Jobs For Main Street Act, 2010
Madam Speaker, I thank the distinguished chairman for yielding, for his unyielding work on behalf of America's working families, and in this case today for the creation of jobs, to grow our economy and to help those who have lost their…
Madam Speaker, I thank the distinguished chairman for yielding, for his unyielding work on behalf of America's working families, and in this case today for the creation of jobs, to grow our economy and to help those who have lost their jobs through no fault of their own.
I am grateful to the distinguished ranking member, Mr. Lewis, for his courtesy. Yes, my apology. I didn't realize the debate would go to this point. But I did want to take the opportunity to talk about jobs to our colleagues and to this Congress in general.
Just to put it in perspective, 1 year ago, in January, the job loss was 740,000 jobs for that 1 month alone. Fast forward to now, and the job loss for November is 11,000 jobs. Seven hundred forty thousand 10 months ago; 11,000 jobs this month. We don't want to lose any jobs. But we are on the road to recovery, and we are there because this Congress made some very important and difficult decisions to take us there. We are on the road to recovery because of the leadership of President Barack Obama, who stood on the steps of the Capitol on his inauguration and asked for swift, bold action now so that we could take the country in a new direction and create jobs and grow our economy.
One week and 1 day from the President's inaugural address, this House of Representatives passed the Recovery Act. We were able to do so because we were ready. We had been ready with job creation packages, but we could not get the resources until we had a new President to make the investments, which took us from 740,000 jobs lost in January, in the first month of this year--the President, I am reminded, was inaugurated on January 20, toward the end of that month--and then 11,000 jobs.
I also want to call to our colleagues' attention back to the first quarter of 2009, and the GDP rate of growth was a negative. It was a minus 6.4 percent, a result of the failed economic policies of the previous administration. As of November 24, 2009, the GDP has a positive 2.8 and is growing; a swing of 9.2 percent in the GDP from negative, minus 6.4 to positive 2.8.
At the same time, I call to the attention of my colleagues that because of this new direction to grow our economy, the stock market was at a nadir. The first of 2009, we're at 7,000. We are now over 10,000, an increase of over 3,000 points in the stock market. Economists tell us that some of this change is directly related to the recovery package that we passed in January, the fiscally sound budget that we passed 100 days after the President's inauguration, which was a blueprint for the future, a statement of our national values that talked about how we could create jobs, lower taxes for the middle class--over 95 percent of the American people got a tax cut--and how we could reduce the deficit. It's all about job creation and reducing the deficit.
Three pillars of changing the economy in that budget were investments in health care, in education, and in energy to prevent climate change, to create new green jobs for the future, and to do so through science and innovation. Innovation begins in the classroom and is central to our competitiveness--innovation to reduce the cost of health care to families, to businesses, to our budget, and to our economy to make us competitive and keep us number one in the world's economy. All of this was passed by the House of Representatives: energy, climate change, education, and health care.
Then finally, this past week, we passed the regulatory reform legislation. Mr. Frank is here, our chairman. It is the work of many people in this Congress. We passed regulatory reform to hold Wall Street accountable, to say that the party is over, to say that we are creating jobs for Main Street, not just wealth for Wall Street. We respect the creation of wealth and what it means to an economy and how it relates to the creation of jobs, but we cannot have a creation of wealth at the exploitation of the American worker. We did pass this regulatory reform without one Republican vote to hold Wall Street accountable, without one Republican vote.
So here we are today, after this plan that started on the steps of the Capitol--the inauguration of our new President--that had deep seeds in what we had tried to do before we had a Democratic administration but what we had been working for, so we were ready. And now today we want to pass this legislation which does two things: It creates jobs and saves jobs by investments in building the infrastructure of America. It doesn't do everything we would want, but what we do in there is paid for, building the infrastructure of America.
What it also invests in is to help States, cities, and localities keep their fiscal soundness so that they don't have to lay off teachers, firefighters, police officers, and people who work to meet the health needs of people in our community. This is important not only for public safety. That is self-evident. It is not only important because we don't want to lose our teachers. It is about the education of our children and how seriously that can be undermined with the layoffs and the uncertainty in the local and State budgets.
But on top of all of that, while we're concerned about what this does to working families and how important it is for people to have their jobs--they are also consumers--to the extent that they lose their jobs, our economy loses consumers. And when our economy loses consumers, we're in big trouble, economic trouble. We cannot let that happen.
So today, we have before us that package for job creation and job retention which is fiscally sound and which is paid for by using TARP funds, the unused TARP funds which were the subject of great debate but which, I do believe, saved us, pulled us from the brink of the financial crisis we were in as our recovery package later pulled us from the brink of economic disaster.
In addition to that, we have some safety net provisions about the extension of unemployment insurance, of COBRA to meet the health needs of those who are unemployed, which all expire the end of December, and other issues that relate to the well-being of America's working families, to address the concerns of the unemployed but, in addition to that, to create jobs in a fiscally sound way.
Fiscal responsibility is very important to us. It is our responsibility to our children not to increase the deficit, and that is why our health bill does not add one dime to the deficit; in fact, it decreases the deficit. I see Chairman Rangel shaking his head. It is an important part of paying for that legislation. And Mr. Miller and Mr. Waxman were so much an important part of that health care bill.
So here we are today with an opportunity to modestly and in a paid- for way address the issue of jobs. It's a four-letter word. Let's use that four-letter word everyplace we go--jobs, jobs, jobs, jobs.
I urge my colleagues, while some of your districts and some of your States may be doing better than other parts of the country, this is the time for us to recognize that we are a national economy and that what happens in one State has an impact on our national recovery.
I thank Chairman Obey for his great leadership in putting this package together. I urge our colleagues to act on behalf of America's working families through the creation of jobs in a fiscally sound way, to honor our responsibility of public safety by protecting our first responders and our responsibility to our children to make sure that their education does not have a gap, because we have a budgetary gap, and understanding the role that consumers play in our economy. I hope that we will have a strong ``yes'' vote on this legislation.
With that, Mr. Chairman, I commend you again.