Smith responds to growing economic crisis with new policy

In a closed door meeting with Oregon business leaders Friday, U.S. Sen. Gordon Smith(R-Pendleton) acknowledged the country’s growing financial crisis and released his plans to get the American economy back in shape.

The plan calls for increased government regulation to strengthen oversight and accountability on Wall Street, provides tax relief for families and small businesses, creates tax credits for renewable energy research, and extends federal payments to timber-dependent counties in Oregon.

“Oregon’s economy is in crisis with jobs, home values, and the stock market all in decline," Smith said. "With the cost of food, fuel, and housing going up, the need for a strong safety grows."

Smith’s acknowledgement of the current economic crisis seemed to stand in contrast to an article published in the September 2008 Jackson County Republicans newsletter, where Smith's statements of working to create more employment opportunities were getting the American economy on the right track.

“I have had the unique privilege to be closely involved in formulating economic policies aimed at growing the American job market, and increasing the vibrancy of our economy.” Smith said in the newsletter, despite the fact that Oregon lost 7,400 jobs in August. “Recent trends suggest that equipping Americans’ natural ingenuity with a favorable tax code has helped revive our economy, and I am proud to continue my commitment to that end.”

Smith spokeswoman Lindsay Gilbride said the comments published were not submitted by Smith or the campaign, and instead were pulled from a statement Smith made over a year ago, before the recent economic downturn.

Smith also wrote in that newsletter that he anticipated that the American economy would “continue to expand" through smaller government and disciplined spending. He also said Friday that his work in the Senate qualifies him to deal with the country’s current economic crisis.

“Washington, D.C. needs more leaders with the proven ability to bring moderate bipartisan change. We need more leaders with a track record of independence, willing to buck their own party to find common ground,” Smith said.