ECONOMY WEEKLY: WEEK OF APRIL 5, 2010

For Immediate Release:

April 9, 2010

Contact:Katie Grant
Stephanie Lundberg
(202) 225 - 3130

“‘When you take it all together, the [government’s] response [to the economic crisis] was… ultimately successful,’ says Mark Zandi, chief economist at Moody's Economy.com (MCO). Even Obama critics like Phil Swagel, assistant Treasury secretary for economic policy under George W. Bush, acknowledge that White House policies have been successful…. ‘[T]heir economic policies, including the stimulus, have helped move the economy in the right direction.’”
– Bloomberg News, 4/8/2010
 

 
Economy Highlights:
 
• According to a survey of nationwide retailers, March posted the best monthly sales performance in a decade, “offering bold new evidence that a strong economic recovery could be ahead.… Of the 28 retailers whose results were tallied by Thomson Reuters, 92% beat sales expectations. The group's 9.1% sales gain was significantly better than the 6.3% increase analysts had been expecting and marked the best month on record since the company began tracking data in 2000.  [L.A. Times, 4/9/2010]
 
• In a continuing effort to increase lending to small businesses and support more job creation, the White House launched a program to “unfreeze the markets that finance Small Business Administration loans,” using funding made available by the Troubled Assets Relief Program.  [Washington Post, 4/5/2010]
 
Recovery Highlights:
 
• Due in large part to the tax benefits available under the Recovery Act, average tax refunds this year are up nearly 10%. As April 15 – “Tax Day” – approaches, to ensure that all taxpayers are aware for which Recovery Act tax breaks they are eligible, the Obama Administration launched an interactive Tax Savings Tool to “alert taxpayers to the more than a dozen tax benefits available to them under the Recovery Act.”  Click here to access the Tax Savings Tool. [White House, 3/22/2010]
 

• In an effort to increase the level of transparency and accountability of Recovery Act funds, Vice President Joe Biden and Recovery Accountability and Transparency Board Chairman Earl Devaney announced the release of a Presidential Memorandum “directing agencies to further intensify their efforts to improve reporting compliance by recipients of American Recovery and Reinvestment Act funds.  The Recovery Act requires recipients of funds to submit quarterly reports on how they are putting the funds to work.”  [White House, 4/6/10]

 

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