This week, the nonpartisan Congressional Budget Office (CBO) released a report showing the American Recovery and Reinvestment Act has boosted real GDP by up to 4.5 percent in the second quarter of 2010, and increased the number of American jobs by as many as 3.3 million.
In addition to creating and saving American jobs and getting our economy moving again, the Recovery Act is aggressively moving our country forward – transforming it for long-term economic growth and stability. From TIME:
… But the battle over the Recovery Act’s short-term rescue has obscured its more enduring mission: a long-term push to change the country. It was about jobs, sure, but also about fighting oil addiction and global warming, transforming health care and education, and building a competitive 21st century economy.
Yes, the stimulus has cut taxes for 95% of working Americans, bailed out every state, hustled record amounts of unemployment benefits and other aid to struggling families and funded more than 100,000 projects to upgrade roads, subways, schools, airports, military bases and much more…
For starters, the Recovery Act is the most ambitious energy legislation in history, converting the Energy Department into the world’s largest venture-capital fund. It’s pouring $90 billion into clean energy, including unprecedented investments in a smart grid; energy efficiency; electric cars; renewable power from the sun, wind and earth; cleaner coal; advanced biofuels; and factories to manufacture green stuff in the U.S. The act will also triple the number of smart electric meters in our homes, quadruple the number of hybrids in the federal auto fleet and finance far-out energy research through a new government incubator modeled after the Pentagon agency that fathered the Internet.
…”It will leverage a very different energy future,” says Kristin Mayes, the Republican chair of Arizona’s utility commission. “It really moves us toward a tipping point.”
The stimulus is also stocked with nonenergy game changers, like a tenfold increase in funding to expand access to broadband and an effort to sequence more than 2,300 complete human genomes — when only 34 were sequenced with all previous aid. There’s $8 billion for a high-speed passenger rail network, the boldest federal transportation initiative since the interstate highways. There’s $4.35 billion in Race to the Top grants to promote accountability in public schools, perhaps the most significant federal education initiative ever — it’s already prompted 35 states and the District of Columbia to adopt reforms to qualify for the cash. There’s $20 billion to move health records into the digital age, which should reduce redundant tests, dangerous drug interactions and errors caused by doctors with chicken-scratch handwriting. Health and Human Services Secretary Kathleen Sebelius calls that initiative the foundation for Obama’s health care reform and “maybe the single biggest component in improving quality and lowering costs.”
Any of those programs would have been a revolution in its own right…
These gains are critical for the future prosperity of America’s workers, their families and small businesses and would not be possible under Congressional Republican leadership—who have opposed the Recovery Act at every turn (despite taking credit for its successes).
Read the full TIME article, ‘How the Stimulus is Changing America’»