Hagan Says Country Is Moving in Right Direction

As of Monday, October 18, 2010

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 florence@thepilot.com.

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madstork 2 years, 7 months ago

Hello..Ms. Hagan…Spending cuts…do we see that phrase anywhere here?

Also, business tax “credits” to hire people is NOT how a businessperson operates. If you own a business, you hire as a result of a solid business environment and a positive outlook/forecast. You hire people to capture more market share, surround the competition, grow revenue, etc. NOT because you will receive a one time stipend from the federal government. If the “credit” is, for example $3k to hire a person for a $40k per year job, you are out $37k; without the loaded headcount costs of benefits, training etc. which typically add 30% to a new hire cost. If that individual does not help increase your bottom line by $37k, then you are in deficit.

Compare that with a marginal tax bracket freeze (aka Bush tax cuts) and the same business person would tend to hire due to a positive business environment rather than a one time mis-directed tax cut.

Simple business rules. Bring on the Fair Tax, and now you have a red-hot business tax environment and no IRS!

Steve 2 years, 7 months ago

She has no Clue!

oldtimer 2 years, 7 months ago

Ms. Hagan won election in 2008 because Ms. Dole's complacency and misguided witchcraft ad soured voters. To say, as did Steve, that she has "no clue" is charitable at best. She doesn't know where to look for clues beyond the majority leader's office and, when he hopefully gets the boot from Nevadans, we only need to wait another four years to send Ms. Clueless packing. Until then she's probably harmless. I hope.