Ranking Member-Designate

Since the depths of the Great Recession, the Obama Administration has worked to put the economy back on track, and we are seeing the fruits of its labors.

When President Obama took office in January 2009, the economy was losing about 800,000 jobs per month, home prices were collaspsing, lending was at a virtual standstill and the U.S. banking system was in peril. In the final three months of 2008, the economy shrank at a staggering 8.2 percent annual rate.

Substantial progress has been made since then. As of mid-2015, real gross domestic product has increased 13 percentage points; unemployment is down to 5.4 percent from a high of 10.1 percent; 12 million private sector jobs have been added to the economy; and corporate earnings have hit record highs.

Many challenges remain: higher productivity, expanded labor force participation and greater income equality are three areas that still need improvement. But the economy is continuing to improve and is poised to make further progress in the future.