Congressman Fattah Sees Positive Signs in New Economic Numbers

WASHINGTON, Oct. 27, 2011 /PRNewswire-USNewswire/ -- Congressman Chaka Fattah (D-PA), ranking Democrat on the House Appropriations Commerce, Science, Justice subcommittee releases the following statement regarding today's positive economic numbers and corrects remarks he made October 25, 2011 during an appearance on MSNBC's Politics Nation:

(Logo: http://photos.prnewswire.com/prnh/20110323/DC70526LOGO).  

"News from the Commerce Department that the economy grew by 2.5 percent from July to September - its fastest pace in the last year – is further evidence that the country is headed in the right economic direction. 

"Business investment, which has been strong throughout the recovery, continued to grow with a 13.3 percent increase in non-residential building and a 17.4 percent increase in equipment and software purchases. These numbers show the Administration's economic policies are working. I commend the President for his leadership and encourage him to remain focused despite the naysayers.

"During my appearance on October 25, 2011 on MSNBC's Politics Nation to discuss the state of the economy and the American Jobs Act, I misstated that under the Obama Administration the nation had 24 consecutive months of private sector growth. To correct the record: The nation had 19 consecutive months of private sector growth and created 2.6 million jobs, quite a turnaround the 800,000 jobs being lost every month when the President took office.

"Independent forecasters estimate that the American Jobs Act will create as many as 1.9 million jobs and increase economic growth by as much as two percentage points, when enacted. That's more than 150,000 additional jobs a month. 

"Naysayers have no answers except petty political bickering. Now is not the time to abandon the Administration's proven pro-growth policies. The country would be in far better shape if the Administration had willing partners to help shore up the economy."

SOURCE Office of Congressman Chaka Fattah

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