Hagan Says Country Is Moving in Right Direction
U.S. Sen. Kay Hagan said Friday that the country is headed in the right direction.
Speaking during the Moore County Chamber of Commerce's annual State of the Federal Government program at the Pinehurst Member's Club, Hagan cited progress toward correcting such problems as the weak economy and the need for jobs.
"A lot of people are not happy right now," she acknowledged.
But she recalled that in 2009, when she took office, thousands of people had lost jobs, the stock market had dropped to the 1966 level and the gross domestic product had declined by 6 percent.
Hagan cited the Small Business Jobs Act, recently signed into law by President Obama, as a healthy beginning toward solving much of the nation's economic problems. The bill provides $30 billion to encourage banks to open up lending to small businesses.
The bipartisan bill, which Hagan supported, provides $12 billion in tax breaks for small businesses. She estimated that small businesses create about 98 percent of the jobs in the country today.
Hagan added that another bill, the Hire Act, is crafted to encourage businesses to hire and retain people who are presently unemployed.
"These are steps in the right direction for our businesses and our hard-working families," she said.
Hagan said she expects helpful recommendations later this year from the financial study commission co-chaired by North Carolina's Erskine Bowles, a Democrat, and former Sen. Alan Simpson, a Wyoming Republican.
Hagan said that Democrats and Republicans must work together to correct the nation's problems and need to spend less time squabbling.
One of her key ideas for improving the economy and job situation is creation of a research and development tax credit to encourage innovation in business and industry.
Hagan said she also intends to work toward bringing more military contracts and business to North Carolina, "the most military friendly state in the country." However, she said the state ranks only 26th in the number of military contracts.
As for reducing the deficit, she said the government must concentrate on eliminating fraud and waste.
Contact Florence Gilkeson at firstname.lastname@example.org.
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