Economy

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America is facing the worst economic crisis since the Great Depression. We have lost millions of jobs since this recession began in 2007, and weekly unemployment claims in New Hampshire have tripled in the last two years. Home values and retirement savings have steadily declined, and more and more families are losing their homes to foreclosure, which hurts even the most responsible homeowner through decreased property values. But Americans always have united to meet great challenges, and Senator Shaheen knows that we will do so once more.

Senator Shaheen believes that the best way to get our economy back on track is by putting the middle class first again, creating jobs, and enacting a plan for a balanced budget and long-term financial responsibility. The economic crisis was created over many years, and it won’t be solved overnight.  But Senator Shaheen is committed to working with her colleagues on both sides of the aisle to create policies that will put middle class families first and help turn our economy around.

Investing in Transportation and Infrastructure to Create Jobs

Upgrading and repairing New Hampshire’s infrastructure will both create jobs today and lay the foundation for economic growth for tomorrow. New Hampshire will receive approximately $130 million for critical repairs and development of its road and bridges and $13.2 million for investments in mass transit under the American Recovery and Reinvestment Act.  In addition, Shaheen supported critical legislation that makes key investments in intercity rail, highway infrastructure, and airport modernization. Dependable transportation infrastructure is essential for a modern, 21st century economy, and these projects will create jobs, connect communities, and stimulate economic development in New Hampshire. 

Tax Relief for Middle Class Families

Senator Shaheen believes we need to end tax breaks for special interests and instead lower taxes for families and small businesses. She voted to provide a refundable tax credit of up to $400 for working individuals and $800 for working families; increase the college tuition tax credit; triple the energy efficiency tax credit for homeowners; temporarily suspend the federal income tax for Americans collecting unemployment on the first $2,400 of unemployment, and expand the first-time homebuyer tax credit. Senator Shaheen co-sponsored comprehensive legislation to stop offshore tax haven and tax shelter abuses that is costing American taxpayers an estimated $100 billion a year.

Housing

The housing market led us into the recession and will play a key role in leading us out.  To get the real estate market back on track, Senator Shaheen believes we must boost home sales and encourage homeownership.  That’s why she fought for an extension of the first-time homebuyer tax credit in the American Recovery and Reinvestment Act.  This $8,000 tax credit will encourage families who are ready to buy their first home, but are holding back because of the uncertain economy.  Helping these first-time buyers will help rejuvenate the housing market and turn our economy around.

Senator Shaheen also helped provide our state and local governments the funds they need to ensure that affordable housing is available to New Hampshire families during this economic crisis and to mitigate the effects of foreclosures.  She fought to make sure that New Hampshire receives its fair share of funding under the American Recovery and Reinvestment Act to build more affordable housing, and that New Hampshire could trade in unused low-income housing tax credits for cash to develop affordable housing programs.  She also voted to expand a Neighborhood Stabilization Program that will provide New Hampshire with $19.6 million to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight in their communities.  Senator Shaheen also supported increased funding for crucial programs like Community Development Block Grant, which will help local communities address housing problems and fund economic development projects.