Rangel: Recovery Act Creating Jobs & Hope

Press Release

Congressman Charles Rangel joined a chorus of other leaders in praising the Obama Administration for their work on creating economic hope and jobs. The White House announced Wednesday that the Recovery Act has created or saved over 3 million jobs nationwide, including more than 206,000 jobs in New York. The quarterly report from the Council on Economic Advisers (CEA) also shows that the economy is on track to create an additional 500,000 jobs by the end of the year.

"We already knew that the Recovery Act lowered taxes for 98% of Americans. Now comes the news that it is responsible for creating or saving more jobs than originally thought. What a shot in the arm for not just our economy but for consumer confidence," said Rep. Rangel. "Eight years of failed economic policies pushed our economy to the brink of disaster, and the Recovery Act is digging us out of Bush's recession. We still have a long way to go to put more Americans back to work, but we're clearly moving in the right direction."

The CEA estimates that the Recovery Act has raised the GDP by 3 percent, and has spurred economic development and private investment across the country. Thanks to the public-private partnerships included in the Recovery Act, for every dollar spent on renewable energy and other projects, the private sector is spending $3. For example, a $4.5 billion public investment in smart grid technology has led to over $10 billion in total investments in these projects. A $6 billion investment for building construction has supported nearly $30 billion of economic activity.

My number one priority is not just putting hard-working New Yorkers back to work now, but also creating the kind of climate that will grow quality, good paying careers in new fields and technologies," said Congressman Rangel. "America can and should be a global leader in cutting-edge industries like clean energy and high-tech. The Recovery Act is sparking American innovation, creating jobs immediately and making our economy stronger for the future."

The American Recovery and Reinvestment Act cut taxes for 98% of working Americans, offered tax cuts and loans to millions of small businesses, extended unemployment and COBRA health benefits for those looking for work, and started to lay a new foundation for our economy with key investments in high speed rail, clean and efficient energy, high-speed broadband and wireless communications, and electronic medical records.

In addition to the Recovery Act, the House has also passed the Jobs for Main Street Act (December 2009), and the HIRE Act (March). These bills included critical investments in small businesses, state infrastructure projects such as school construction, and support for job training programs and keeping police and firefighters on the street and teachers in classrooms. President Obama also signed into law an historic health care reform bill that will create four million jobs over the next decade.

For more information on Congressman Rangel's position on the economy and what he is doing in Washington and in the District, please visit his web site at http://www.rangel.house.gov.

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