Nonpartisan CBO Analysis Proves Recovery Act Saved Economy from the Brink, Rep. Miller Says
WASHINGTON, D.C. – An analysis released yesterday by the nonpartisan Congressional Budget Office shows that the Recovery Act saved the economy from the brink by adding millions of jobs and increasing economic activity, U.S. Rep. George Miller (D-CA) said today. “Before this Congress and President Obama took decisive action, our nation was losing more than 750,000 jobs a month. It is clear that without the Recovery Act, our nation would be still dealing with an economic catastrophe caused by the financial scandals,” said Miller, the chair of the House Education and Labor Committee. “While there is more work to continue the recovery, it is clear that the Recovery Act was the right decision. Now is not the time to return to the policies that created this mess.”
The CBO found that the Recovery Act raised the nation’s gross domestic product by as much as 4.2 percentage points, lowered the unemployment rate by 1.5 percentage points, and increased the number of people employed by as much as 2.8 million in the first quarter.
Miller is the author of the Local Jobs for America Act, legislation to create and save a million jobs over the next two years by restoring vital services in local communities. The recession has forced states and municipalities to cut jobs that are critically important to American families – teachers, police, firefighters, childcare workers, and others. The bill currently has 161 cosponsors and is supported by more than 300 organizations.
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