Fed Chair: Higher Unemployment Without Economic Reinvestment Act

Washington, DC - During today’s House Financial Services Committee Hearing on Monetary Policy, Federal Reserve Chairman Benjamin Bernanke confirmed that the Recovery Act is working to prevent higher unemployment.

The positive effects of the American Recovery and Reinvestment Act continue to multiply in each state, and the economy would be worse off without the Recovery Act.

From the Hearing Transcript:

Bernanke: “Our forecasts are based on our best projections of what government spending is likely to be and in particular it includes the fiscal stimulus package…

“…If the fiscal stimulus package didn’t exist for example, we would anticipate that there would be higher unemployment.” [7/21/09]

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