You can't tell the people in Rockford, Illinois, whose unemployment is at 20 percent that all these stimulus bills are working. In fact, even before the President was sworn in, because he mentioned a carbon tax, near the city of East Dubuque over on the Mississippi River in the congressional district that I represent, Rentech, which makes anhydrous ammonia and urea, was all set to make an $800 million investment to substitute coal for natural gas in the Fischer-Tropsches process resulting in the production of aircraft fuel. So 1,000 manufacturing jobs, an $800 million investment, was wiped out because even the threat of cap-and-trade had the investors pull the plug on it. And now we come up with still another bill, still another government program, this one to tax foreign direct investment, many of those people involved in the manufacturing sector. There are 240,000 jobs in Illinois that directly depend upon foreign direct investment.
On the recordMarch 24, 2010
Editor's note · Context
The speaker addresses the impact of government policies on unemployment and investment in Illinois.
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