Last week, a colleague in Houston, sent an article that was published in the
Houston Chronicle by Christine Romer, chair of the White House Council of
Economic Advisors.  While the article was published in a Texas newspaper,
the article was general enough in its presentation that it could have easily
been spun for a California newspaper or one in any of the states.  The
significance of this article is that while she illustrates the actions that
have been implemented by the Obama Administration to try to reverse our
nation’s economic conditions, it becomes apparent from the article that it
will be a long and arduous effort.  The questions must be asked, the longer
this ‘Great Recession’ lasts or its impacts from it are felt, such as high
unemployment, low consumer confidence, falling retail sales, lack of access
to and availability of capital and the falling of home prices what happens
to Californians?  The pocket books are already stretched thin and so is the
human psyche.  Will they last or which breaks first? Read the article then give
us your opinion.

Recovery policies putting Texans back in work force
Christine Romer, chair of the White House Council of Economic Advisors
 
Eighteen months ago, the nation was on the verge of a second Great Depression. Jobs
were disappearing at a rate of 750,000 a month. As the Obama administration took
office, we launched a comprehensive plan to stop the economic free-fall. This strategy
had, as its core elements, the Recovery Act, programs to strengthen the financial
system and a focus on the housing and credit markets. The policies laid the groundwork
for recovery and now, with the help of small-business owners, entrepreneurs and other
private-sector leaders, we're back on course for long-term economic strength.

To pull the economy back from the brink, the president insisted that the Recovery Act
include provisions that would help the economy as quickly as possible. He championed
one of the broadest tax cuts in American history, helping 95 percent of working
families. And the act immediately extended unemployment benefits and health coverage
for people out of work but trying to find a job.

Beyond the tax cuts, the next phase of the recovery plan focused on putting people to
work on projects that were ready to go — and we are seeing results. We have launched
10,000 road projects and are building community health centers and water treatment
systems. New construction is bringing jobs and economic development. In community
after community, businesses are once again hiring, people are working and progress
is evident.

A new report from the White House Council of Economic Advisers (CEA) found that
approximately 3 million Americans are working today because of Recovery Act initiatives.
In Texas alone, the Recovery Act has cut taxes for 8.4 million working families and
created or saved 225,000 jobs. Without the Recovery Act, millions more families would
be facing economic uncertainty and in a financial crisis of their own.

The depth of this recession requires that we also plan for a stronger economy for the
long term with a new foundation for growth and prosperity. That's why we are investing
through the Recovery Act in expanded broadband access, advanced-vehicle manufacturing
and a smart-energy grid that will advance economic growth across the country. This
will help small businesses to expand and thrive. It will spark new industries and
markets for our products, and lead to new jobs for American workers.

Recovery Act investments in clean energy projects alone are responsible for nearly
200,000 new jobs to date. The CEA report also found that $46 billion of the Recovery
Act funds targeted toward clean energy projects have attracted more than $100 billion
in outside investments, fueling long-term economic strength and transforming industries.

Just a few years ago, American companies built only 2 percent of the world's advanced
batteries for electric and hybrid vehicles. Spurred in part by Recovery Act investments
in these new-century technologies, American companies could account for as much as 40
percent of the world's advanced battery market by 2015.

That means jobs today, and global leadership in an industry sector that will only grow
for years to come.

This CEA report is the latest in a series of benchmarks that show we are on the right
track and moving forward. In the last six months, we have seen steady increases in
private-sector employment. The nation's GDP - the broadest measure of our country's
economic health - has grown three quarters in a row after shrinking for the previous
four. Independent economists have credited recovery efforts for significantly boosting
the GDP, which means better opportunities for U.S. businesses and families.

While all of this is good news, none of us think that progress is moving fast enough.
The administration has urged Congress to support bipartisan job creation and economic
growth initiatives, including extended unemployment insurance, small business lending
initiatives and relief to states dealing with the recession. This would help small
businesses get the loans they need to keep their doors open and hire more workers,
and help states to avoid laying off tens of thousands of teachers, police officers
and firefighters. We will continue to work with Congress on these measures so that
we can accelerate recovery for American families and businesses.

Without question, there is a long road ahead of us. It will take more time than any of
us would like to reverse two years of brutal recession and a decade of insecurity. But
we are committed to this work. We are turning the page on the policies that created
this recession and writing a new chapter of innovation, entrepreneurship and opportunity
for the 21st century.