New Jersey Prosperity Project

Liberty and Prosperity

Tom MacArthur: Getting America Working Again
Candidate for Congress, NJ’s Third Congressional District

The United States is still recovering from the worst economic slump since the Great Depression and false assurances our economy is back on track fall flat for the millions of middle-class Americans still unable to find decent full-time jobs, or struggling to make ends meet in part-time or under-paying work.  Sadly, just 48% of adults are currently able to find full-time employment, while over 7 million Americans are involuntarily holding down part-time jobs – up from 4.4 million just 10 years ago.  To make matters worse, the nonpartisan Congressional Budget Office reported that Obamacare will eliminate 2.5 million full-time job equivalents by 2024.  Closer to home, the unemployment rate in New Jersey remains worse than the national average, with almost 300,000 New Jerseyans still out of work. 

Starting out with an entry-level job, I was blessed to go on and ultimately build and run my own company, helping to create and preserve thousands of good-paying American jobs along the way.  I am running for Congress to get America and New Jersey working again by taking my thirty-years of private sector experience to Washington, commit to working across party lines and fixing our economy so we can restore hope and opportunity for all Americans. 

While there is no silver bullet to fixing the economy, I do believe there are specific, concrete and immediate steps Congress can take to encourage job creation and economic growth here at home in Burlington and Ocean counties, and across the country.  Some of things steps include investing in education and infrastructure, securing the future of Joint Base McGuire-Dix-Lakehurst and creating opportunities for veterans, strengthening the fishing industry and protecting farmers, breathing life into manufacturing, expanding diversifying shore tourism and replacing Oyster Creek.

In fact, I developed a comprehensive jobs plan that addresses all of these issues, and the ones to follow.  Please visit www.tmac4congress.com/jobsplanto review the full plan and give me your feedback.  Here are some highlights:  

Truly Fix Our Broken Healthcare System

The healthcare industry is one of the largest employers in Ocean and Burlington counties.  The industry is under tremendous pressure as the federal government attempts to rein in healthcare inflation, which, while a necessary effort, cannot solely be accomplished on the backs of healthcare providers. The result is and will continue to be a suppression of investment and hiring as healthcare providers attempt to stay afloat. Immediately needed measures include urgent reform of the Recovery Audit Program (RAC), which target hospitals arbitrarily at great cost, and reform of the readmission and observation rules that govern Medicare reimbursement rates.  Furthermore, we must repeal and replace Obamacare with a series of free market reforms that lower costs and improve the quality of care.  My plan includes: implementing real tort reform, allowing health insurance to be sold across state lines to increase competition, allowing small businesses to pool together to buy insurance plans for their employees at a lower rate and providing a safety net for those who can’t obtain coverage from any other source. All of these initiatives will increase the pool of insured individuals and improve the operating environment for healthcare providers, which in turn will allow them to invest in new technologies and hire additional people in South Jersey.

Establish a National Energy Strategy

Given the highly volatile environment in the Middle East and Russia, I believe America must become completely self-sufficient in terms of our energy needs.  I strongly oppose an Obama-style cap and trade plan that amounts to a national energy tax on middle-class home and business owners, and instead would pursue an “all of the above” approach, focusing on expanded, environmentally safe, domestic production of oil and gas, including the Keystone XL Pipeline.

In regard to alternative energies, wind power holds future promise as a source of clean energy for our region, and as a Member of Congress, I would support exploration of wind energy options off the outer continental shelf of New Jersey, and back extension of the renewable energy production tax credit so this burgeoning industry can remain competitive with more mature energy sources.

A Simpler, Flatter Federal Tax Code

A key component of any jobs and economic plan must be comprehensive reform that makes the tax code simpler, flatter and allows workers to keep more of what they earn. Private spending and saving will do more to stimulate the economy than any government tax and spend scheme.  To that end, I support finding common ground with fellow representatives on reforming individual and corporate tax structure that reduces the number of tax brackets, reduces rates and accomplishes some or all of the following: Increase the child tax credit to $1,500 per child; simplify and reduce the taxation of investment income; repeal the Alternative Minimum Tax (AMT) that is capturing an increasing number of middle-class taxpayers in higher tax brackets; and use tax incentives to encourage personal investment in education and corporate investment in research and development.  Lastly, I believe that simplified, tax-deferred Universal Savings Accounts would give American workers an incentive to save for the future. Features would include higher limits than current IRAs and fewer restrictions on withdrawals, and the result would be an American population better prepared for retirement.

Comprehensive Regulatory Reform

There is no question that regulation impacts, for good or ill, American job creation. I will fight against overzealous regulation that instills too much government control, picks winners and losers and reduces American competitiveness abroad, while preserving common sense regulation that restrains

those who take unfair advantage of others or violate core American interests. MacArthur supports legislation like the REINS Act, which would require Congress to approve every major rule proposed by the Executive Branch, which has an annual economic impact of $100 million or more, before it can be enforced; or forming a Red Tape Review Commission similar to the one chaired by New Jersey Lt. Governor Kim Guadagno, that will be tasked with an exhaustive review of all the regulations on the books currently, eliminating the ones that don’t work, strengthening the ones that do, and modifying the ones that have merit but aren’t working effectively.

A Safety Net for the Long-Term Unemployed

There are almost 10 million Americans out of work, including 4 million Americans who have been unemployed long-term and cannot find work.  There are many more who have simply given up looking for a job out of discouragement.  In New Jersey, almost 300,000 people are still unemployed.  I believe that extending benefits to the long-term unemployed is the right thing to do, but also believe that can do better than simply extending benefits.  My focus will be exploring innovative ways of combating long-term unemployment, including: Offering bonuses to companies that employ the long-term unemployed for specific periods of time; vouchers to enable the long-term unemployed to relocate from high-unemployment areas to low-unemployment areas; promoting work sharing as a more productive option than layoffs for struggling businesses; reforming certain occupational licensing requirements so that people can safely enter the workforce more quickly; and instituting common-sense reforms of the disability insurance program that reward companies that have a lower incidence of disability claims.
 

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