The Business of Creating Jobs
Sen. Max Baucus, D-Mont., was elected to the U.S. Senate in 1978. He is chairman of the influential Senate Finance Committee, a panel on which he has served for 26 years.
Over the last two years, job loss in America has outpaced job creation. In just 23 months, 7 million jobs have been cut, leaving millions of Americans struggling to afford necessities.
We on the finance committee have fought to protect these workers and families. Last month, the president signed our bill to extend unemployment insurance for jobless Americans. In an effort to help businesses increase cash flow to make payroll and create jobs, we also expanded the net operating loss carryback provision, which reduces a company’s tax liabilities. This is a good start, but our work must continue.
The private sector remains the backbone of American innovation; together with experts from business, government and groups like the Alliance for Affordable Services, we can put America back to work. The finance committee continues to bring these stakeholders together to find solutions to bolster our small businesses and create the right conditions for job growth.
The finance committee has explored several approaches to achieving this goal — including redirecting some of the Troubled Asset Relief Program to small businesses, which account for 86 percent of new hiring and 70 percent of employment nationwide. We examined whether unemployment insurance programs could be used to pull people out of unemployment and back to work. And we continue to push for programs that create jobs to repair America’s aging infrastructure.
In a recent finance committee hearing, we also discussed how America can harness domestic energy production for new jobs. Indeed, creating jobs through energy independence will remain one of our main focuses. Finally, I have encouraged the president to revive the U.S. trade agenda, as improved access to emerging markets will be key to increasing global demand of American goods and ultimately, to helping those 7 million families get back to work.
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