The Recovery Act at One Year
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.
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 Delaware:
Total Jobs & Spending
JOBS CREATED AND SAVED – CEA estimates that 6,000 jobs were created or saved by the Recovery Act in Delaware in 2009
.TOTAL SPEND – More than $961 million in Recovery funds has been made available to Delaware– and almost $437 million has already been spent.
Investing in Infrastructure
CONSTRUCTION – 34 transportation projects have been obligated in Delaware, totaling more than $83 million.
SMALL BUSINESS – 96 Recovery Act-backed small business loans have been given to Delaware small businesses, supporting close to $37 million in lending.
Relief to Individuals
·TAX RELIEF – Because of the Making Work Pay tax credit, 300,000 Delaware working families will collectively receive $200 million in tax relief.
·UNEMPLOYMENT BENEFITS – More than 40,000 Delaware residents have expanded unemployment benefits because of the Recovery Act.
·STIMULUS PAYMENTS – Nearly 163,000 Delaware seniors, veterans and other high-need residents have received one-time economic relief payments of $250, totaling close to $41 million.
·TEACHERS – Close to 700 education positions were reported as funded by the Recovery Act in Q4 2009 in Delaware – which has received more than $98 million in State Fiscal Stabilization Funds (SFSF).
·MEDICAID – The Recovery Act has already made more than $203 million available to help prevent additional Medicaid cuts in Delaware. The state has spent more than $173 million of the available funds.