The State of the Economy - Squeezing Hard-Working American Families
01/30/2008
The New Direction Congress is committed to providing timely, targeted and temporary relief for American families and businesses. Yesterday, the House passed the Recovery Rebates and Economic Stimulus for the American People Act with an overwhelming bipartisan majority (385-35), to inject confidence and consumer demand, promote economic growth, and create jobs here at home. It will:
- Put hundreds of dollars into the hands of 117 million American households – who will spend it immediately to reinvigorate the economy through a recovery rebate;
- Build on the child tax credit by offering a one-time rebate of $300 per child;
- Expand financing opportunities for Americans in danger of losing their homes because of the mortgage crisis;
- Promote small business investment in equipment; and,
- Help create more than 500,000 jobs before the end of the year.
Congress is committed to completing action quickly so that we can get money into the hands of families who will spend it to spur American job creation and economic growth.
Below are some examples of the latest economic indicators, followed by state-by-state tables of the amount of the average household “recovery rebate” check, gas prices, and foreclosure rates.
________________________________________
- The U.S. economy “virtually stalled” at the end of 2007 as the Gross Domestic Product increased a mere 0.6 percent in the final quarter. [Washington Post, 1/30/08]
- Nationwide, the foreclosure rate jumped 75 percent – with 2.2 million filings – in 2007. [Boston Globe, 1/30/08]
- In 2007, the housing market slumped, with the single largest one-year drop in the rate of homeownership on record, a 26 percent drop in new home sales – for the worst sales year on record, and a 25 percent drop in new home construction – the largest decrease in 27 years. [CNN/Money.com, 1/29/08; Baltimore Sun, 1/29/08; AP, 1/17/08]
- The cost of gas continues to squeeze hardworking Americans at the pump – with the average national price for a gallon of regular at $2.98.[Energy Information Administration, 1/28/08]
- Consumer confidence fell sharply in January “on worries over deteriorating business conditions and a weakening job market.” [New York Times, 1/30/08]
- In 46 states and Washington, D.C. the unemployment rate increased in December 2007. Only two states saw their unemployment rate decrease. [Bureau of Labor Statistics, 1/18/08]
- Last year, the price for a dozen eggs increased by 29 percent and whole milk jumped by more than 13 percent. [AP, 1/17/08]
RECOVERY REBATES & ECONOMIC STIMULUS FOR THE AMERICAN PEOPLE ACT | |||
STATE | Number of Households Receiving Rebates | Average Household Tax Rebate | Total Tax Rebates by State, Estimated |
Alabama | 1,800,000 | $889 | $1.6 billion |
Alaska | 300,000 | $1,000 | $300 million |
Arizona | 2,300,000 | $913 | $2.1 billion |
Arkansas | 1,000,000 | $1,000 | $1 billion |
California | 13,300,000 | $887 | $11.8 billion |
Colorado | 1,900,000 | $895 | $1.7 billion |
Connecticut | 1,400,000 | $929 | $1.3 billion |
Delaware | 400,000 | $750 | $300 million |
District of Columbia | 200,000 | $1,000 | $200 million |
Florida | 7,400,000 | $878 | $6.5 billion |
Georgia | 3,500,000 | $914 | $3.2 billion |
Hawaii | 500,000 | $1,000 | $500 million |
Idaho | 600,000 | $833 | $500 million |
Illinois | 5,000,000 | $900 | $4.5 billion |
Indiana | 2,600,000 | $923 | $2.4 billion |
Iowa | 1,200,000 | $917 | $1.1 billion |
Kansas | 1,100,000 | $909 | $1 billion |
Kentucky | 1,600,000 | $938 | $1.5 billion |
Louisiana | 1,600,000 | $938 | $1.5 billion |
Maine | 500,000 | $1,000 | $500 million |
Maryland | 2,300,000 | $870 | $2 billion |
Massachusetts | 2,600,000 | $885 | $2.3 billion |
Michigan | 3,900,000 | $923 | $3.6 billion |
Minnesota | 2,100,000 | $952 | $2 billion |
Mississippi | 1,100,000 | $909 | $1 billion |
Missouri | 2,300,000 | $913 | $2.1 billion |
Montana | 400,000 | $1,000 | $400 million |
Nebraska | 700,000 | $1,000 | $700 million |
Nevada | 1,100,000 | $818 | $900 million |
New Hampshire | 600,000 | $833 | $500 million |
New Jersey | 3,400,000 | $912 | $3.1 billion |
New Mexico | 800,000 | $875 | $700 million |
New York | 7,300,000 | $863 | $6.3 billion |
North Carolina | 3,500,000 | $914 | $3.2 billion |
North Dakota | 300,000 | $1,000 | $300 million |
Ohio | 4,800,000 | $875 | $4.2 billion |
Oklahoma | 1,300,000 | $923 | $1.2 billion |
Oregon | 1,500,000 | $867 | $1.3 billion |
Pennsylvania | 5,100,000 | $902 | $4.6 billion |
Rhode Island | 400,000 | $1,000 | $400 million |
South Carolina | 1,700,000 | $882 | $1.5 billion |
South Dakota | 300,000 | $1,000 | $300 million |
Tennessee | 2,400,000 | $917 | $2.2 billion |
Texas | 8,600,000 | $907 | $7.8 billion |
Utah | 900,000 | $1,000 | $900 million |
Vermont | 300,000 | $667 | $200 million |
Virginia | 3,000,000 | $933 | $2.8 billion |
Washington | 2,600,000 | $923 | $2.4 billion |
West Virginia | 700,000 | $857 | $600 million |
Wisconsin | 2,300,000 | $957 | $2.2 billion |
Wyoming | 200,000 | $1,000 | $200 million |
United States | 117,400,000 | $903 | $106 billion |