New CBO Report: Recovery Act Created Up to 3.3 Million Jobs

[bigtree]

from the AFL-CIO NOW blog: http://blog.aflcio.org/2010/08/25/new-report-recovery-act-created-up-to-3-3-million-jobs/

Aug 25, 2010

While the nation’s job crisis continues, it would be far worse if Republican congressional leaders had been successful in blocking the economic recovery act.

A new report from the non-partisan Congressional Budget Office (CBO) estimates the American Recovery and Reinvestment Act put 1.4 million to 3.3 million people to work in the second quarter of this year and lowered the unemployment rate by as much 1.8 percent

Vice President Joe Biden says the CBO report is further confirmation of what we’ve been hearing from leading economists, the nation’s governors and families across the country: The Recovery Act is working to rescue the economy from eight years of failed economic policy and rebuild it even stronger than before.

read the full CBO report here: http://www.cbo.gov/ftpdocs/117xx/doc11706/08-24-ARRA.pdf


VP Biden: Stimulus Dollars Fueling Energy and Life-Saving Technology

Recovery Act dollars fueled major innovative and technological breakthroughs in solar power, electric vehicles, and medical research, according to a new report touted by Vice President Joe Biden on Tuesday.

New technology, made possible by the $100 billion stimulus dollars invested in innovation, will cut the cost of solar power in half by 2015 and reduce the cost of electric vehicle batteries by 70 percent in the coming years, the report found.

"The very roots of our growth are in innovation," Biden said.

Due to the Recovery Act, the report says, America is on track to double renewable energy generation capacity from wind, solar, and geothermal by 2012. And the cost of the human genome project, which could help discover new cures and personalize medical treatment, has been reduced significantly. By 2015, the cost of a personal human genome map will be less than $1,000.

As of Aug. 18th, the Department of Commerce has invested $2.78 billion in broadband development and the Department of Agriculture invested $3.3 billion. Of the Commerce money, $125 million went to public computing and $157 million went to sustainable adoption programs that include digital literacy training and outreach campaigns.

read article: http://techdailydose.nationaljournal.com/2010/08/biden-stimulus-dollars-fueling.php

read Vice-President Biden’s full statement here: http://www.whitehouse.gov/the-press-office/2010/08/24/statement-vice-president-new-cbo-report-employment-and-economic-impact-r


___ Meanwhile, Rep. John Boehner (R-Ohio), House minority leader of the party that’s said “NO!” to every attempt in the past two years to get the economy back on track for working families, continues to rant and rave.

In a speech in Cleveland yesterday, he spewed a string of phony claims about the recovery act and other Obama administration economic initiatives. The spin wasn’t surprising, but the scary part was his promise to return to the Wall Street-friendly, tilt-toward-the-rich economic blueprint of the Bush years if Republicans take control of Congress after the fall elections.

read fact check on Boehner’s rant: http://www.whitehouse.gov/the-press-office/2010/08/24/fact-check-john-boehners-attacks-presidents-job-creation-agenda

[racaulk]

1. K&R!

[Quantess]

2. Thanks for posting.

[robdogbucky]

3. I would say we need to hammer away

from now until November that the Repukes voted against Health Care Reform of any kind, even the insurance bailout we ended up with, tha they voted against extension to unemployment benefits and they opposed health care for 9/11 first responders. This was mentioned on another post here today about not falling for false issues like mosques, etc., and it rings true.

This proof that some of the stimulus worked to improve many areas (also have heard criticisms that very little of it trickled down and included tax cuts again, etc.), combined with hopefully continued good economic news until November, can keep the pressure pointed at the obstructionists that would rather masturbate our country than fix things for the common good, the future and the rest of us. The recent econ news is not so special but it will be a grind, one step forward, etc. I just wish we had folks like Stiglitz or Krugman, then add Dean and Elizabeth Warren in those back rooms instead of what we currently got for advisors to the Prez. Aren't mid-terms a time for resignations, replacements, promotions, time with the family, etc.? One can dream.

One question, why not a huge federal works program like we had in the Depression when the Hoover Dam and the Golden Gate Bridge and many more such lasting examples of sustained infrastructure, were built? That seemed to work out well for all concerned.


Hands off my Social Security!
Hands off Latin America!



Just my dos centavos,

robdogbucky


robdogbucky

[Scurrilous]

4. K & R

:thumbsup: