Congressman Garamendi on New Report Revealing Recovery Act Responsible for 2.5 Million Jobs

WASHINGTON, DC – Congressman John Garamendi (D-Walnut Creek, CA) today is encouraged by a new report by the Council of Economic Advisors that estimates the American Recovery and Reinvestment Act (ARRA) is responsible for about 2.5 million jobs.

"Jobs, jobs, jobs. This is my biggest responsibility as a Congressman," said Congressman Garamendi. "Thanks to Congress and President Obama, the Recovery Act is delivering. Through tax rebates and other financial assistance, the Recovery Act put money in the hands of working Americans, and it kept hundreds of thousands of teachers and public safety officials on the job. It also invested billions in research and needed infrastructure and efficiency projects. We now have 2.5 million more jobs to show for it, with another one million expected by year’s end, but there is still more work to be done."

The CEA’s 2010 third quarterly report estimates that roughly half of the jobs produced by the Recovery Act stem from the more than $200 billion in Recovery Act tax relief and financial assistance that predominantly helped lower-and-middle class Americans. These measures helped stabilize consumer spending and put money into the hands of the people most likely to spend it.

"Today is tax day, but for most working Americans, we might as well call it tax rebate day," Garamendi added. "President Obama and Congressional Democrats are responsible for some of the most significant middle class tax cuts in U.S. history. We were handed a broken economy and have made great strides in fixing it, but we cannot rest on our laurels. The unemployment rate is still unacceptably high, and that is why we must pass more jobs-producing bills."

Taxpayers interested in knowing what recent benefits they may be qualified for should visit the White House’s convenient tax savings tool. Video of Congressman Garamendi on the House floor talking about some tax benefits now available because of ARRA is available here.