Obama, Bush and the Economy

This from David Plouffe, Organizing for America:

One year in (after the disaster of President Bush), the evidence is clear – and growing by the day – that Obama's Recovery Act is working to cushion the greatest economic crisis since the Great Depression and lay a new foundation for economic growth.

According to the nonpartisan Congressional Budget Office, Obama's Recovery Act is already responsible for as many as 2.4 million jobs through the end of 2009. As a result, job losses are a fraction of what they were a year ago, before Obama's Recovery Act began.

Obama's American Recovery and Reinvestment Act has done all of the following:

Cut taxes for 95 percent of working families through the Making Work Pay tax credit

Cut taxes for small businesses

Provided loans to over 42,000 small businesses

Funded over 12,500 transportation construction projects nationwide, ranging from highway construction to airport improvement projects

Made multi-billion dollar investments in innovation, science and technology that are laying the foundation for our 21st century economy

Provided critical relief for state governments facing record budget shortfalls, including help to prevent cuts to Medicaid and creating or saving over 300,000 education jobs

Economists on the left and the right have stated that the Recovery Act has helped avert an even worse economic disaster.