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Chairmen Rangel and McDermott Highlight Recovery Act’s Impact on Reducing Poverty: New Report Shows Recovery Act Prevented Over Six Million Americans from Falling into Poverty September 9, 2009  Washington, D.C - A new Center on Budget and Policy Priorities (CBPP) analysis released today found that provisions in H.R. 1, the American Recovery and Reinvestment Act, have prevented six million Americans from falling below the poverty line, in addition to reducing the severity of poverty for 33 million Americans. “Helping struggling Americans is not only the right thing to do for them, but it’s the right thing to do for our economy,” said Ways and Means Committee Chairman Charles B. Rangel (D-NY). “Preventing millions of Americans from falling into poverty is one of the best investments we can make in our Nation’s future. I am proud that we stood up for those who needed us most.” The report finds that the Recovery Act has prevented more than six million Americans, including two million children and 500,000 seniors, from falling below the poverty line and has reduced the severity of poverty for an additional 33 million Americans, “We know that difficult economic times have the most profound impact on struggling Americans and the CBPP’s report demonstrates the measurable success of targeted Recovery Act efforts,” said Income Security and Family Support Subcommittee Chairman Jim McDermott (D-WA). “We must not forget, however, that nearly 40 million Americans remain in poverty and we have an ongoing obligation to assist these individuals and families who will continue to struggle, even as the economy improves.” The report confirms that the Recovery Act has helped avoid what would have otherwise been a far steeper rise in poverty in 2009. The analysis focuses on seven of the Recovery Act’s many provisions: improvements in unemployment insurance, tax credits for working families, an increase in food stamp assistance, and a one-time payment for retirees, veterans, and people with disabilities. The analysis points out that these estimates are conservative because it does not include many of the Recovery Act provisions for direct assistance to households — such as funding for medical services, Pell grants, child support collection, and Temporary Assistance for Needy Families — as well as the effect of the bill on creating or preserving private- and public-sector jobs. Click here to view the full report
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