Third Straight Quarter of GDP Growth Shows Our Economy Continues to Improve, Congressman Garamendi Says
Congressman Garamendi cosponsors Energy Retrofit bill to help continue recovery
WALNUT GROVE, CA – Today, after the Commerce Department reported that America’s first quarter 2010 gross domestic product (GDP) grew at an annual rate of 3.2 percent, Congressman John Garamendi (D-Walnut Creek, CA) issued the following statement:
"With today’s announcement, we see substantial evidence that, under Democratic stewardship, the economy continues to improve. We had three straight quarters of strong GDP growth.
"We started this economic climb in a deep hole. In the last quarter of the Bush Administration, the economy shrank by 5.4%. Due to Wall Street greed and nonexistent government oversight, 2.8 million homes were foreclosed and trillions of dollars in American wealth were lost during the Bush recession. In the last month of the Bush Administration, the US economy lost 779,000 jobs.
"President Obama and Congress deserve credit for bold action that helped lift our economy out of the ditch. The signature legislation in this plan was the Recovery Act (ARRA), which did three big things. ARRA stabilized our economy, dramatically improved our employment numbers, and laid the foundation for sustainable economic growth. According to the nonpartisan Congressional Budget office, the Recovery Act has created and saved up to 2.7 million jobs thus far.
"Democrats have led the way on job creation, tax relief for the middle class, and support for Main Street. All the while, Republicans have tried to throw a wrench into our engine for economic growth. Thankfully, it has not worked and last month, the US economy gained 162,000 jobs, the largest gain in the last three years.
"However, many Americans are still struggling. That is why last month, I hosted a job resources fair for my constituents to help them retool their resumes and connect with employers. Just today, I cosponsored the Home Star Energy Retrofit Act, which is estimated to bring 170,000 American jobs. I welcome today’s news of economic growth. We have a ways to go, and I will continue my work to set policy that spurs business expansion and job creation."