A number of statements on the one year anniversary of the stimulus were released today. Here are some of them:
RECOVERY ACT CREATING JOBS AND DRIVING ECONOMIC GROWTH IN PENNSYLVANIA
The Recovery Act at One Year
One year in, the Recovery Act is at work across the country creating jobs and driving economic growth. From major highway projects to green retrofits of military facilities and manufacturing of advanced batteries, more than 55,000 projects across the country have now been funded through the Recovery Act. To get an up close look at some of those projects, click HERE. This is in addition to the nearly $120 billion in tax relief already provided to American families and businesses – with more to come this year - and the billions of dollars in relief provided to shore up state and local government programs like Medicaid and education facing severe budget shortfalls. To see a video of how the Recovery Act is helping cities across the country click HERE.
This is what it looks like, by the numbers:
· CBO: According to the nonpartisan CBO, the Recovery Act is already responsible for as many as 2.4 million jobs through the end of 2009.
· CEA, Other Private Forecasters: Analysis by the Council of Economic Advisers also found that the Recovery Act is responsible for about 2 million jobs – a figure in line with estimates from private forecasters like IHS Global, Moody’s Economy and even the conservative American Enterprise Institute.
· GDP/Economic Growth: In the fourth quarter of 2009, the economy grew 5.7 percent – – the largest gain in six years and something many economists say is largely due to the Recovery Act. Before the Recovery Act, the economy was shrinking by about 6 percent.
· Job Losses: Job losses for the fourth quarter of 2009 were one-seventh what they were in the first quarter of 2009 when the Recovery Act was passed.
* Spending: Nearly 70 percent of the $499 billion in Recovery Act spending has been obligated to specific programs and projects so far, putting those dollars to work in communities across the country.
* Tax Relief: Nearly $120 billion in tax relief has been provided for working families and businesses through the Recovery Act this year.
This is what is looks like, by the numbers in Pennsylvania:
Total Jobs & Spending
· JOBS CREATED AND SAVED – CEA estimates that 84,000 jobs were created or saved by the Recovery Act in Pennsylvania in 2009
· TOTAL SPEND – Over $12.5 billion in Recovery funds has been made available to Pennsylvania – and more than $6 billion has already been spent.
Investing in Infrastructure
· CONSTRUCTION – 351 transportation projects have been obligated in Pennsylvania, totaling almost $1.4 billion.
· SMALL BUSINESS – 1,370 Recovery Act-backed small business loans have been given to Pennsylvania small businesses, supporting more than $498 million in lending.
Relief to Individuals
· TAX RELIEF – Because of the Making Work Pay tax credit, 4.8 million Pennsylvania working families will collectively receive $2.5 billion in tax relief.
· UNEMPLOYMENT BENEFITS – More than 1,060,000 Pennsylvania residents have expanded unemployment benefits because of the Recovery Act.
· STIMULUS PAYMENTS – Almost 2.6 million Pennsylvania seniors, veterans and other high-need residents have received one-time economic relief payments of $250, totaling more than $648 million.
· TEACHERS – Close to 2,600 education positions were reported as funded by the Recovery Act in Q4 2009 in Pennsylvania – which has received more than $1.3 billion in State Fiscal Stabilization Funds (SFSF).
· MEDICAID – The Recovery Act has already made over $2.5 billion available to help prevent additional Medicaid cuts in Pennsylvania. The state of Pennsylvania has spent more than $1.6 billion of the available funds.
Organizing for America -- Pennsylvania
Elizabeth Lucas, Organizing for America (OFA)- PA State Director, issued the following statement regarding the anniversary of the American Recovery and Reinvestment Act (ARRA) today:
“Today we mark the first year of the American Recovery and Reinvestment Act (ARRA) and the incredible impact this legislation has had all across the country. Since President Obama signed ARRA into law, the Recovery Act has helped put tens of thousands of Pennsylvanians back to work in these tough economic times, while creating or saving fully two million jobs nationwide.
“When President Obama took office, the economy was losing nearly 800,000 jobs a month, our nation’s banks were in crisis, and Americans had lost 11 trillion dollars in wealth. Thanks to the President’s leadership on ARRA, things have started to turn around. The Recovery Act has stabilized our economy and helped restore security to those harmed most by the worst economic crisis in a generation. The Recovery Act has kept teachers in the classroom, police officers on the street, and put people to work rebuilding our crumbling roads, bridges and waterways. At the same time, ARRA has kept non-profits doing the critical work they do—even while other resources and donations have dried up.
“While our economy has come a way long towards recovery, we know we have more work to do. In 2010, Organizing for America will be working to support President Obama and Congressional leaders as they put together a new jobs bill that will keep our economy moving in the right direction.”