New Florida Economic Report Sheds New Light on Causes of the Current Recession

New Chart: 90% of the Projected $9 Trillion in Deficits is Due to Bush Policies and the Bush Economic Collapse
Council of Economic Advisers: Recovery Act Boosted Florida Employed by 112,000 Jobs

WASHINGTON, DC – January 28, 2010 – (RealEstateRama) — The Joint Economic Committee (JEC) – a bicameral Congressional Committee composed of ten members from the Senate and House of Representatives – today released a new economic snapshot report on Florida. The report provides a comprehensive overview of how the nation inherited the current Recession from the previous Administration and Republican Party and shows where growth and recovery have begun to take hold in areas such as home prices and personal income.

“The current Administration inherited the worst economic crisis since the Great Depression and Republicans are attempting to wipe their hands clean of the fire they caused. As the Administration rebuilds our economy and leads us toward recovery, Republicans are still adding fuel to the flames,” said Adam Sharon, Communications Director for Congressman Kendrick B. Meek (D-FL). “In advance of tonight’s State of the Union, the American people will remember who brought economic ruin on our country and who pulled us back from the brink of collapse.”

The report includes many notable findings:

• “The President’s Council of Economic Advisers estimates that investments made through the Recovery Act have boosted employment in Florida by 112,000 jobs through the 4th quarter of 2009.”
• “Actions taken by Congress and the Administration have stabilized plummeting home prices, which fell nearly 11 percent across the country between March 2007 and December 2008. In the South Atlantic census division, which includes Florida, home prices increased 2 percent between October and November 2009.”
• “Housing starts in Florida totaled 44,270 units (seasonally adjusted annual rate) in November 2009, an increase of 25.1 percent from October.”

A copy of the report and a breakdown of the deficit inherited from the Bush Administration are attached.

U.S. Rep. Kendrick B. Meek represents the 17th Congressional District of Florida which includes parts of Miami-Dade and Broward Counties. He serves as the lone Florida Democrat sitting on the House Committee on Ways and Means

Contact:
Adam Sharon
202-225-4506