Cummings Supports Obama Plan To Increase Job Creation

Cummings Supports Obama Plan To Increase Job Creation
President encourages wide range of measures to create job growth ahead of normal lag.

(Washington, DC) – Congressman Elijah E. Cummings, (MD-07) today supported efforts discussed by President Obama in a speech at The Brookings Institution, geared toward putting Americans back to work.

The President suggested a broad-based strategy for increasing employment, including lowering taxes on small business, investing in infrastructure improvements, encouraging the retrofitting of American homes and buildings, and increasing small business loans for businesses that are having problems finding credit. All of these efforts would be funded in part by TARP and other funds.

Recent reports from the Treasury Department indicate that much of the TARP money spent to stabilize banks will be returned to the Federal government. Many loans will be returned with interest.

“We used taxpayer money, at a time it was badly needed, to stabilize Wall Street,” said Cummings. “Now, the Americans most in need are those in my district in Baltimore City and on Main Streets all over the country. Why should taxpayer money not go to help everyday taxpayers?

Production is rising, the stock market is recovering and job losses have almost stopped. However, thousands of Americans are still in danger of losing their homes, through no fault of their own. Small businesses, the engines of our economy, are unable to get capital to expand, stopping Americans from getting back to work. I stand with the President in his efforts, because we can do better.”

Both President Obama and Congressman Cummings have frequently noted that post-recession job growth lags behind other economic growth. Both also agree that Americans, because of mortgages and other concerns, cannot wait for those jobs to return.

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