Mr. Speaker, Americans are sick of it. They are sick and tired of hearing excuses and finger-pointing. They are sick and tired of other people not having to play by basic rules of decency and fairness. They are sick of it, and they should…
Mr. Speaker, Americans are sick of it. They are sick and tired of hearing excuses and finger-pointing. They are sick and tired of other people not having to play by basic rules of decency and fairness. They are sick of it, and they should be. They want Wall Street to play by the rules. They want Washington to play by the rules.
One of the most important moves we can make right now is for the Senate to see through to completion their efforts to clean up the financial system so that those who work hard and play by the rules, save up a little, put it into their home values, put it into their 401(k), know that other people aren't able to gamble away their retirement security and their future. Basic rules of decency and fairness.
We need those similar rules in Washington. That is why many of us have fought hard to make sure that we reinstate PAYGO legislation that the other side of the aisle let die a few years ago that simply says, anything you do, you've got to pay for it. These are the rules of everyday Americans back home on Main Street, and it is time for those Main Street values to apply to Washington and to Wall Street.
But Americans are also sick and tired of those who put slogans ahead of solutions. They want us to solve problems, and none is greater than that of the jobs crisis we face in this country.
On Wall Street, and maybe with our friends in the Senate, there is a sense that this recession has passed and the urgency is gone. But every weekend we go home and we talk to business owners who can't get credit. We talk to people who have been looking for job after job after job just so that they have the dignity of knowing that they can support their family; hardworking people who are willing to go back and get that additional degree or certificate but need to know that there is going to be a job on the other side. What they ask us to do is to come here, play by rules of decency and fairness, and focus on solving problems.
We have an opportunity here before Memorial Day to make the most of the summer construction season, to make this an opportunity to rebuild America, but specifically, to rebuild America's competitive advantage in the world.
This crisis didn't begin a couple of years ago. It began a couple of decades ago, as we saw more and more borrowing from the financial institutions, overleveraging, and the consumer market with consumer credit to cover for falling wage rates, and in the government sector. That cannot go on forever. But at its core was an issue of whether we can continue to compete in the world with a living wage and middle class incomes and jobs.
The answer is to reward innovation and stop bailing out failure. This solution that both parties have had at times of bailing out failure will not succeed. We must begin again to reward innovation, research and development, and creativity so that we can be building the jobs of the future here in the United States.
Many of us have worked hard day and night here to focus on pragmatic solutions, like the HOME STAR program that will help thousands, hundreds of thousands of people renovate their homes and their offices. It will help reduce pressure on an electric grid that is way out of date, and it helps put people back to work in construction and in manufacturing, the insulation, the double-paned glass, the window films that are manufactured right here in the United States.
But we also know that the key of this new job creation, this new competitiveness revolution that we must have in this country, is an understanding that two out of every three new jobs created in this country are created by small business. Small business is the engine of job growth even as big business is too often the engine of our politics.
We must make sure that we are getting those Main Street values and those Main Street businesses back into the equation that have too often been choked out, rolled out by big business for photo ops and by politicians for photo ops, but forgotten when it gets down to policy.
Well, we have been hard at work on programs to get direct lending to small business, get support to our community banks that still tend to support those small businesses, the homegrown businesses that stay in our community, where the CEO still knows the name of every worker, the name of their spouse and their kids, wants to give them a decent wage and help them be able to support their family. These are concrete solutions that make sense back on Main Street instead of the kind of bomb-throwing that goes on here.
And one of the great freshmen in our class who is also focused on the solutions-oriented approach, this pragmatic approach, what I would call a postpartisan approach that doesn't focus on how we can bring everyone together by watering things down but how we can leave our partisan divisions behind by getting better ideas that help create that competitiveness revolution, Jared Polis, who has been successful in the private sector, in the nonprofit sector, as well as the government, to talk some about these solutions-oriented approaches that we have.
Thank you so much for your work in this area. We do understand that small business is a lifeline for our communities, a huge job creator, huge engine of that, but it's also an area where we have not seen the kind of behavior that got us into this mess. Our community banks, our credit unions, have often been more solvent through these situations. Didn't see the huge upside, but also continued the old-fashioned tradition of looking someone in the eye and doing their due diligence. In fact, if you look at the people who saw the crash coming within the markets, it was actually people who went out and did old-fashioned due diligence. Going and looking at where these subprime mortgages actually were. Sometimes there's no replacement for old-fashioned hard work, due diligence. And we know that community banks do this.
So a program like this tries to get private-sector solutions to this problem. Help incent that investment in our community banks. Our community banks in turn can invest in our small businesses and our small businesses in turn invest in our families--our working families-- and in our communities. This is the sort of thing that can move us forward, as has another thing that we worked on in the House, which was a 1-year freeze on capital gains taxes for small business. Again, something that doesn't say we're giving you free money. It just says we are going to encourage this kind of small business innovation. We know this tends to lead to job creation. It's a good thing. So these pragmatic, private-public partnerships like the Home Star program, like Rural Star, where we're helping to make our country safer, more efficient, and rebuild manufacturing.
The gentlemen on the other side were talking about all the post offices we've renamed today. And we did some of that. They failed to mention that we also had the America COMPETES Act up today, which is actually to support research and development and rebuilding some of the manufacturing base and investment in efficiency technologies and job creation that, too often, they've tried to take down with poison pills about child pornography and this sort of thing. And the American people look at that and say, You've got to be kidding me. We're in the worst job crisis in two generations, and you're up there scoring cheap political points when you have an opportunity to do something both sides of the aisle know we need to do, which is figure out how to reinvent America's competitive advantage. When we can do that, particularly with these public-private partnerships, like your efforts with the community banks, like the capital gains, these are engines not just of short-term job growth, but of rebuilding America's competitiveness and getting us back to work.
With that, I want to yield to one of our newest Members from California.
Thank you so much for those remarks and bringing back to the kitchen table those individuals that are involved in this.
With that, I will yield to Mr. Polis of Colorado.
Thank you.
The gentleman talked some about the next Yahoo! or the next Google. I
just want to talk for a minute about something that's a little more old fashioned than that--construction. We actually do still need to build things in this country. We need to put down asphalt and concrete. We need to build roads and bridges. The infrastructure of the last century needs to be rebuilt. But we also need to be thinking in terms of leapfrogs in infrastructure. We need to be laying the broadband that is the highway system of the future. We need to be looking at a modern electric grid because our current one is not only so vulnerable to attack, but it's full of inefficiencies. The amount of energy we lose between where we produce the energy and where we consume it is astronomical. It is incredible how inefficient.
So here we have businesses that are trying to compete against very low-cost countries around the world who are still using an electric grid essentially from the 1930s. This is a moment where we need to have the boldness to rebuild our competitive advantage by doing some building again. And construction should certainly not be a Republican or a Democratic issue. We all have construction needs in our districts. We have construction companies in our districts. Ninety percent of construction companies are small businesses, and we are already into the summer building season for many parts of this country. But from Memorial Day to Thanksgiving, it's going to be an important moment.
We've lost 1.6 million construction jobs since this recession began. We have a 25 percent unemployment rate among skilled construction workers, 1.6 million in losses in construction jobs, 25 percent unemployment, yet we cannot get bipartisan support for the investments in our 21st century infrastructure that could put people back to work in construction, so that instead of receiving an unemployment benefit, they're receiving a paycheck; and we are getting a more efficient, modern infrastructure system. This is common sense. This makes sense back on Main Street. It just doesn't make sense in Washington, where we score points by preventing the other side from doing something smart instead of by solving the problem. We know we need these construction jobs. We know it's where some of the biggest losses have been. We know it's something that exists in every one of our communities, and we know we are well nigh at the beginning of that construction season.
We passed in December through this House a plus-up of some of the infrastructure that's needed. It's desperately needed here in this area. Just try to drive from D.C. to Richmond sometime and see whether we have an infrastructure worthy of the year 2010, worthy of the kind of growth and competitiveness of the Commonwealth of Virginia. Head out 66 and down 29. We need it on the roads and the bridges; we need it on the freight; we need it on the passenger rail, the energy and electric grid as well as the broadband technology. These are important leaps, and we have made some leaps. We are going to be able to wire every public school in central and southern Virginia through some of the stimulus grants. That's going to put people to work now, putting that in place; but it's also going to be creating businesses of the future that people can run out of their homes, out of a small business hub, making sure that the children going to through our school system have the education to be able to compete in the 21st century.
Construction. It may not be the most dramatic thing to talk about, but it is vital. It's where an enormous amount of the job losses have been, and many of us have been trying to get that construction going again in time for the summer building season.
We have bills sitting in the Senate, ready to move as soon as they're done with this Wall Street reform. I hope they will pick up the job initiatives that we have passed here because they are pragmatic; they are powerful; they are effective; and they can put people back to work in areas like construction where we have had some of the biggest losses. I mentioned the Home Star program where we can put people to work immediately, retrofitting and renovating the building stock of this country. The payback, 12 months, 18 months before you're immediately saving money for decades to come, increasing the home value and value of that commercial building stock, putting Americans to work manufacturing the insulation, the double-paned glass, the wiring and other things that are part of that. It's just common sense. It saves the consumer money. It makes the business more efficient. It's being manufactured here. It's something that makes us more competitive. It protects our environment, and it makes our country safer because we're less dependent on foreign oil--and even domestic oil, as we've seen the costs of that recently.
The Home Star program could put 168,000 people to work. Even before home construction starts to pick back up again, which will vary regionally around the country, we know we can renovate the building stock that we have. Concrete, pragmatic ideas, public-private partnerships. We have the Rural Star program which is going to help rural electric co-ops to forward-fund those sorts of renovations in some of our hardest hit rural communities that are much more likely to have inefficient housing stock, where people are paying a much higher percentage of their very low income sometimes on that electric bill because that housing stock is so inefficient. But it's also costing our electric co-ops and others because there's so much power on our electric grid that we can't even meet that challenge.
This is a moment where we need to look not just at what got us into this mess for the last 2 years but the last two decades. How do we rebuild America's competitiveness? And we must do it by joining forces across the aisle. We must do it by looking for ideas that are pragmatic but bold. The answer can't be to water it down to be so small that it has no chance of making a difference. When you go to Main Street in this country, they're furious at us, they're furious at Wall Street because no one's playing by the same rules they have to play by. We have to get that sense of decency and fairness back into play. We need to play by those rules. That's why we've put PAYGO back into place. That's why we're increasing transparency. But they also want us to focus on pragmatic solutions, Home Star, Rural Star, efforts to get equity and investment going into our community banks. Why would we put all this emphasis into the five or six huge banks that helped get us into this mess in the first place? It makes no sense.
We have to stop bailing out failure and start rewarding innovation, research and development. That's how we get out of this. We can still out-innovate and, therefore, out-compete any country in the world. But we can't do it by looking backwards, and we can't do it by rewarding and bailing out failure. We have to do it based on innovation. We have concrete, pragmatic things right now that the Senate can move on and, in some cases, that we need to move on here. Home Star, Rural Star, green energy jobs, getting that capital gains tax cut to our small businesses, getting the incentive to invest in our community banks.
If two out of every three jobs come out of small business, this is an area where we can and must put more emphasis, and construction is part of that. Here people may not think it's a big deal to go out and have a small construction company working a couple of crews. Here maybe too many people are focused on the Goldman Sachs of the world. But for those construction companies, for those crews, going out and working is rebuilding America, and it's putting food on the table and knowing they can support their family. And all of us benefit from the efficiencies and quality of that infrastructure investment. We have a building season right now. This town is way too insulated from the urgency of this job crisis back home.
We, just last week, had the announcement of over 500 jobs lost in the town of Martinsville at the Stanley Furniture factory. Tens of thousands of furniture and textile jobs have been lost in southern Virginia over the last 20 years. This was really one of the last, down to a few jobs that have been kept. The unemployment rate in the city already I think is at 22 percent. It could pop up to 25 percent or above. And each one of I think 535 jobs lost represents not just an individual and not just an income but a family and its economic security.
At this time when millions have lost their jobs, when millions feel that they
might be next, the American people are sick and tired of us playing games up here. We have concrete solutions on the table that will create real jobs in the construction sector, the manufacturing sector, and the agriculture and forestry sectors. These are things we can still do and do better than anyone in the world, but we are being choked off by the kinds of games being played in Washington and on Wall Street. It is long past time for people in this town to understand the urgency of this job crisis for working-class and middle-class Americans who not only live in fear of losing that job but are getting nickeled and dimed by the credit card companies, the electric utilities and others as they try to make ends meet day after day, week after week.
We have to be bold right now in rethinking America's competitive advantage. There is no quick fix. We must in the immediate term not miss the summer construction season. I see too many trucks parked in the driveways, in the parking lots of our construction companies at a time that we need to be rebuilding. Not overbuilding in some of the housing and speculative areas that helped get us into this mess, but building in the areas that reinvent and reinforce America's competitive advantage. Whether that's on the high-end R&D and intellectual property of those areas or whether it's old-fashioned infrastructure, these are areas that mean real business for real working families. Part of how we do that is by putting a solutions-oriented approach over a slogans- oriented approach, and the way we do that is to come together.
In this town, too often bipartisanship means cutting a good idea into half to the point that it means nothing at all, or simply adding one side's support to the other side's support. What Americans want is post-partisanship. They want us to answer the question, What solves the problem, and not, What is the halfway point between the Democrats and the Republicans? Start with the question, What solves America's energy independence? What rebuilds America's middle class? What makes sure that we have basic stability in our financial institutions so that people who have worked their whole lives, saving up money in the value of their home, in their 401(k), know that someone isn't off gambling with that money in ways that are unthinkable and unimaginable.
There is 25 percent unemployment in our skilled construction. Americans are ready to build. They are ready to go to work rebuilding, whether that's housing or infrastructure or building stock, whether it's renovating, whether it's manufacturing here in America the materials that go into that. We need to put that sense, the urgency of the American economy first. We need to remember that small business is the engine. We need to understand that our community banks played by the rules through this crisis, stayed solvent, and still continue to get that lending out to so many of those in our communities.
I look forward to continuing to fight for a jobs agenda and an agenda of decency and accountability. I hope that those in the Senate on the other side of this building will complete a solid reform in the financial sector and turn to these jobs bills we've produced. There are five, six of them now, pragmatic, often private-public partnerships to reward innovation, to get us building again, to get the lending going through our community banks again, through a smart combination of investments and tax credits. I hope the Senate will turn to that and understand that back home, people are desperate for jobs, for economic security, for growth and that they will get some taste of that urgency and move from restoring those basic rules of decency and accountability to Washington and Wall Street and get these jobs bills passed so that we can get America working again, rebuilding America's competitive advantage again, and that is a fight I look forward to.