We are facing the most serious economic crisis to hit our country since the Great Depression.  Across the country and up and down the Central and South Coasts the signs of economic peril are all around us – a record number of foreclosures, thousands of layoffs, frozen credit markets that are hurting families and small businesses, and massive budget deficits for the state and local governments that threaten basic services like healthcare, education, and law enforcement. 

To address this crisis President Obama has called on us to come together as Americans and asked Congress to pass an economic recovery package.   We have responded to his call for action and developed economic recovery legislation, the American Recovery and Reinvestment (HR 1).  This carefully calibrated package provides a mix of targeted tax cuts and investments in infrastructure, education, energy and health care that will put money in people’s pockets right away and create jobs fast.  The intent is not only to restore the strength of our economy in the short-term but to lay the foundation for long-term economic growth.

As we craft policies to bring our economy back to life and set us on a sustainable future, it’s important to remember that this recession didn’t “just happen.”  It is the result of economic policies willfully pursued for sometime – and with special vigor over the last eight years – that wishfully proclaimed tax cuts mostly benefitting the wealthiest and relentless deregulation were the solution to every economic problem.  We are now paying the price for that failed strategy with a doubling of the national debt since 2000, increased income disparity, a crashing housing market, decimated retirement savings, and small businesses hard pressed to get loans to expand or even survive.

It’s important that we not repeat the same mistakes, and that we start moving this country in a new direction.  The American Recovery and Reinvestment Act will help us take those critical steps.  That is why I hope my colleagues on both sides of the aisle join me in supporting this much needed legislation when it is considered by the House later this week.  We must act quickly to pass this economic recovery package to get help to those who need it and get our economy back on track.

Pictured above: (center) Congresswoman Capps meets with Central Coast firefighters to discuss emergency preparedness.