Today, Congressman Jerrold Nadler (NY-08) joined his colleagues in applauding the passage of the American Economic Recovery and Reinvestment Plan, but warned that we must do more to truly stop the alarming economic decline. This legislation is critical for immediately reinvigorating the economy before it sinks even deeper into a genuine, prolonged depression. The $787 billion Plan will create potentially three to four million jobs, fund unemployment insurance, education, Medicaid, food stamps and critical public works projects around the country. It will greatly relieve the pressure on New York City and New York State to layoff workers and reduce services.
Following the passage of this bill, Rep. Nadler issued this statement:

“I am very happy that we could finally come to an agreement on this essential piece of legislation. Had we failed to pass this now, the odds against reversing our economy’s alarming descent were stacked heavily against us. I congratulate President Obama and the Leadership of the House and Senate for their critical work on this Plan.
“I am very concerned that, as big of a shot in the arm to the economy as this bill is, it is not nearly big enough to stop the catastrophic economic decline we’re facing. Many prominent economists have said that a bill at least twice the size of this one is needed in order to create sufficient aggregate demand to prevent a depression, and this possibility should be of concern to us all.

“My fear is that this bill will only slow our economic descent but won’t halt it. I hope that the passage of the bill today will be the first in a series of necessary steps.”