| George W. Bush came to New Jersey today - just a week after the collapse of some of our largest financial institutions. The President canceled fundraisers in Alabama and Florida, but still came into our state to raise money for Republican candidates in New Jersey looking to continue his third term and ensure his legacy. This is a slap in the face to every single working family in our state.
From sub-prime mortgage debt, to the collapse of Fannie Mae and Freddie Mac. From the recent bankruptcies, bailouts and takeovers to last week's historic drop in the stock market. We are seeing the result of 8 years of bad decisions coming out of George W. Bush's White House. This is what happens when we have leaders looking out for big corporate interests instead of working families. I don't want another four years of Bush economics, and I'm sure you don't either. That's why I'm proud to support Barack Obama. As mayor, I need a partner in the White House committed to our cities.
On the heels of the recent financial news, George W. Bush's visit is especially offensive to those of us who live in Jersey City - where over 3,000 people work for Lehman Brothers and Merrill Lynch alone, with an additional 200 drawing a paycheck from AIG. So, while last week's news sent shockwaves throughout the country, we in Jersey City were deeply concerned.
For the past several years, Jersey City has undergone a real renaissance. For example, when I first took office, there wasn't a single world class hotel in the whole city. Today, we have four world class hotels with an occupancy rate over 90 percent. And in just a few weeks, we're going to be cutting the ribbon on a fifth. Our economic development has benefited every neighborhood in Jersey City by helping put more cops on the street that translates into our crime rate going down; with job training programs to help Jersey City residents take advantage of the new opportunities, helping fund parks and playgrounds and much, much more.
We've seen a real spike in firms moving to Jersey City's Gold Coast, and many of the businesses we've brought in are satellites of the nation's biggest investment firms. Our proximity to New York City and transportation options are obviously strong drawing points. In fact, here in Jersey City we have more office space than is found in cities like Atlanta and Pittsburgh. Our real estate is more affordable, and our city does all it can to create jobs that not only are for those in the financial markets, but also those that benefit from it. In Jersey City, we've successfully used both short and long-term incentives to catalyze smart, new development and bring in business. These incentives have dramatically revitalized distressed areas, expanded the tax base, and created new jobs and amenities. We've created new jobs, while attracting new residents and employees who have brought new spending power to support local businesses.
Jersey City is the economic engine that is driving the state. And our financial companies are a real economic engine for our region and our city. So, while it is bad enough that thousands may lose their job, it's made even worse by all those other local businesses that rely on the foot traffic. Even if those who lose their jobs don't live in Jersey City, they're still part of the fabric of our community. And our local businesses rely on them. It trickles down to Jersey City itself. The diners and coffee shops. The hotels and restaurants. The newspaper stands and taxis. The local stores. The effect on Jersey City's economy will be disruptive.
But I pledge to do all I can to continue promoting Jersey City's competitive advantage. And its not just big business we are focused on fostering. We care just as much for those who have businesses on Kennedy Boulevard and Bergen Avenue as those who make their living on Wall Street. We're encouraging local entrepreneurs to open new businesses that add economic diversity and new jobs, provide goods and services and build capital within our dynamic community.
The JC EDC already hosts the largest Urban Enterprise Zone Program in the State. Through the UEZ program, over 566 qualified business offer goods and services at a sales tax rate of 3.5% as opposed 7%. We also offer business incentive grants to companies that are re-locating to Jersey City. In the past few years, not only has financial services firms benefited from them, but also food manufacturing, distribution, and printing companies. Our EDC program has a global marketing campaign designed to inform and attract overseas companies on the benefits of relocating to Jersey City.
We also have a Community Lending and Investment Corporation that operates a revolving loan program fund and helps budding entrepreneurs prepare business plans. Over 31 businesses have been assisted by these loans. Especially in light of the events of the last several days, my administration re-affirms its commitment to business development across all sectors and at all levels of capital in order to retain and, in fact create more employment opportunities for our residents.
As Mayor, I'm fighting for a more prosperous Jersey City. This is a difficult task in light of years of Bush-McCain shell game economics. I know how hard it is for families to pay the bills while saving for their futures. So, I can't understand how John McCain can say, with a straight face, that the fundamentals of Bush's economy are strong. Then again, I guess that can be expected since McCain and Bush share the same economic philosophy - that is to give more to those with the most and hope prosperity trickles down. That's not what I want.
I want a government and leaders who fight for our cities and for our families. I am supporting Barack Obama because he is fighting for us and looking out for us. He will be a terrific partner in the White House. |
