FOR IMMEDIATE RELEASE: October 30, 2009
CONTACT: Emily Barocas/202-225-7295
Larson: Recovery Act Has Saved Or Created Thousands Of CT Jobs
Recognizes there is more work to be done to get our economy back on track
Washington, DC – Today, Congressman John B. Larson (CT-01), Chairman of the House Democratic Caucus, announced that the Recovery Act is meeting its target of creating or saving one million jobs with just a quarter of the funding spent out and is on track to create and save at least 3.5 million jobs by next fall. In Connecticut, the reporting shows more than 7,000 jobs created or saved directly by funding in the Recovery Act, including more than 6,000 in the first district.
“Job creation is a top priority for this Congress and every day we are looking for more ways to put Americans back to work,” said Larson. “We know that many Americans are still losing their jobs or having trouble finding new ones, and we are taking bold action to create jobs and put our economy back on sound footing for the future.”
The Recovery Act made targeted investments in industries that will create jobs in the short term and put our economy on sound footing for the future. In Connecticut’s first district, two companies that are doing important work in advanced science and engineering – the type of research and development that will make us more competitive in the global economy of the future – received funding grants. Supra Magnetics, Inc., a company that specializes in state-of-the-art superconductors, created two good-paying engineering jobs. PMD Scientific, Inc. was also able to hire their first five employees for their advanced work in nuclear detection.
“Local companies and communities are beginning to see the benefits of the Recovery Act funding, putting our neighbors back to work and rebuilding our local economy. Our work is not done, though, and we will continue to work to create jobs and get Recovery funds to out as quickly and responsibly as possible,” said Larson.
The data released today accounts for only 18% of total Recovery Act funds, and shows only the direct and immediate number of jobs created by those funds. It does not capture indirect jobs created by Recovery projects nationwide, and does not show the jobs that will be created in the near future from these same funds. For example, the data lists the number of jobs created by a contractor who has hired workers right now to build a bridge, but it does not account for the number of jobs created by a company that supplies building materials to the contractor, or the number of new workers a restaurant across the street from the job site hires to support an increased number of customers. It also leaves out the number of workers the contractor might hire next year as it expands its operations.
The release of this new data represents an unprecedented level of transparency in a government program – a commitment President Obama and this Congress made to the American people.
“This reporting process lets every American see exactly how their tax dollars are being used to strengthen the economy and help create and save jobs,” said Larson. “And while this represents only a small part of the picture of the Recovery Act’s work, it does point to some important progress.”
The Recovery Act has already helped millions of Americans during these tough economic times by extending unemployment insurance, cutting taxes for 95% of working families, giving out loans to small businesses and boosting funding to hire more local teachers, fire fighters and police officers.
###
