News Release From The White House: VP's Report To The President On Impact Of Recovery Act

                                                           [Joe Biden]

Good Morning,

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, I’ve 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 you’ll share far and wide:

• 2 Million Jobs: Public and private forecasters ranging from the Council of Economic Advisors to Moody’s 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.