In a mailing sent to constituents earlier today, First District Congressman Lacy Clay claims Congress put its stamp on economic recovery with the Jobs for Main Street Act:
I am proud that Congress has made a commitment to save jobs, create new jobs, and provide emergency funding to help working families by passing the Jobs for Main Street Act. This economic package targets unemployment and underemployment by redirecting $75 billion in Troubled Asset Relief Program (TARP) savings from Wall Street to Main Street.
While the economy is showing some early signs of recovery, the hard facts are that the unemployment rate is still 10%. And the total rate of unemployment and underemployment is 17%. As a Member of the Congressional Black Caucus, I fought hard to ensure that this bill included nearly $4 billion to help relieve urban communities whose residents are suffering rates of unemployment and foreclosures at levels unseen since the Great Depression.
I voted against the Wall Street bailout in 2008 because it lacked accountability and did very little to help my constituents. In contrast, this legislation directs Federal dollars to those who need it most… families on Main Street. In addition, this bill provides critical funding for highways, transit, school renovation, teachers, police, firefighters, small business, job training and affordable housing – key drivers of economic growth that produce the most bang for the buck.