"Our economy plunged into recession almost three years ago on the heels of a financial meltdown and a rapid decline in housing prices. Last year we saw the depths of the recession, including historic losses in employment not witnessed since the Great Depression. Today, the Census Bureau released data that illustrates just how tough 2009 was: along with rising unemployment, incomes failed to rise for the typical household, the percentage of Americans without health insurance rose to 16.7 percent, and the percentage of Americans living in poverty increased to 14.3 percent.
But the data released today also remind us that a historic recession does not have to translate into historic increases in family economic insecurity. Because of the Recovery Act and many other programs providing tax relief and income support to a majority of working families - and especially those most in need - millions of Americans were kept out of poverty last year.
The substantial expansion of the Children's Health Insurance Program (CHIP) helped inoculate our children from the economic distress experienced by their parents, as there was little change in the percentage of children without health insurance. The Affordable Care Act will build on that success by expanding health insurance coverage to more families.
Even before the recession hit, middle class incomes had been stagnant and the number of people living in poverty in America was unacceptably high, and today's numbers make it clear that our work is just beginning. Our task now is to continue working together to improve our schools, build the skills of our workers, and invest in our nation's critical infrastructure.
For all of our challenges, I continue to be inspired by the dedication and optimism of America's workers, and I am confident that we will emerge from this storm with a stronger economy."