The economic meltdown of 2008 began with abuses in the housing market and evolved into a Wall Street implosion, producing the worst economic downturn since the Great Depression. Since then, families across Illinois have struggled to make ends meet while facing the loss of their jobs, their homes, and their savings. Economists tell us that the recession is officially over, but it doesn’t feel like it for the millions of Americans looking for work.
Congress has taken several steps to jump start the economy since the fall of 2008, including passing the Recovery Act in the spring of 2009 and the agreement in late 2010 to provide tax cuts and unemployment insurance to millions of Americans. The economy is now growing, but too slowly.
Government can’t directly create all the jobs that America needs, nor should it.
But the federal government plays an important role. We invest in areas that promote long-term economic growth, where private markets won’t make the investments we need.
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