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R E S O L U T I O N
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WHEREAS, Since this recession began, a staggering number of |
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Americans have lost their jobs, and the heavy burden of |
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unemployment is causing the economy to weaken further; and |
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WHEREAS, The American Recovery and Reinvestment Act signed by |
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President Barack Obama on February 17, 2009, appropriates $787 |
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billion in federal funds to jumpstart economic recovery; the |
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stimulus package is designed to help economically devastated cities |
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and states, to create or save some 3.5 million jobs, and to invest |
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in infrastructure, green energy, and technological innovation; and |
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WHEREAS, In order for the stimulus funds to have the greatest |
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impact and to maximize the creation and preservation of jobs, they |
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should be spent, as much as possible, on domestic materials, goods, |
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and services; and |
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WHEREAS, The Congressional Budget Office has noted that the |
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most effective type of fiscal stimulus is one that directs money to |
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people who are most likely to spend it quickly; thus, when a |
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stimulus allows a United States household to purchase the items it |
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needs, demand in this country is increased, and the initial |
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stimulus sets in motion further periods of economic consumption in |
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a process known as a "multiplier" effect; the degree of stimulus |
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provided depends on how much of the resultant spending goes to |
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purchase domestically produced goods, because if the additional |
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consumption is satisfied by imported goods, the income of foreign |
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producers rises, and the stimulus is essentially exported; and |
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WHEREAS, The number of American workers drawing unemployment |
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aid jumped to a record high of nearly five million in early February |
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2009, and this labor market deterioration is sending the economy |
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into a deeper spiral; in order to maximize the effectiveness of the |
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stimulus package at this crucial moment, it is imperative that the |
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funds be spent domestically whenever practicable, using American |
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tax dollars to amplify aggregate demand and create the greatest |
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number of American jobs possible; now, therefore, be it |
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RESOLVED, That the Senate of the 81st Texas Legislature |
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hereby express its intent that funds provided to the State of Texas |
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by the American Recovery and Reinvestment Act be spent, as far as |
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practicable, on domestic goods, materials, and services. |