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Highest GDP Growth in Six Years a Sign that Congress’s Recovery Efforts are Working, Congressman Garamendi Says

January 29, 2010
Press Release

Congressman Urges Congress to Immediately Act
on Jobs Bills to Continue Rebuilding Economy

WALNUT GROVE, CA – Congressman John Garamendi (D-Walnut Creek, CA) today issued the following statement after the Commerce Department reported that America’s fourth quarter 2009 gross domestic product (GDP) grew at annual rate of 5.7 percent, the highest growth rate in six years:

"While we have a long way to go to rebuild an economy that was nearly destroyed by Bush-era crony capitalism and insatiable Wall Street greed, today’s impressive GDP news is one of the clearest indications yet that our economy is turning around.

"Our progress to date can largely be attributed to the American Recovery and Reinvestment Act, which has infused our economy with more than 640,000 jobs to date while implementing a massive infrastructure revitalization effort that will make our economy more productive for generations. I encourage my colleagues in the Senate to continue our important work and immediately pass the Jobs for Main Street Act, which would create or save over 500,000 more jobs.

"We must also pass legislation that increases the amount of credit available to small business owners eager hire new workers. I have heard from many small business owners ready to expand, but they are unable to secure loans from banks too big to care. To continue propelling our economy forward, we cannot afford further delay."

As California’s Insurance Commissioner, Congressman Garamendi regulated the largest financial sector in America for eight years.