Maloney Applauds Seven Years of Progress as Obama Prepares to Deliver Final State of the Union Address

Jan 12, 2016
Press Release
President Obama signs his historic speech at his seventh and last State of the Union address. As ranking member of the Joint Economic Committee, Representative Carolyn Maloney of New York applauds his leadership in improving the economy and delivered remarks touting the progress we’ve made since President Obama to office.

WASHINGTON -- Congresswoman Carolyn B. Maloney (D-NY-12) today released the following statement prior to President Obama’s final State of the Union address:

“When President Obama took over from George W. Bush our economy was shedding hundreds of thousands of jobs per month, unemployment was rising, wages were falling, GDP was down, home prices were in freefall, and more than $13 trillion in household wealth had evaporated. We faced what former Federal Reserve Chairman Ben Bernanke called ‘the worst financial crisis in global history, including the Great Depression.’ The economic state of our union was weak.

“Under the leadership of President Obama, we have made remarkable progress. We’ve added more than 14 million private-sector jobs over a record 70 consecutive months of private-sector job growth. The unemployment rate has been cut in half from its peak. Real GDP is up more than 14 percent. Average home prices have recovered from severe losses. Household wealth has increased more than $30 trillion.

“This was not just a stroke of good luck. It resulted from efforts by President Obama, Democrats in Congress, and the Federal Reserve. A recent study by economists Mark Zandi and Alan Blinder found that without these aggressive efforts, the economic contraction would have been more than twice as long and we would have lost about twice as many jobs.

“Yet many of my friends across the aisle opposed President Obama every step of the way and even today they defend their actions and deny his success.

“But President Obama is continuing to demonstrate his commitment to strengthening the economic recovery so it reaches every American family. We must do more to support middle-class families. And we must do more to grow wages so that everyone who works hard can make a decent life for themselves and their families. College must be made more affordable and accessible. Paid family and medical leave should be a right enjoyed by all Americans – not just those at the top. 

“The President has shown time and again that he recognizes that big challenges remain. Even after seven long years, he is still fighting for bipartisan reforms and looking for opportunities to work across the aisle to get things done for the American people.

“I am proud of President Obama’s accomplishments. He makes me proud to be a Democrat.”