Van Hollen Statement On The One-Year Anniversary Of The Recovery Act
Statement
Van Hollen Statement On The One-Year Anniversary Of The Recovery Act
Today Congressman Chris Van Hollen (D-MD), Assistant to the Speaker, issued the following statement on the one-year anniversary of the American Recovery and Reinvestment Act:
"On this day last year, with our nation's economy in freefall, the President signed the American Recovery and Reinvestment Act to stem job losses and put our country back on track. A year later, we are seeing signs of recovery. In the fourth quarter of 2009, the economy grew 5.7 percent -- the largest increase in six years -- and job losses went from 779,000 in January 2009 to approximately 20,000 in January 2010. The nonpartisan Congressional Budget Office estimates that the Recovery Act is responsible for as many as 2.4 million jobs in 2009, and the Council for Economic Advisors estimates it has impacted 36,000 jobs in Maryland.
"The Recovery Act made urgent and necessary investments in our economy. It put money directly into the pocket of middle class families with a tax cut for 95 percent of Americans, as well as tax cuts for small businesses. With money from the Recovery Act, states were able to keep teachers in classrooms, preserve access to health care for struggling families and children, and ensure public safety with funding for police and fire departments. The legislation made critical investments in infrastructure, launching highway and transit projects that put people to work rebuilding America. It also awarded grants for new technology, like smart grid, advanced batteries, and energy-efficient vehicles, to keep the United States at the forefront of innovation in a 21st century global economy.
"Our work is not finished. Though job losses have declined, too many Americans are unemployed and too many families are still struggling. We need to build on progress we have made with continued investments in small business and infrastructure to create new jobs and ensure a lasting recovery. I hope Republican leaders will join us as we continue to work to strengthen America's economy and ensure families can succeed."
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