Jobs & Economy
San Diegans and Americans across the country are still recovering from the economic hardship generated by the once-in-a-generation COVID-19 pandemic. That’s why Congress must keep investing in programs that grow our economy, contain inflation, and create jobs. To do this, we must bolster the pillars of San Diego’s economy: innovation and scientific research, our national defense and veterans, a world-renowned tourism industry, and our small businesses. 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 to capital and talent, which will help small businesses thrive. With the right leadership and policies, San Diego can continue growing for generations to come.
Working with President Biden to spur economic growth while reducing inflation
As the New DemocratsCoalition Vice-Chair for Policy last Congress, I authored a comprehensive plan to fight inflation while keeping unemployment low and continuing our economic growth. Read the full Inflation Action Plan — “Inflation Action Plan - Lowering Prices and Fighting Inflation: What We Have Done and What We Need To Do”
Advancing the Innovation Economy, Scientific Research, & San Diego’s Talent-Rich Environment
San Diego County is home to numerous innovative companies and research institutions. In 2022, these institutions were awarded a total of $1.2 billion in National Institutes of Health (NIH) awards, and San Diego’s life sciences sector generated nearly $50 billion in regional economic impact. Rep. Peters was honored with the ‘Champion of Science’ Award by the University of California, San Diego and The Science Coalition for his work to increase federal funding for basic scientific research, expand research and development tax credits, and increase ocean research. His efforts to support bolster San Diego’s innovation economy have included:
- Leading an initiative to increase total NIH funding from nearly $30 billion in 2013 to almost $50 billion in 2023. Studies suggests that $1 of NIH funding for biomedical research can generate about $2.64 in downstream economic output.
- Helping pass the CHIPS and Science Act, which has supported the domestic manufacturing industry, strengthened American supply chains, and enhanced our ability to compete with China’s economy in the 21st century.
- Introducing the Igniting American Research Act to make permanent the Research and Development Tax Credit. This became law when President Obama signed the PATH Act in 2015. This has allowed San Diego’s rich ecosystem of small biotechnology innovators to thrive and continue discovering for new cures.
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 356,000 jobs and $56.2 billion in total impact on the regional economy. That is almost a quarter of all the jobs in the county and a quarter of the regional economic output. As a former member of the House Armed Services Committee, Rep. Peters continues to 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 in TRICARE and the VA health system.
- 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
Rep. Peters understands the importance of tourism to San Diego’s economy. Each year, almost 30 million people visit our district to enjoy the weather, natural beauty, and abundant local attractions. That’s why Rep. Peters has long advocated for policies to support a flourishing tourism industry which accounts for nearly 214,000 San Diego jobs.
- Secured funding to complete Phase III of the San Ysidro Land Port of Entry project which has improved efficiency and security at our nation’s busiest border crossings. This funding has reduced wait times, created jobs, and spurred economic activity in our region and across California.
- Supported a proposal to continue the public-private partnerships that have been created to foster tourism and job creation in the United States. This proposal passed the House of Representatives.
- 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.
Jobs & Economy
|ICYMI: WSJ Article Highlights Success of Rep. Peters’ 2020 Student Loan Repayment Bill