WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today on the one-year anniversary of the American Recovery and Reinvestment Act:
“A year ago today, with our country in the midst of its greatest economic crisis in generations, President Obama signed the American Recovery and Reinvestment Act, pivotal legislation designed to soften the recession’s blow and get our economy back on the right track. A year later, the facts are clear: the Recovery Act is working.
“The Recovery Act has already worked to save or create as many as 2.4 million jobs, according to the nonpartisan Congressional Budget Office. In one year, the Recovery Act has provided $120 billion in tax cuts for 95% of working families as well as businesses across the country; loaned nearly $20 billion to small businesses to expand and create jobs; funded more than 12,500 transportation projects nationwide; kept teachers, police officers, and firefighters on the job; and accomplished much more.
“Programs like those are working to turn our economy around. Since President Obama took office, job losses have steadily decreased—from an average loss of 726,000 per month in the last quarter of the Bush Administration, to just 35,000 in the most recent quarter. The Recovery Act also has our economy growing again: in the most recent quarter, it grew at the fastest rate in six years. The nonpartisan Center on Budget and Policy Priorities reports that the Recovery Act is ‘keeping more than 6 million Americans out of poverty and reducing the severity of poverty for 33 million more.’ And economists Carmen Reinhart and Kenneth Rogoff found that America is recovering much more quickly than other countries that faced similar financial crises.
“All of that means real progress toward recovery—but as long as our unemployment rate remains unacceptably high, it is not enough. That is why Congress is working hard to pass a jobs bill that can help small businesses hire workers and access credit, as well as fund more vital projects to create jobs. We hope to work with Republicans on bipartisan solutions to continue creating jobs and strengthening our economy.”