Economic Crisis

INTRODUCTION

Most economists agree that our economy has been in trouble since August 2007 - and that the current recession began just over two years ago in December of 2007. 

Since then, Millions of Americans have lost their jobs, their homes, or much of their retirement savings – and in the worst cases, all three.  Many have had to accept lower pay, take second jobs, or put off retirement.  Millions more are worried about losing their jobs and holding on to their homes.  11 Million home-owners are “underwater” – they owe more on their mortgages than their homes are worth.

This economic catastrophe didn’t develop overnight – its roots go back a number of years – and it can’t be fixed overnight.   When President Obama took office a year ago, he inherited two costly wars, a $10 Trillion national debt, and an economy in free-fall. 

Last year, I worked with a majority of my colleagues in Congress to enact legislation to prevent another Great Depression and put people back to work.  I believe that we succeeded in preventing a massive catastrophe and in reversing the economy’s decline. 

More needs to be done.  We need to act decisively now if we want to get the economy back on track and create new jobs for the 8 million Americans who were laid off over the last 2 years.  That’s why I’m working hard to create new jobs and promote economic growth in southwestern Pennsylvania – as I’ve been doing since my service in Congress began and our region was suffering through the collapse of the steel industry.

Click on the following links for more information:

Other sources of information: