Cummings Acknowledges One Year Anniversary Of Recovery Act

United States Congressman Elijah E. Cummings
Proudly Serving Maryland's 7th District

HUhttp://www.house.gov/cummingsUH

2235 Rayburn House Office Building

Washington, DC 20515

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FOR IMMEDIATE RELEASE                                 CONTACT:
February 17, 2010                                                          Paul Kincaid, 202-225-4289

Cummings Acknowledges One Year Anniversary Of Recovery Act
Congressman notes more than 2 million jobs, tax cuts for 95 percent of American workers.

(Baltimore, MD) -- Congressman Elijah E. Cummings (MD-7) today reported that, at the one year mark, efforts to create American jobs and rebuild the economy are working.

Independent analysis shows the American Recovery and Reinvestment Act has saved and created more than 2 million jobs, cut taxes for 95% of working Americans, offered tax cuts and loans to millions of small businesses, extended unemployment and COBRA health benefits for those looking for work, and started to lay a new foundation for our economy with key investments in high speed rail, clean and efficient energy, high-speed broadband and wireless communications, and electronic medical records.

“This time last year, our economy was in freefall, losing more than 700,000 jobs a month, cutting into Americans’ retirement savings, freezing lending to small businesses, and hurting families working to make ends meet,” said Cummings. “Working with President Obama, we’ve been able to save and create more than two million jobs in the first year of a two-year effort and bring our economy back from the brink. We still have a long way to go to put more Americans back to work, but we’re clearly moving in right direction.”

In Maryland alone, the Recovery Act helped save and create 36,000 jobs. The Recovery Act was a combination of tax cuts, job-creating projects, and aid to state and local governments to keep teachers, firefighters, and police officers on the job. It has already provided nearly $120 billion in tax relief for American families and businesses, including the Making Work Pay Tax Credit for 237,000 middle-class families in the 7^th District of Maryland and the first-time homebuyers tax credit used by more than 28,000 households in Maryland. It has also supported nearly $20 billion in loans to more than 42,000 small businesses across the nation and provided $250 recovery payments to seniors and disabled veterans in Maryland.

Economists on both side of the aisle credit the Recovery Act with slowing job losses and keeping the economy from heading into a second Great Depression. And while partisan opponents of this legislation criticize it on TV and inside the Beltway, they attend ribbon cuttings back in their districts – taking credit for Recovery Act projects and the jobs they create.  

“Our economy is growing at the fastest rate in six years and we’ve seen millions of jobs created and saved in both the private and public sector,” said Cummings. “But while our country is heading in the right direction, too many Marylanders are still out of work and too many of our families are struggling to make ends meet. That’s why jobs remain my number one priority and I will continue to do everything possible to make sure that we rebuild our economy in a way that works for the middle class.”

The House has already passed the Jobs for Main Street Act to launch more job-creating projects, help small business hire workers, increase emergency aid for families struggling without a steady paycheck, and put Americans back to work. The House has also passed a clean energy jobs bill that is estimated to create more than 1.7 million new jobs by working with Recovery Act investments. The House is now working with the Senate to try to finalize health insurance reform legislation that is estimated to create 4 million new jobs.  

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