Congressman Foster (2nd from right) takes time for a photo with Lori Hewitt (far right), President/CEO of the Chamber, Chris Manisco (2nd from left), Vice President of Communications of the Chamber, and me.
The event, sponsored by the Chamber’s Legislative Committee, was the 1st of a 2-part series to give Chamber members and other interested parties the opportunity to hear the views, and the vision, of the 2 candidates who are running for Congress in the 14th District.
Congressman Foster presented a variety of information to the members including:
- his personal background
- information regarding the downturn in the economy and the reasons behind it
- how to return the nation to prosperity
As part of his prepared remarks, Congressman Foster told Chamber members:
- the current economic downturn is not a normal business cycle – it was caused by the deregulation of the financial markets that led to a housing bubble.
- there has been a $17.5 trillion reduction in the net worth of Americans, since the economic downturn began. This amounts to $55,000 for every person in the United States.
- approximately $7 trillion of that reduction has been recouped through the intervention of the federal government and the various stimulus programs. The interventions cost approximately $1 trillion.
- 8 million U.S. jobs have been lost from 2007-2009 and 1/3 of these jobs are in manufacturing.
- the federal deficit is considered to be “normal” when it is 4% or less of the total; today it is 11%. Rep. Foster said he has voted against these budgets because of his opposition to the federal deficit.
Foster advocated for “re-balancing the economy” through:
- tax cuts for the middle class
- emphasize small business growth and exports
- re-balance international trade agreements to emphasize manufacturing and agriculture
Congressman Foster also took questions submitted by the audience regarding:
- legislation approved on Tuesday to allocate $26 billion towards the preservation of teaching jobs (it is my understanding that this bill will result in approximately $450,000 being provided to St. Charles Community Unit School District #303).
- home ownership and how to address the problems with Fannie Mae and Freddie Mac
- the role that lobbyists play in educating members of Congress on the issues
To review photos from the event, please click here.
On Wednesday, August 25th, the Chamber will host State Senator Randy Hultgren. Senator Hultgren is the Republican challenger in the race for the 14th District congressional seat. Election day is Tuesday, November 2nd.
For additional information regarding this event, or to sign up to attend, please visit the Chamber of Commerce website.