Democrats are fighting to repair a decade of damage and grow an economy based on hard work and responsibility, not greed and reckless speculation—an economy that strengthens our country and middle-class families for the long run. The current recession has touched nearly all of us in some way, but the heart of America’s promise is our resilience to overcome hardship. Democrats are committed to helping all Americans confront these challenges—spurring job creation, rebuilding our infrastructure, investing in clean-energy technologies, and restoring fairness and opportunity to our economy.
President Obama inherited an economy in free fall, with huge deficits, skyrocketing health care costs, dwindling employment, and banking and housing markets on the brink of collapse. Working with the President, Democrats stabilized the financial system and helped to prevent a second Great Depression. An economy that was losing 700,000 jobs a month is now gaining jobs. We still have a long way to go, but we are now moving forward on the road to recovery.
Democrats recognize the importance of meeting our most urgent needs—not just in the short term but also in the long run. Starting with the passage of the Recovery Act, Democrats began a series of strategic investments in health care, energy, and education that are laying the groundwork to build a stronger economic foundation for the future.
Democrats cut taxes for 95 percent of working families, provided help for small businesses and homeowners, and strengthened consumer protections for anyone who has a credit card or a bank loan. Despite Republican obstruction at almost every turn, Democrats have provided relief for hardworking Americans who lost their jobs through no fault of their own.
Democrats reinstated fiscal responsibility in government spending and ensured that American taxpayers will never again be forced to bail out big banks.
We still have work to do, but Democrats are moving forward with a “Made in America” economic plan to strengthen American industries and create jobs for American workers by:
- Ending tax loopholes that let corporations hide profits overseas, and investing those dollars in small businesses that create jobs in America;
- Providing tax cuts to small businesses and expanding lending so that businesses can create new jobs;
- Investing in a clean-energy economy, and providing tax credits to spark manufacturing of windmills, solar panels, and electric cars here at home; and
- Putting Americans to work rebuilding roads, bridges, rails, and ports, strengthening our economy and our infrastructure across all 50 states.
- Democrats stand for the values of hard work and responsibility, and we know that as a country we are most successful when we invest in our people—middle-class families and small business owners—who can grow our economy from the bottom up. Together, we have begun to lay a new foundation for growth, building an economy that works for all Americans.