[Congressional Record Volume 156, Number 48 (Thursday, March 25, 2010)]
[Extensions of Remarks]
[Page E507]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


         SMALL BUSINESS AND INFRASTRUCTURE JOBS TAX ACT OF 2010

                                 ______
                                 

                               speech of

                        HON. CAROLYN B. MALONEY

                              of new york

                    in the house of representatives

                       Wednesday, March 24, 2010

  Mrs. MALONEY. Madam Speaker, as chair of the Joint Economic 
Committee, I ask the Commissioner of the Bureau of Labor Statistics to 
come before my committee and report on the latest employment situation.
  In February 2009, the BLS Commissioner reported grim employment 
statistics.
  At that hearing we learned that in January of 2009, total nonfarm 
payroll employment fell by 779,000 jobs. That was a staggering number.
  A number like that made it abundantly clear that the task of turning 
the economy around was going to be enormous.
  The bursting of the housing bubble and the stock market decline 
vaporized trillions of dollars in household wealth, leaving consumers 
reeling and unwilling or unable to spend.
  It was a situation that called for unprecedented interventions, swift 
action, and--let me acknowledge it--a thick skin.
  It was a situation where we needed to act on many fronts all at once 
to get the economy on track and restore the stability of the financial 
system.
  The Fed prevented another Great Depression and the stimulus bill 
proved central to our recovery.
  The stimulus bill included the fastest and one of the largest tax 
cuts in our history. Tax cuts went out almost immediately for 95 
percent of working Americans.
  We passed 24 tax cuts to date including some for small businesses, 
first time homebuyers and families with kids in college.
  We helped struggling State and local budgets with badly needed 
funding to keep teachers in the schools, and police on the streets.
  We extended unemployment benefits to help those who had lost a job 
through no fault of their own.
  We passed tax cuts for 1st time homebuyers.
  We passed Cash for Clunkers.
  We passed the HIRE Act to provide tax incentives for private sector 
businesses that hire out-of-work Americans.
  The House is now set to pass the Small Business and Infrastructure 
Jobs Tax Act, which will, among other things, extend the ``Build 
America Bonds'' program from the Recovery Act.
  This program has been extremely successful at reducing the cost of 
financing for State and local governments which use the money for 
rebuilding of schools, sewers, and hospitals, rebuilding America and 
putting people back to work. I urge every one of my colleagues to vote 
for this bill.
  And the actions we have taken have begun to have effect. Not as fast 
as any of us would like--but turning a supertanker of an economy like 
ours around--just can't happen on a dime.
  First, the jobs losses began to moderate--decreasing month after 
month.
  Then our Gross Domestic Product turned around from minus 6.4 percent 
in the first quarter of 2009 to a plus 5.9 percent last quarter.
  At the last two jobs hearings before the JEC, the BLS Commissioner 
reported that the number of unemployed persons was essentially 
unchanged. The punishing job losses had been stopped.
  In November 2009, the economy actually created jobs, on net. I expect 
that soon the economy will start creating jobs every month and 
Americans will start going back to work.
  It was also important for our long-term economic health that we took 
the historic step of reforming health care. Left unchanged, the soaring 
costs of health care insurance were a problem that would be certain to 
act as a drag on our economy.
  And, according to the non-partisan Congressional Budget Office, 
health care reform will produce a net reduction in federal deficits of 
$143 billion over the next ten years. And it is estimated, by $1.3 
trillion over the next 20.
  It sometimes seems that in all the noise, ill will, and the 
invective, what has really been accomplished by this country has been 
lost or overlooked.
  18 months ago, we stood on the brink of an economic abyss so deep and 
dark it was fearful to even contemplate. The voices of doom were many, 
the predictions grim. The outlook was uncertain.
  Though much remains to be done, so much has already been achieved.
  It has been a tough year--it is tough for millions still. But we are 
making progress. We are not there yet--but without question we are 
moving forward.
  As I look out on America and contemplate our future--I am filled with 
hope and optimism. The steps we have taken--have put us on the path to 
recovery and renewal.
  And as we prepare for spring recess, let's be mindful of the season 
and the ``green shoots'' that are beginning to push upwards.

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