Rep. Mel Watt said the U.S. economy is improving, thanks in large part to the 2008 bank bailout and the 2009 economic stimulus package.

Speaking at a town hall meeting at Johnson C. Smith University Thursday evening, Watt said the two emegency measures, while politically unpopular, were the right things to do for the economic health of the nation.

He showed a series of slides indicating strong economic gains since the bills were approved and signed.

After a bruising fight over health care, Watt and other Democrats appear eager to focus attention back on the nation’s economy, which polls show is the No. 1 concern for most Americans.

He even predicted that today's Labor Department report for March would show positive job growth -- the first since Dec. ’07.

I’ll will tell you; I don’t think it’s accidental,” he said. “I think it was at least in part a result of the stimulus bill.”

Pointing to one slide that used Federal Reserve data, Watt said U.S. households lost $17.5 trillion in wealth between June 2007 and March 2009, which shut down consumer spending and threw the nation into recession.

But since March ’09, he said, about $5 trillion of that loss has been recovered. (President Obama signed the stimulus bill on Feb. 17, 2009.)

Watt showed other slides indicating strong stock market gains and gains in overall economic growth after four straight months of decline. And although the nation continues to lose jobs, he said, losses since the stimulus package have been progressively smaller.

Watt spoke relatively little about the new health care law, but he said voters will embrace it once they begin to see its benefits. He also predicted, contrary to Republican claims, that health care overhaul will save the federal government far more than officially projected.

“People call me and say ‘I hated the process.’ I did, too,” he said, comparing the debate to a home remodeling project. “I think regardless of how much you hated the process... I think we got a pretty good looking health care kitchen.”

The JCSU meeting was the last of five town hall gatherings scheduled by the nine-term Democrat during the current congressional break. Watt’s 12th Congressional District stretches from Charlotte to Winston-Salem and Greensboro.

Thursday’s meeting was the largest of the five, Watt said, and it came less than 24 hours before President Obama was due in Charlotte to also address the economy. The president is expected to visit a battery manufacturing plant near Carowinds and praise Charlotte for a recent spate of new job announcements.

In defending the bank bailout, Watt recounted an emergency call he got on Sept. 19, 2008, asking all members of Congress to join a conference call the next day with Fed Chairman Ben Bernanke and former Treasury Secretary Henry Paulson. The next day, Watt said, Bernanke and Paulson told Democrats and Republicans that the nation’s banking system was near collapse and that the economy was headed toward free fall.

“They said if we don’t do something immediately,” Watt recalled, “we are on the verge of something that will be worse than the Great Depression.”

Watt said bailing out the banks was politically tough but the right thing to do.

The economic stimulus package, meanwhile, has pumped about $910 million into Mecklenburg County so far, he said. That money has helped save jobs, Watt said, especially teachers' jobs in public schools.

“Maybe we haven’t created new jobs,” Watt said, “ but imagine how bad it would be if we didn’t have $910 million in Mecklenburg County. It has turned things around.”

Watt’s audience was decidedly friendly, even those who may have taken issue with certain aspects of health care reform or other federal initiatives. Police presence in the JCSU chapel was strong.

Ursula Smith, president of the Delta Zeta Chapter of Zeta Phi Beta Sorority, told Watt she was concerned by what she called a decline in political civility.

Smith later told Qcitymetro.com that although she did not support the bank bailout, she found Watt’s presentation to be effective in explaining how it has helped the economy.

Alan Pollack, who described himself as a Democrat leaning toward independent, said that although he did not like everything in the health care bill, he believes it to be a good start.

“It’s the foundation of a new health care system," he said, "and we have to build it.”

Donna Reeves, who supports health care reform, said she was impressed to learn the many provisions of the new law, as well as to see the timeline for rolling them out.

“It was nice," she said, "to have a calm discussion about the stuff that’s in the bill.”

In addition to the economy, Watt also touched on other topics, including:

The government takeover of the federal student loan program
Watt said it was the right thing to do. Private businesses, he said, were making $90 billion a year in profits on the program, even as they outsourced some of the work to people in other countries. Watt said the federal government will now use that money to hire American workers. He said $2 billion will go to community colleges, $36 billion will go to new Pell grants and $2.5 billion will go to assist historically black colleges and universities. A small portion, he said, will help fund the new health care law.

Congressional gridlock
Despite perceptions in the media, Watt said, Congress continues to pass meaningful legislation. He listed such things as health care reform, the “Cash or Clunkers” bill, the Lilly Leadbetter Fair Pay Act and the Credit Cardholders Bill of Rights.

The current political climate
Watt said he was troubled by the level of threats and intimidation aimed at Democrats during the final debate on health care. Noting the number of police officers in the room, he said he was saddened that he now needs police protection simply to hold a town hall meeting.

“We have to keep reminding ourselves that we live in a Democracy, and freedom of speech is important,” he said. “But there are limits to any freedoms we have.”

The U.S. Census
Watt encouraged the audience to complete Census forms. He said North Carolina “lost a bundle” in federal funds after then 2000 Census because residents were undercounted. The current census, he said, will give the state a chance to recover that money. Watt also said that North Carolina, which has 13 House seats, is “on the cusp” of getting a 14th congressional district, which would mean greater political clout for the state and smaller districts for current lawmakers. He also reminded the audience that information shared on the Census form cannot be shared with other agencies, including law enforcement.
 

Sign up for our Weekly Email Newsletter Email: For Email Marketing you can trust

Other Ways to Share Twitter Del.icio.us MySpace

Discussions and Submission Agreement