ECONOMY WEEKLY: WEEK OF JANUARY 18, 2010

For Immediate Release:

January 22, 2010

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

“We have plenty of work ahead of us, but look at what we've already managed to accomplish for American cities.  The estimates range from 2 to 2.4 million jobs saved or created. Nearly $100 billion in tax relief has been provided to working families and businesses through the Recovery Act.  And all that money has poured back into the economy of your cities, creating more jobs.  More than 18 million Americans have received unemployment compensation benefits and increased benefits.  Imagine what the impact on your cities would be if, in fact, we did not have that money flowing in and those people found themselves in a destitute situation.”

– Vice President Joe Biden, 1/21/10

 
 
Economy Highlight:


• While the American housing market continues to rebound, this week new “applications for building permits, an indicator of future house-building, rose by 10.9% in December and were 15.8% higher than a year earlier.” [The Economist, 1/21/10]
 


Recovery Highlights:


• On the second stop on the White House to Main Street Tour, President Obama traveled to Lorain County, Ohio to talk with Americans about the impact the current state of the economy is having on their families and businesses. “In recent decades, one major company after another -- American Shipbuilding, U.S. Steel, Ford Motor -- has closed or severely cut its workforce in Lorain County…. The $787 billion economic stimulus plan enacted by Obama last February has brought at least $33 million to Lorain County. Among other things, the money has paid for youth summer jobs, Head Start slots, housing vouchers, road repairs, home weatherization projects and the transformation of a historic railroad station into a new transportation center.” [Washington Post, 1/22/10]


• Last month, the President hosted a jobs forum to discuss job creation with business leaders and economic experts.  Since then, in addition to the community jobs forums held around the country, the President’s economic team has been compiling a final report from the forum, including updates and follow-up with the participants. [White House, 1/21/10]
 
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