February 2009 Archives
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The Way Out
The way out will be a long road– and its not going to be easy, but there are three key areas where Congress can focus our efforts to get us back on track.
Creating Jobs
Our economy is not going to work if we don’t get the fundamental thing done and get people working again. The Recovery Package creates over 3 million jobs in all sectors of our economy – construction, education, green jobs. It is essential to get our country moving forward. More Information...
Preventing Foreclosure
Keeping families in their homes is an important component to rescuing our economy. There are several proposals currently being worked on that aim to help people who are facing foreclosure. By stemming the rate of foreclosure, we'll help stabilize our housing market.
Unfreezing Credit
A plan to thaw the frozen credit markets so that small businesses and consumers can have access to credit that is essential to a healthy economy. More Information...
These areas will not be a cure all. We’ve got a lot of work to do in other areas that will help our economy, from health care to education funding to protecting our environment.
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The Way Out - Creating Jobs
The American Recovery and Reinvestment Act (HR 1) will help avoid more layoffs of teachers. It will create jobs in water recycling to help with California’s drought. It will help families running out of unemployment benefits or food stamps. And it will helps California continue to provide health care to low income families. It will help modernize local public schools, improve health care technology to cut costs, and will help young people stay in college, which they desperately need to do tobe able to succeed in our economy.
This economic recovery plan will save and create jobs, get our economy moving again, and transform it for long-term growth and stability. HR 1 will:
-- Create or save 3.5 million jobs
-- Immediately cut taxes for 95% of American workers
-- Begin an historic transformation of our economy, making us more globally competitive and energy independent for the 21st century, investing in world-class education
-- Make unprecedented investments in our infrastructure to modernize our roads, bridges and mass transit, build energy efficient buildings and tackle clean water projects
-- Restore science and innovation as the keys to new American-made technology, preventing and treating disease and tackling urgent national challenges like climate change
-- Modernize our health care system to lower costs and save lives
-- Provide unprecedented accountability and transparency to help ensure tax dollars are spent wisely and restore the American people’s confidence
But make no mistake about it – the recovery plan alone is not a silver bullet for our serious economic problems. Unemployment will continue to rise, no matter what plans are enacted. That’s the nature of recessions.
With this plan, fewer people will lose their jobs, and more people will have job opportunities as we come out of the recession.
This recovery plan is essential. But it must be viewed along with the two other pillars of our economic rescue efforts – a plan to help homeowners, and a plan to thaw the frozen credit markets so that small businesses and consumers can have access to credit that is essential to a healthy economy.
Detailed summary of the American Recovery and Reinvestment Act.
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The Way Out - Unfreezing Credit
Obama’s treasury department has introduced a comprehensive plan to begin to stabilize our financial system. When credit starts flowing again to consumers and small businesses, and accountability is brought to this effort are the measures of success.
The plan is a complete overhaul of the Bush Administration’s use of the Bank bailout funds by focusing specifically on accountability and transparency. It dedicates overdue resources to help homeowners, reduce the foreclosure rate and address the problems in the real estate industry -- where this crisis began.
Congress is working with President Obama to address this issue in a timely manner.
Read more about President Obama's plan for Financial Stability.
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