Jobs & Economy
Too many San Diegans and Americans across the country are still hurting from one of the toughest recessions in our nation’s history. That’s why Congress needs to invest in programs that grow our economy and foster an atmosphere for job creation. To do this, we must bolster the pillars of San Diego’s economic engine: innovation and scientific research, the military, national defense, and our veterans; and our world-renowned tourism industry. At the heart of America is the idea that you can start your own business and build it to be successful. In San Diego, we know a commitment to supporting entrepreneurs and startups is essential to economic progress and creating jobs. We can help level the playing field by increasing access capital and talent and decreasing overly burdensome by government regulations, which will help small businesses thrive. With the right leadership and policies, San Diego is primed to have a prominent and resilient economy for generations to come.
Working to Spur Growth for San Diego’s Economy
Read my full plan – “Growing the Economy and Creating Jobs in San Diego and Across the Country”
Advancing the Innovation Economy, Scientific Research, & San Diego’s Talent-Rich Environment
San Diego is home to numerous innovative companies and research institutions. We must engage the bevy of talented institutions to drive our economy forward. In 2013, our institutions compiled $785M in National Institutes of Health (NIH) awards, which encompassed nearly one fourth of California’s total. The following has been done to accomplish this goal:
- I hosted successful roundtables and symposia with community and business leaders to discuss how Washington can support San Diego’s Innovation Economy.
- Introduced the Igniting American Research Act which will expand and make permanent the Research and Development Tax Credit. According to the Information Technology and Innovation Foundation, the act will generate 150,000 jobs and increase GDP by $66B.
- As a member of the Congressional Caucus on Innovation and Entrepreneurship, I introduced a resolution for one day each year as National Entrepreneur’s Day in memory of San Diego Innovator, Duane Roth.
- Support the repeal of the medical device excise tax, which will aid an industry that employs 3,200 San Diegans and delivers an economic impact of $2.629 billion dollars each year to the economy.
- I was awarded the 2014 Visionary Award by the non-partisan California Healthcare Institute (CHI) for introducing the Health Savings Through Technology Act which will facilitate the incorporation of wireless health technologies into federal health care programs.
- I am leading an initiative to increase NIH funding by nearly $5 billion to reach the level of $35 billion in coming years. Research by the Milken Institute suggests that $1 of NIH funding in biomedical research generates $2.21 in economic output.
Ensure Benefits and Growth Opportunities for Military and Veterans
The San Diego region is home to one of the largest concentrations of military force in the entire world. In the region, the military supports 317,000 jobs and $38.7 billion in gross regional product. As a member of the House Armed Services Committee, I advocate for the men and women who serve, and for the 225,000 veterans in the County.
- Introduced the 21st Century Care for Military and Veterans act to expand coverage of telehealth to servicemembers, veterans, and their dependents by including wireless services in the TRICARE and VA health systems.
- Introduced the Department of Defense Energy Security Act which will help the DOD reduce energy use, boost combat effectiveness, and expedite the development of advanced military technologies. The Navy is exploring alternative fuel sources, including biofuels such as algae, and San Diego---a national center for algae research--- is in strong position to benefit.
- Introduced the Veterans Employment Transition Act, which will give employers a tax credit for hiring recently discharged veterans, and will improve job training programs between the Department of Veteran Affairs (VA), Department of Defense, and the Department of Labor.
- Voted to enhance VA on-the-job training programs to create an office within the VA focused on vocational and education programs, and to support federal contracting with small businesses that are owned by veterans.
Generate Economic Growth by Stimulating Tourism
I understand the importance of the tourism industry to the San Diego economy. Each year, over 33 million people visit our district to enjoy the weather, natural beauty, and abundant local attractions. That’s why I advocate for legislation that will support the flourishing tourism industry which accounts for 158,000 San Diego jobs.
- I supported legislation to expedite the visa interview process which will increase the number of international tourists visiting the United States, many of whom will come to San Diego.
- Supported a proposal, which passed the House, to continue the public-private partnerships that have been created to foster tourism and job creation in the United States.
- Introduced the Safe and Secure Border Infrastructure Act, which will improve efficiency and security at our nation’s busiest border crossings
Helping Small Businesses Succeed
By helping small businesses access capital and talent and compete on a level playing field, and decreasing overly burdensome by government regulations, we can help small businesses thrive. Click below to read my full plan.
More on Jobs & Economy
Today, Rep. Scott Peters (CA-52) voted to pass the Raise the Wage Act, a bill he cosponsored to raise the federal minimum wage to $15 an hour nationwide over six years. He has also advocated for a regional minimum wage, which creates a variable minimum wage tailored to reflect the cost of living, by region. California’s minimum wage is already set to reach $15 an hour by 2022, which is necessary for the high cost of living in San Diego.
Only a small percentage of companies help their employees with student-loan payments, despite it being a sought-after perk. But that could change dramatically if a proposed tweak to the tax code gains momentum in Congress.
Today, Rep. Scott Peters (CA-52) helped pass the bipartisan Setting Every Community Up for Retirement Enhancement (SECURE) Act to help more Americans save for retirement.
Today, Reps. Scott Peters (CA-52), Lucy McBath (GA-06), and Lisa Blunt Rochester (DE-AL) are introducing H.R. 2120, the Saving for the Future Act, legislation to address the nation’s retirement savings crisis and help ensure that Americans are able to afford emergency expenses. The Saving For the Future Act establishes a minimum employer contribution to a savings plan of 50 cents per hour worked, which equals $20 per week and more than $1,000 per year.
Today, U.S. Congressman Scott Peters (CA-52) released the following statement after he helped pass the Paycheck Fairness Act, which strengthens current equal pay and civil rights laws to give women more tools to contest unfair pay:
Small businesses — those with fewer than 100 employees — fuel San Diego’s economy. They represent 98 percent of our firms and nearly 60 percent of our workforce. For a long time, the general narrative around supporting small business has been a call to action for people to “shop local.” That’s great, but it’s not enough.
Today, U.S. Congressman Scott Peters (CA-52) was elected as a New Democrat Coalition Vice Chair. The Coalition’s solutions-oriented mentality drives their commitment to collaboration and working across the political spectrum to find common ground. The New Democrat Coalition grew significantly with the election of dozens of new members this year and will be an important coalition as Democrats take the majority next session.
Today, on the 32nd anniversary of the Tax Reform Act, U.S. Congressman Scott Peters (CA-52) announced he was named a 2018 Fiscal Hero by the Campaign to Fix the Debt, a non-partisan group affiliated with the Committee for a Responsible Federal Budget, for his commitment to fiscal responsibility in government. Peters is one of just ten members of Congress to receive this award.