new technology is the next generation of secure voice and data equipment for advanced digital communications networks, such as Integrated Services Digital Network (ISDN). The STE allows troops in the field to communicate with commanders securely in real time. L-3's Camden facility employs 1,000 workers, and the phone is the largest product line there. Since 1999, Rep. Andrews has actively worked to support funding for work on the STE in the federal defense budget.

"As a result of the ongoing war against terror, the defense sector is one of the bright spots in our economy," said Andrews. "This is a win-win for our country because companies like L-3 are providing South Jersey residents stable employment while at the same time helping our troops to fight terror safely and effectively."

Despite best efforts to work locally to improve the economy, Rep. Andrews pointed out that the economy is headed in the wrong direction on the national level. Rep. Andrews also met with the employees of Credit Bureau Associates in Cherry Hill, New Jersey where he discussed the need to repeal the Bush tax cut to balance to federal budget and spur economic growth.

"The President's plan to revitalize our Nation's economy through a massive tax cut scheme paid for through record deficit spending has failed miserably," said Andrews. We have gone from a $5 trillion surplus to a $5 trillion deficit. 1.7 more million people are in poverty in the last year. The median household income has dropped 1.1 percent. All of this and the fact that the economy has lost over 3 million jobs since President Bush took office is proof that his economic policies are not working."

The Congressman explained how massive deficit spending is an impediment to economic growth because investors in the financial markets draw three conclusions. First, there will be less capital for business and job expansion in the dynamic private sector as a result of this burdensome weight at the top of the economy. Second, demand for capital will be greater, so the price of capital (interest rates) will eventually begin to go up. Finally, less money will be available for Social Security, since the government is covering this deficit, in large part, by borrowing from the Social Security Trust Fund. This likely will result in massive federal borrowing over the next few decades, exacerbating the problems of capital scarcity and high long-term interest rates.

"History has shown us that deficit spending means fewer jobs, lower earnings, falling stock prices, shakier pensions and a tremendous financial burden passed onto our children," said Andrews. "We need to repeal this tax cut now."

 

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