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Reported by: David Shepherd Monday, Nov 2, 2009 @04:58pm EST Some good news for the struggling economy this week as the White House announces improving numbers. But the recession isn't over and lawmakers are warning the White House not to celebrate yet.
The White House last week praised their economic recovery efforts as new numbers show a slight improvement. "I am gratified that our economy grew in the third quarter of this year,” President Obama said in a press conference last week. But as the Obama administration welcomes any relief, they admit there is still a lot of work to be done. Congressman Jim Matheson from Utah agrees, warning the administration not to get complacent. "People need to be cautious about saying we're out of the woods and that everything's fine because there's a long way to go to repair this economy,” warns Congressman Matheson. One area that doesn't seem to be seeing much relief is the job market. Congressman Brad Ellsworth, representative from the 8th District says, "They're on unemployment, they are looking at Cobra, they're in the new training lines and their on the government dime anyway." Indiana's unemployment numbers in September held at 9.6 percent; numbers that worry Congressman Ellsworth as he reassures Hoosiers he's working to ensure more Americans can keep more of their money. "We're going to treat this budget like out own. We know we have to spend money to keep our government running but be frugal,” urged Ellsworth. Congressman Matheson agrees saying it's premature to celebrate economic growth with so many Americans out of work. He said, "If you're unemployed you don't see much improvement right now and the unemployment rate is pretty high in this country and the sense that we're creating new jobs, I don't think there's a big sense that we are." Economists say they're still concerned that the economy could slump again in the coming months as various government stimulus programs end, including the First-Time Home Buyer Tax Credit, a plan that Congressman Ellsworth says needs to be extended. "Anytime we can put money back in the people's hands, then I think we're doing a good thing." Senior White House Advisor David Axelrod says the economy is improving; The White House expecting third quarter growth this year. But he warns ending economic recovery initiatives early could send the country back into a deep recession. |