Rep. Clarke’s Statement on One Year Anniversary of Recovery Act
Today marks the one year anniversary of the American Recovery and Reinvestment Act being signed into law. 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.
“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 Rep. Clarke. “In New York, the Recovery Act helped save and create 40,620 jobs.”
It has already provided nearly $120 billion in tax relief for American families and businesses, including the Making Work Pay Tax Credit for 222,000 middle-class families here in the 11th District of New York and the first-time homebuyers tax credit used by 58,787 households here in New York. 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 here in New York.
“As we all know, New York has been hit hard by this recession. While I am optimistic about early economic indicators pointing to a recovery, many New Yorkers are still having a hard time finding jobs. That’s why jobs remain my number one priority,” stated Rep. Clarke. “With over 40,000 jobs created by the stimulus, I am confident that this great state and nation is headed towards economic prosperity.”
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.