Tomorrow, we’ll mark exactly one year since the American Recovery and Reinvestment Act was signed into law. We already know that Sharron Angle, Danny Tarkanian, and Sue Lowden are going to use this occasion to once again attack the Recovery Act and do their best to gloss over, minimize or just plain ignore how it brought our economy back from the edge of a cliff, while creating and saving tens of thousands of Nevada jobs. With that in mind, we thought we’d set a few things straight.
STATE OF THE ECONOMY POST-RECOVERY ACT
While we are not yet out of the woods, the Recovery Act countered the very worst of what was the largest economic crisis since the Great Depression. It must be noted that before the Recovery Act was passed, our nation lost 741,000 jobs in January of 2009 and the economy had shrunk by 6.4% during the previous fiscal quarter. Only one year after the Recovery Act was signed into law, we lost 20,000 jobs in January 2010 and the economy grew by 5.7% in the previous quarter, the fastest it has since 2003. That’s a nearly 12% shift in positive economic growth since the Recovery Act has been in effect. While there is more work to be done on the jobs front, it’s obvious that the Recovery Act successfully stopped the bleeding.
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