Pallone Announces $50 Million to Boost Economic Growth in Low-Income New Jersey Communities

WASHINGTON, DC – Today, Congressman Frank Pallone, Jr. (NJ-06) announced a $50 million award for tax credits from the U.S. Treasury Department to New Jersey Community Capital, which is located in New Brunswick. The funds, which will be used by New Jersey Community Capital to award tax credits to investors in projects, are aimed at stimulating economic growth in low-income urban neighborhoods and rural communities. A significant priority and target for the tax credits will be areas impacted by Hurricane Sandy.

“Economic growth and increased job opportunities in low-income communities are some of the most important challenges we face and among my top priorities in Congress,” said Congressman Pallone. “I am glad to announce that New Jersey Community Capital in New Brunswick will receive this $50 million to spur investment and provide a tremendous boost to New Jersey communities that are in need of greater economic development.”

The grant comes as part of the New Markets Tax Credit Program from the Treasury’s Community Development Financial Institutions Fund. The program permits tax credits for investments in Community Development Entities, which in turn provide loans, investments, or financial counseling in low-income urban and rural communities. New Jersey Community Capital, which is located in Pallone’s district, is one of 76 organizations that received a grant with this round of the program, and the only awardee focusing solely on New Jersey. The Community Loan Fund of New Jersey, which is a part of New Jersey Community Capital, will award the tax credits.

The Big Picture: Strengthen Unions

from MoveOn.org

There is one solution to skyrocketing inequality that most of the TV talking heads love to ignore: Unions! It's no surprise.

Without unions, big companies like Walmart or Amazon can cut benefits, allow unsafe working conditions, slash wages, and pocket the massive profits.

More economic growth, higher wages, shared prosperity—all by strengthening unions. 50 or 60 years ago, it was considered obvious; today, folks are afraid to talk about it. That's what decades of right-wing propaganda will do.

This video is the latest in the "Big Picture: Ten Ideas to Save the Economy" series
 Robert Reich is working on with MoveOn.org

President Obama's Weekly Address 8/2/14: It's Time for Congress to Help the Middle Class

WASHINGTON, DC — In this week’s address, the President discussed the new monthly jobs report and the fact that our economy created over 200,000 new jobs in July for the sixth straight month – the longest streak since 1997. To ensure this momentum can be sustained, the President is pressing Congress to act to create jobs and expand opportunity from raising the minimum wage, to helping people pay back their student loans, to fair pay and paid leave. These are steps that would continue to make things better for the middle class, which has always been his priority. But Republicans in Congress have repeatedly blocked these important measures. As Congress is about to go on vacation, the President encouraged Americans to reach out to their elected officials and let them know that they must pass these measures when Congress returns to session. And in their absence, the President will continue to do everything he can, working with all stakeholders who are willing, to create jobs, strengthen our economy and expand opportunity for all Americans.

How Tea Party tax cuts are turning Kansas into a smoking ruin

"States considering deep tax cuts in hopes of sparking a surge of economic growth should look carefully at Kansas," ...  Yes, look carefully -- and run the other way!

By Michael Hiltzik
LOS ANGELES TIMES

Sam Brownback, the Republican governor of Kansas, doesn't just believe in whistling past the graveyard--he's willing to stroll past it in full-throated song.

The graveyard is where the economy of Kansas has been buried since 2012, when Brownback and his Republican state legislature enacted a slew of deep tax cuts in a tea party-esque quest for economic "freedom."

Our new pro-growth tax policy will be like a shot of adrenaline into the heart of the Kansas economy.

"Our new pro-growth tax policy will be like a shot of adrenaline into the heart of the Kansas economy," he promised then. Brownback's tax consultant, the supply-side guru Art Laffer, promised Kansans that the cuts would pay for themselves in supercharged economic growth.

Instead, job growth in Kansas trails the nation. The state's rainy-day fund is dwindling to zero. Month after month, revenue comes in even lower than fiscal officials' most dire expectations.

In the rest of the country, school budgets are finally beginning to recover from the toll of the last recession; in Kansas, they're still falling. Healthcare, assistance for the poor, courts, and other state services are being eviscerated.

Who's benefiting? The rich, including those proud offspring of Wichita, Kan.: the Koch brothers.

Despite all this, Brownback resorted to an op-ed in the Wall Street Journal a few weeks ago to declare that "the early results are impressive." Among other statistics he cited, "In the past year, a record number of small businesses — more than 15,000 — were formed."

Yes, but as shown by the Center on Budget and Policy Priorities, a Washington economic think tank, 16,000 disappeared. And many of those businesses that Brownback crowed about were surely created to take advantage of one of the tax-cut quirks Brownback enacted. This is the elimination of all taxes on partnerships, sole proprietorships, and LLCs that pass through their tax liabilities to their owners. That allows everyone from freelancers and petty contractors to huge partnerships to avoid any state income tax at all, as long as they're organized as a certain type of "small business."

Brownback's policy, and his claims about its outcome, define the term "ideological" -- the imposition of preconceived notions on a contradictory reality.

The record of Kansas since 2012 shows the folly of such draconian cuts in revenue. It's one thing to enact targeted cuts in tax rates during an economic upswing, when such a policy can add fuel to job generation. It's quite another to do so blindly during a slump, when cuts in state services undermine efforts at recovery.

Brownback's tax policy came right out of the conservative playbook. His 2012 package cut the top two personal income tax rates from 6.45% (on income over $60,000) and 6.25% (on income between $30,000 and $60,000) to 4.9%. The rate on income under $30,000 was pared to 3% from 3.5%. Pass-through business income was made fully tax-exempt. The law increased the standard deduction, but also eliminated several tax credits that assisted the poor....

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President Obama's Weekly Address 12/21/13: Working Together on Behalf of the American People

WASHINGTON, DC— In his weekly address, President Obama highlighted the bipartisan budget agreement that unwinds some of the cuts that were damaging to the economy and keeps investments in areas that help us grow, and urged both parties to work together to extend emergency unemployment insurance and act on new measures to create jobs and strengthen the middle class.

President Obama's Weekly Address 11/16/13: Taking Control of America’s Energy Future

WASHINGTON, DC—In his weekly address, President Obama discussed progress in American energy and highlighted that we are now producing more oil at home than we buy from other countries for the first time in nearly two decades. We reached this milestone in part not only because we’re producing more energy, but because we’re wasting less energy, and as a result, we are also reducing our carbon emissions while growing the economy.

President Obama's Weekly Address 8/31/13: Commemorating Labor Day

WASHINGTON, DC—In his weekly address, President Obama spoke about Labor Day and reflected on the contributions of the working men and women in our country. The President said that by recommitting ourselves to the values of working Americans and coming together with common purpose, we can ensure that everyone who works hard has a chance to get ahead.

President Obama's Weekly Address 5/18/13: The President Talks About How to Build a Rising, Thriving Middle Class

WASHINGTON, DC—In this week’s address, President Obama talked about his belief that a rising, thriving middle class is the true engine of economic growth, and that to reignite that engine and continue to build on the progress we’ve made over the last four years, we need to invest in three areas: jobs, skills and opportunity.

The Sequester

From the White House Blog -

Starting today, our government will need to grapple with a set of arbitrary budget cuts that will hurt the economy, make life harder for middle-class families, and threaten our national security. That's what Washington means when it talks about the sequester.

Not everyone will feel the consequences of these cuts immediately, but if sequestration is allowed to continue, it will make life more difficult for Americans all across the country. That's a fact that no one disputes.

And the reason we are here is because some members of Congress have made a choice to prioritize these cuts over closing tax loopholes for the wealthy. But there is still time for them to make a different choice and undo this manufactured crisis.

Today, President Obama discussed this situation and answered questions from the press. "This is not a win for anybody," he said. "This is a loss for the American people."

President Obama's Weekly Address 2/2/13: A Balanced Approach to Growing the Economy in 2013

WASHINGTON, DC— In this week’s address, President Obama called on Congress to work together on a balanced approach to reduce our deficit and promote economic growth and job creation. Our businesses created 2.2 million jobs last year, and we just learned that our economy created more jobs over the last few months than economists originally thought. Our economy is poised to expand in 2013 if Washington politics doesn’t get in the way, and the President called on Congress to work together to keep moving us forward.

President Obama's Weekly Address 12/29/12: Congress Must Protect the Middle Class from Income Tax Hike

President Obama urges Congress to meet its deadlines and responsibilities, protect the middle class from an income tax hike, and lay the groundwork for future progress on more economic growth and deficit reduction.

Once Upon a Trickle Down: The Rise and Fall of Supply Side Economics

After thirty years of an economy geared toward the wealthy, the rest of us are waking up to the fact that a strong middle class is critical for robust economic growth.

Move over "Trickle Down," there's a new game in town. It's an economy that begins with the middle class.





Produced by the Center for American Progress (http://www.americanprogress.org/)
 and Mark Fiore (http://www.markfiore.com).

President Obama's Weekly Address: Helping American Businesses Succeed

WASHINGTON, DC— In his weekly address, President Obama told the American people about companies that are “insourcing” – choosing to bring jobs back and make additional investments in the United States. To help with this, the President invited business leaders who are insourcing jobs to a White House forum this week to see how others can follow their example. The President is committed to assisting businesses bring jobs back to this country, and will soon announce tax proposals that reward companies that invest in America and eliminate tax breaks for companies that move jobs overseas. He has also put forward a proposal to streamline government to make it easier for businesses large and small to get support in selling their products at home and around the world. The President will continue taking action every day to grow the economy and help more Americans find jobs.

What If Everyone Saw This Clip Of Robert Reich Exposing 7 GOP Lies?

Robert Reich reveals the 7 biggest lies about the economy.

Stay informed my friends.





from Moveon.org

President Obama's Weekly Address 10/8/11: Growing the Economy with the American Jobs Act

WASHINGTON—In this week’s address, President Obama told the American people that the Senate will vote on the American Jobs Act next week, which independent economists have said will put Americans back to work, grow the economy, and give working people and small businesses a tax break. It is time for those who oppose the jobs act to explain why they are fighting against something that we know will improve the American economy, put teachers in classrooms, cops on the streets, and construction workers back to work rebuilding our roads and bridges. President Obama urged all Americans who support the American Jobs Act to call their Senators and tell them to put a stop to the gridlock in Washington and pass the jobs act next week.

President Obama's Weekly Address 10/1/11: Democrats and Republicans Should Get Together and Pass the American Jobs Act

WASHINGTON—In this week’s address, President Obama told the American people that it has been nearly three weeks since he sent Congress his jobs bill, and now it is time for Congress to send it back so that it can be signed into law. Economists agree that the American Jobs Act will spur hiring and boost the economy, and it will give workers and small businesses tax cuts, get construction workers back to work rebuilding our roads and bridges, and put more teachers in classrooms and cops on the streets. Too many Americans are struggling and need help now, and so Republicans and Democrats should come together without delay to pass the American Jobs Act.

President Obama's Weekly Address 9/17/11: Passing the American Jobs Act

WASHINGTON—In this week’s address, President Obama urged Congress to pass the American Jobs Act without delay so that businesses will be able to hire more workers and every American who wants a job will be able to find one. The President’s jobs bill keeps cops on the streets and teachers in the classrooms, cuts taxes for small businesses, and puts construction workers back to work without adding to the deficit. All Americans who agree with the President’s plan should call their elected officials and tell them that it’s time to pass the jobs bill, which will ensure that everyone pays their fair share and that we live within our means as we help the economy continue to grow.

President Obama's Weekly Address 7/2/11: Cutting the Deficit and Creating Jobs

WASHINGTON- In this week’s address, President Obama spoke to the American people about reducing the nation’s deficit and creating jobs across the country. The President emphasized the need for Government to live within its means— just as families do—in order to put the nation on a fiscally sustainable path which is critical to long-term economic growth and job creation. To solve the deficit problem, Democrats and Republicans must make tough choices and look at every tax loophole and program for opportunities to save money. President Obama stressed the importance of trimming the budget while also making critical investments in education, research, and technology to spur job growth and invest in our future. As families and friends join together to celebrate Independence Day, the President reminded Americans that since our founding, we have overcome challenges by coming together to solve our nation’s problems.

President Obama's Weekly Address 6/25/11: Strengthening America by Investing at Home

WASHINGTON – Speaking to the American people from Carnegie Mellon University in Pittsburgh, Pennsylvania, President Obama discussed the vital role advanced manufacturing will have in strengthening our economy and creating good, middle-class jobs. The President believes that realizing our nation’s potential requires more than simply cutting spending; we have to foster development at home, so that the United States will continue to grow and attract the world’s best talent, ideas and job-creating technologies. This week, the President announced the Advanced Manufacturing Partnership, which will link the federal government with our nation’s finest minds to insure that our best ideas quickly become our best technologies. By providing American innovators with the resources they need to make their ideas a reality, our nation’s strong legacy of manufacturing, development and middle-class opportunity will continue to grow.

President Obama's Weekly Address 1/22/11: "We Can Out-Compete Any Other Nation"

WASHINGTON – President Obama used his weekly address to highlight the steps his administration is taking to make America more competitive. As a result of the deals made with China this week, U.S. exports to China will increase by more than $45 billion and China will increase its investments in America by several billion dollars. These deals will support some 235,000 American jobs. Also, the President named GE CEO Jeff Immelt to head up the new Council on Jobs and Competitiveness, which will help find ways to grow the economy by investing in American businesses.