After coming into office in the depths of the Great Recession, President Obama has helped create more than a million jobs over his first term. The American Recovery and Reinvestment Act of 2009, support for the auto industry, and other policies implemented by the 111th Congress in 2009 and 2010 set the right path forward, fostering 31 months of private-sector job creation.
Deficit spending has been effective in boosting job creation. In 2008, the economy began losing jobs, and by the winter of 2008-09, the economy was shedding more than 20,000 jobs per day, more than at any point since the Bureau of Labor Statistics began tabulating these data in 1948. The Recovery Act led to a rapid reversal in the number of layoffs, and starting in March 2010, the economy saw jobs being added each month.
The above excerpt was originally published in Christian Science Monitor.
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