WASHINGTON, D.C. – U.S. Senator Martin Heinrich (D-NM), Ranking Member of the Joint Economic Committee, delivered the following remarks today during the Committee's first hearing of the 115th Congress entitled, “The Decline of Economic Opportunity in the United States: Causes and Consequences.” Ranking Member Heinrich emphasized in his opening remarks that tax reform and deregulation alone will not revive rural communities and create good jobs, but Congress must take concrete action that focuses our limited resources on investing in working families. Below are his opening remarks as prepared for delivery: 

Opening Statement of Ranking Democrat Martin Heinrich (D-NM)

Thank you, Chairman Tiberi, Vice Chair Lee, and our witnesses for joining us today for our first hearing of the Congress. 

The United States is the global leader in opportunity and innovation. 

When I was a growing up, both of my parents worked exceedingly hard.  Neither had a college degree. 

It wasn’t easy, but I was able to get a college degree and am sitting here with all of you today because of the sacrifices they made and because of the opportunities this country afforded them. 

What seemed like an attainable dream 30, 40, 50 years ago too often seems unattainable today.

Across New Mexico and the nation, working people feel like they can’t get ahead.  And parents don’t believe the future is bright for their children. 

When we ask ourselves – what are the barriers to opportunities for me and my neighbors – many of my colleagues focus on the role of regulation and the tax code. 

This conversation is important, but I caution us all to not conflate what is good for CEOs or investors with what is good for a working family living in rural New Mexico.  

It is a mistake to think that deregulation or tax reform alone will revive rural communities or create good paying jobs in cities and small towns across America.

What our business leaders lack is certainty.

Expiring tax credits aren’t good for planning. 

The constant threat of taking health care away from families doesn’t instill certainty. 

Repealing rules that keep our air and water clean don’t give businesses the certainty they need to create the jobs of the future. 

Policies that are good for business and promote pragmatic public health goals – like the methane rule, that Congress is trying to do away with – should be protected not targeted.

We are about 80 days into this administration and what we’ve seen is a budget that would devastate rural America, and make it harder for seniors and children to get core services that keep them healthy. 

Too many people here in Washington D.C. think that if the stock market is on the rise, the economy is doing just fine. But that’s not the reality for most of America’s working families.

The way we should measure the success of the economy is if wages go up, parents can afford to send their kids to college, entrepreneurs can start new businesses, and workers are able to retire with peace of mind.

We have to get back to the basics. 

Congress must take concrete action that focuses our limited resources on investing in working families –the women and men in this nation who are fighting to give their kids a better future – rather than on tax cuts for the wealthy.

Comprehensive education and workforce training must be a top priority in the face of the global nature of the new economy. 

We need tax and labor policies that reward hard work. We ought to prioritize tax programs for families that are proven to reduce poverty and incentivize work, like the Earned Income Tax Credit and the Child Tax Credit.

Public-private partnerships alone cannot create the modern infrastructure that works for all communities, especially those that rural communities need. 

It will take Congress making a substantial investment in roads, water projects, and high-speed broadband that connect people and communities to financial and educational opportunity.

The renewable energy sector is a place where jobs are growing rapidly and not just in metro areas, but also in rural communities. Congress’s work to encourage this market through tax credits have helped get the renewable energy industry off the ground.

The success of the future of our economy will be tied to whether Congress today takes the bold steps necessary to connect people with the opportunities that will exist tomorrow.

A lot of works remains to be done to ensure that all of us get a shot at getting ahead. 

I look forward to starting this conversation with you all today and hearing from our witnesses.