Congressman Cohen Statement on the Passage of the Economic Recovery Plan

In this economic climate, only one thing is certain: inaction is not an option. In conjunction with the Obama Administration, we in Congress have created and passed this job creation package that will rebuild America, make us more globally competitive and energy independent, and transform our economy for long-term growth. Additionally, it will give 95 percent of American workers an immediate tax cut; and invest quickly in the economy.

This evening, the House took the first step toward implementing President Obama’s vision to get the economy back on track. This economic recovery package will create American jobs now, and lay a foundation for long-term growth through clean energy, innovation and education. And I’m happy to say that this Recovery Plan has unprecedented accountability measures built in – providing strong oversight, an historic degree of public transparency, and no earmarks.

America is facing an economic crisis greater than any since the Great Depression, with a staggering 2.6 million American jobs lost in the last year and an unemployment rate here in Tennessee that has climbed to 7.9%.

We know it will take time to turn this economy around, but we are confident that this package will make our economy stronger than it would be otherwise. This jobs and recovery plan will create an estimated 63,690 jobs by the end of 2010 and reduce the unemployment rate by 2.0% here in Tennessee, according to leading independent economist Mark Zandi of Moody’s Economy.com. To ensure that these job creation goals are met, the Obama Administration has pledged that 75 percent of these job creating investments will get into the economy in the next 18 months.

Furthermore, more than 95 percent of Tennessee taxpayers will receive direct tax relief – $500 for single filers and $1000 for joint-filers – in 2009 and 2010 as a result of this bill. Many students and parents will be eligible for additional tax credits to help pay for college so students are prepared to enter the job market.

This bill is not a magic wand, nor will this plan end the recession over night. However, we know that this plan will help create jobs and put more money into the hands of working families to get our economy back on track. This bold, swift action tonight by the House of Representatives was a major victory for the American people.

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Contact:
Marilyn Dillihay, Press Secretary, 202-225-3265
Charlie Gerber, Communications Assistant, 202-225-3265