A year ago, President Obama signed the Recovery Act, a bold initiative not only to rescue our country from a potential second Great Depression but also to build a new economic foundation for the future of our Nation. At that time, we were in an economic freefall — hemorrhaging more than 700,000 jobs a month with the middle class under assault and financial institutions on the brink of collapse.
One year later, Iâve prepared a report for the President on the impact of the Recovery Act. Even though we have much more to do, the evidence is clear: the Recovery Act is working.
Now here are some facts from the report I hope youâll share far and wide:
- 2 Million Jobs: Public and private forecasters ranging from the Council of Economic Advisors to Moodyâs Economy and IHS Global now say the Recovery Act is responsible for about 2 million jobs nationwide.
- Economic Growth: We recently learned that our economy grew 5.7 percent in the fourth quarter — the biggest gain in six years that many economists say is largely due to the Recovery Act.
- Tax Relief: The Recovery Act provided over $100 billion in tax relief for American businesses and families.
- Aid to Small Businesses: This past year, the Recovery Act supplied over 42,000 small business loans that provided nearly $20 billion in much-needed capital.
- Building a New Foundation: The Recovery Act funded tens of thousands of projects nationwide this year that are not only creating jobs right now, but also laying a long-term foundation for economic growth, including investments in high-speed rail, health technology, broadband, a smarter electrical grid, clean cars and batteries, and renewable energy.
My entire report to the President is available on WhiteHouse.gov/Recovery, and it details specific recovery projects across America. So take a look at whatâs happening in your part of the country:
While weâve made tremendous progress, our work is far from finished. Many projects are just now getting underway that will be creating jobs throughout 2010 and beyond. And on behalf of the President, I can say our Administration will not stop until every man or woman who wants a job can find one.
But one year in, the Recovery Act has helped pull us back from the brink of economic disaster and is helping lay a firm foundation for our economic recovery.
Why donât you drop Joe a line. Heâd probably love to hear from you.