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Tax and Stimulus Effects on Private Sector Employment PDF Print

 

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Since December 2007 economists have classified the U.S. economy as in recession. The above chart shows the different economic policies put forth by the federal government since then to combat the recession.

In 2008, the Bush administration implemented a $152 billion tax credit for individuals in an attempt to curb increasing job loss. Although many citizens received a check in the mail, the result was a continued and accelerated loss of jobs.

In 2009, under Democrat leadership, Congress passed the American Recovery and Reinvestment Act with my support. This economic recovery policy paired tax credits for workers with targeted investments in infrastructure and job creation and retention.

From February 2009 through April 2010, $375 billion have been invested in American families and the jobs that keep them running. The Recovery Act (shown above in blue) was supplemented with additional safety net provisions, aid to states, and further jobs legislation that have resulted in the first positive job growth since 2007.

The Democrats’ aggressive economic agenda has only just begun to show its successes, and we will continue to see the kinds of improvement illustrated above as our agenda moves forward.