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Joe Sestak Shows Leadership on Pennsylvania Job CreationJoe Sestak Shows Leadership on Pennsylvania Job Creation Announces New Tax Credit Legislation to Help Pennsylvania Job Seekers MEDIA, PA - With our nation's unemployment rising above ten percent, Democratic U.S. Senate candidate and House Small Business Committee Vice Chair, Congressman Joe Sestak introduced legislation on Friday to help reward businesses that invest in new jobs and extend working hours as we continue to grow our way out of the recent economic downturn. Without further action, our country's unemployment will remain high until 2012 -- rising above 12 percent. This bill will create new jobs for Pennsylvania and across the nation over the next two years, according to the Economic Policy Institute (EPI). "These tax credits go right to the source of our economic growth - innovative businesses that create jobs," Joe said. "The longer we wait, the more ground we will lose in the global market place. I have great faith in the American entrepreneurial spirit and it is our responsibility in Congress to shape our economic policies to help re-grow our economy. Rewarding investment in American workers will help us provide more goods and services to the rest of the world." In October 2009, the unemployment rate rose from 9.8 to 10.2 percent. Economic analyses of job creation show that each job created is worth at least $60,000. During the Clinton Administration, President Clinton helped create more than 23 million new jobs in 8 years. The Bush Administration's economic policies resulted in only 3 million. To reduce the unemployment to the normal range of 4 to 5 percent, we will need to create between 9 and 10 million new jobs over the next two years. "We've learned the lessons from the failed Bush Republican policies that when we give free reign to Wall Street executives who can manipulate the market place for short-term gain, all Americans pay the price in the end," Joe added. "Our biggest periods of economic growth have come when we invest in America's small businesses, which create most of our jobs, and when we reward hard work." Joe's bill introduced today will amend the Internal Revenue Code to provide refundable tax credits to small businesses with less than 50 employees and less than $5 million in gross receipts for adding jobs, adding hours, and raising wages. These investments will help boost our gross domestic product, resulting in increased revenues to put toward paying down the federal budget deficit, according to the EPI. As part of his efforts to help all Pennsylvanians looking for jobs find work, Joe will continue highlighting the need for investment in small businesses. As part of his campaign, Joe has met with members of the small business community throughout the Commonwealth. And just this past week, he helped pass a new small business jobs bill, which included two provisions that he authored -- to help venture capitalists and minority-owned and women-owned small businesses. Joe Sestak was elected to Congress in 2006 after a distinguished 31-year career in the United States Navy, and he is honored to represent the Southeastern Pennsylvania district where he was born and raised. He is a Democratic candidate for the U.S. Senate seat from Pennsylvania. During his Navy career, Joe attained the rank of 3-star Admiral, served in the White House as Director for Defense Policy on President Clinton's National Security Council, served in the Pentagon as Deputy Chief of Naval Operations, and led a series of operational commands at sea, culminating in command of the USS George Washington Aircraft Carrier Battle Group (30 ships, 100 aircraft, and 15,000 sailors/marines/ aviators/SEALs) during combat operations in Afghanistan and Iraq. In our nation's time of crisis in the immediate aftermath of 9/11, the Navy turned to Joe Sestak to serve as the first Director of "Deep Blue," the Navy anti-terrorism unit formed in response to the attacks. Joe is the highest-ranking former military officer ever elected to either branch of Congress. He graduated second in his class from the U.S. Naval Academy and holds a Master's in Public Administration and a PhD in Political Economy and Government from Harvard University. Joe lives in Delaware County, Pennsylvania, with his wife, Susan, and daughter, Alex, and proudly represents the 7th District, where his parents and six of his siblings still reside.
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