The United States economy grew for the first time in a year this last quarter, ending the longest economic decline since World War II.
Federal officials report that the nation's gross domestic product (GDP), the basic measure of a country's total goods and services produced, grew at an annual rate of 3.5 percent in the quarter that ended in September. That means that more people are spending, more businesses are making bigger investments in product development and worker training, and employment levels are beginning to stabilize.
In the manufacturing sector, a recent report from the Institute for Supply Management shows that employment increased for the first time in 15 months - and it's important to note that for every one manufacturing job, it creates three service jobs. Not only are we bringing more money into the state through increased exports outside the region and overseas, we're creating more opportunities for local workers and businesses.
On a more local level, a recent report from the Wisconsin Office of Recovery and Reinvestment shows that the state's use of stimulus dollars has created or saved over 22,000 full-time jobs for Wisconsin workers. These jobs are helping families pay their bills and keep food on the table, while the money workers earn is feeding back into the local economy, keeping businesses open and communities secure.
While the recovery still has a long way to go, these are clear signs that stimulus is working. The big-picture perspective is that the stimulus package, which passed last winter and is still being distributed, halted the economic free fall and prevented another Great Depression. At the business level, it's clear that the stimulus package and state-sponsored growth initiatives are increasing production, expanding worker retraining, and providing new growth opportunities for Wisconsin companies. Beyond that, at the individual and family level, we can see that stimulus initiatives are encouraging consumer spending, reviving housing sales, and most importantly, savings jobs. Economists predict that the stimulus will ultimately create or save over three million jobs in schools, hospitals and businesses across the country.
There's no doubt that things have improved, but we still have work to do. We need to do more to lower business costs (health care and energy expenses), encourage private investment as the effect of the stimulus fades, and help struggling workers re-enter the labor force. We're on our way to sustainable recovery, and we have to continue to build on the success of stimulus programs.
- Rep. Steve Hilgenberg, D-Dodgeville, represents almost all of Iowa and Lafayette counties, the southern portion of Sauk County and the southeast corner of Richland County in the Wisconsin Assembly.
Federal officials report that the nation's gross domestic product (GDP), the basic measure of a country's total goods and services produced, grew at an annual rate of 3.5 percent in the quarter that ended in September. That means that more people are spending, more businesses are making bigger investments in product development and worker training, and employment levels are beginning to stabilize.
In the manufacturing sector, a recent report from the Institute for Supply Management shows that employment increased for the first time in 15 months - and it's important to note that for every one manufacturing job, it creates three service jobs. Not only are we bringing more money into the state through increased exports outside the region and overseas, we're creating more opportunities for local workers and businesses.
On a more local level, a recent report from the Wisconsin Office of Recovery and Reinvestment shows that the state's use of stimulus dollars has created or saved over 22,000 full-time jobs for Wisconsin workers. These jobs are helping families pay their bills and keep food on the table, while the money workers earn is feeding back into the local economy, keeping businesses open and communities secure.
While the recovery still has a long way to go, these are clear signs that stimulus is working. The big-picture perspective is that the stimulus package, which passed last winter and is still being distributed, halted the economic free fall and prevented another Great Depression. At the business level, it's clear that the stimulus package and state-sponsored growth initiatives are increasing production, expanding worker retraining, and providing new growth opportunities for Wisconsin companies. Beyond that, at the individual and family level, we can see that stimulus initiatives are encouraging consumer spending, reviving housing sales, and most importantly, savings jobs. Economists predict that the stimulus will ultimately create or save over three million jobs in schools, hospitals and businesses across the country.
There's no doubt that things have improved, but we still have work to do. We need to do more to lower business costs (health care and energy expenses), encourage private investment as the effect of the stimulus fades, and help struggling workers re-enter the labor force. We're on our way to sustainable recovery, and we have to continue to build on the success of stimulus programs.
- Rep. Steve Hilgenberg, D-Dodgeville, represents almost all of Iowa and Lafayette counties, the southern portion of Sauk County and the southeast corner of Richland County in the Wisconsin Assembly.
