One year in, the evidence is clear – and growing by the day – that the Recovery Act is working to cushion the greatest economic crisis since the Great Depression and lay a new foundation for economic growth.
- According to the nonpartisan Congressional Budget Office, the Recovery Act is already responsible for as many as 2.4 million jobs through the end of 2009
- As a result, job losses are a fraction of what they were a year ago, before the Recovery Act began
The American Recovery and Reinvestment Act:
- Cut taxes for 95 percent of working families through the Making Work Pay tax credit
- Cut taxes for small businesses
- Provided loans to over 42,000 small businesses
- Funded over 12,500 transportation construction projects nationwide, ranging from highway construction to airport improvement projects
- Made multi-billion dollar investments in innovation, science and technology that are laying the foundation for our 21st century economy
- Provided critical relief for state governments facing record budget shortfalls, including help to prevent cuts to Medicaid and creating or saving over 300,000 education jobs
Economists on the left and the right have stated that the Recovery Act has helped avert an even worse economic disaster.
“I realize that for every success story, there are other stories, of men and women who wake up with the anguish of not knowing where their next paycheck will come from; who send out resumes week after week and hear nothing in response. That is why jobs must be our number one focus in 2010.”
-- President Obama
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