[Congressional Record Volume 147, Number 177 (Wednesday, December 19, 2001)]
[Extensions of Remarks]
[Pages E2325-E2326]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         ECONOMIC STIMULUS BILL

                                 ______
                                 

                      HON. RODNEY P. FRELINGHUYSEN

                             of new jersey

                    in the house of representatives

                       Tuesday, December 18, 2001

  Mr. FRELINGHUYSEN. Mr. Speaker, weeks ago the House acted on 
President Bush's request for an economic stimulus package. We knew then 
what has now been confirmed--America is in a recession. And, here in 
New Jersey, the economic slowdown has been especially acute as many New 
Jersey residents lost their jobs, many as a result of the tragic events 
of September 11, and others because our economic slowdown began well 
before September. First and foremost, we need to help the victims and 
families of the terrorist attacks and the many workers who have lost 
their jobs. And, with the $40 billion in emergency assistance already 
approved by Congress, President Bush and his Administration are doing 
just that. Under the emergency federal assistance provided to our 
state, workers who have lost their jobs as a result of the attacks are 
eligible for unemployment and health insurance for up to 26 weeks--
that's through at least March of next year. And these benefits have 
been extended to the self-employed and others who are not otherwise 
eligible for this assistance.
  After addressing these immediate, emergency needs, the House acted 
quickly to take steps to get our economy moving again. Those steps 
focused on helping to restore consumer confidence and encouraging 
private sector investment and expansion to help replace lost jobs and 
to add more, new jobs. The House has acted on just such a plan. My 
colleagues in the other body must act now on an economic security bill 
to help our economy, and those who have lost their jobs.
  While most Americans heard recent news reports that said our nation 
is now ``officially'' in a recession, it didn't take a headline in the 
newspaper or ``Breaking News'' on CNN for far too many New Jerseyans to 
realize that these are hard times in America. Even before September 11 
changed our lives forever, layoffs at some of New Jersey's largest, 
most established companies, like Lucent, AT&T and Honeywell, for 
example, were taking their toll. Alarmingly, 27,000 jobs were lost in 
the first nine months of this year in New Jersey. Our state's 
unemployment rate rose to 4.8 percent in October, up from 4.5 percent 
in September.
  It's time for the other body to act and I call on the other body to 
reject their plans to expand federal programs and increase federal 
spending beyond our budget agreement with the Administration. More 
government spending, to my mind, will not serve to stimulate our 
economy.
  Let's face it--the only answer for job loss is to create new jobs. 
And with the exception of the newly federalized baggage screeners, the 
Federal Government does not create jobs or economic activity. In fact, 
the more we ``grow'' government, the more dollars we take out of the 
private sector, away from the taxpayer and out of our economy. That is 
why the House version of the economic stimulus provides rapid tax 
relief to businesses, large and small, to continue to invest, to 
purchase equipment, expand production and promote job hiring. While 
some have criticized the House bill as corporate welfare, we need 
companies to stop layoffs and hire again! Our proposal is critical to 
the success of New Jersey business. According to the New Jersey 
Business and Industry Association, even before the September 11 terror 
attacks, New Jersey employers as a group had lost their confidence in 
our economy. Two-thirds of 1,600 employers participating in the 
Association's 2002 Business Outlook Survey said their industries were 
already in a recession or heading into one at the time of the attacks. 
We've got to turn that thinking around and provide the incentives to 
New Jersey's companies to start growing their businesses again.
  The House bill also returns more tax dollars back to working 
Americans by accelerating the tax rate cuts we passed earlier this year 
and by including tax rebate checks for those individuals who didn't 
receive them in the first round. Returning these dollars will give 
people more dollars to spend and invest. These actions--as opposed to 
more government spending and more government programs--will better 
address the underlying weaknesses in our economy, namely consumer 
confidence, consumer spending, and the need for renewed and sustained 
business investment and expansion.
  And, early next year, when existing unemployment and health benefits 
may be depleted, I am confident that we will continue to help those who 
need it most. In fact the House economic security package includes a 
provision that provides another $9 billion in surplus Federal 
unemployment funds to the states. This translates into approximately 
$368 million that will be immediately available for

[[Page E2326]]

New Jersey to pay for more or to expand regular unemployment benefits. 
This is real Federal assistance to lend a helping hand to New Jerseyans 
who are hurting the most.
  Prompt Senate action will help get our fellow Americans back in the 
workforce, not still standing in the unemployment line next Spring. 
While not every provision of the House bill is perfect, our economic 
security package is a better starting point than the legislative 
paralysis in the other body! To the other body, I say, get your job 
done, and let's get America back to work.

                          ____________________