MUST READ: American Recovery and Reinvestment Act

[LSK]

Today, the House will begin consideration of the American Recovery and Reinvestment Act, H.R. 1, working from priorities shared with President-elect Barack Obama. This recovery package is the first crucial step in a concerted effort to create and save 3 to 4 million jobs, jumpstart our economy, and transform it for the 21st century. This means real change: it will strengthen the middle class, not just Wall Street CEOs and special interests in Washington.

Text of Bill: http://www.rules.house.gov/111/LegText/111_hr1_text.pdf

http://www.speaker.gov/newsroom/legislation?id=0273#energy">Clean, Efficient, American Energy

To put people back to work today and reduce our dependence on foreign oil tomorrow, we are seeking to double our renewable energy production and renovate public buildings to make them more energy efficient. The energy package will create more than 500,000 jobs, and accelerate deployment of smart grid technology, provide energy efficiency funds for the nation’s schools, offer support for the nation’s governors and mayors to tackle their energy challenges, and establish a new loan guarantee program to keep our transition to renewable energy on track during the economic crisis.

“The recovery package released by Congressional leaders today is big, bold, and with immediate implementation will serve as a down payment on long-neglected investment in a clean energy, good jobs, made- in- America economy,” said Apollo Alliance Chairman Phil Angelides.” <1/15/09>

The House bill represents “a major down payment on two important priorities for our nation – creating new jobs for our ailing economy and reducing greenhouse gas emissions. …. the economic recovery bill will allow our nation to invest in building the green economy of the future, reduce carbon emissions, and help consumers and businesses lower their energy costs,” said Alliance to Save Energy President Kateri Callahan. <1/16/09>

http://www.speaker.gov/newsroom/legislation?id=0273#science">Transforming Our Economy with Science, Technology & Innovation

This economic recovery package invests in science and technology – both creating jobs in the short-term and building a foundation for strong economic growth in the long-term. The recovery package includes a $10 billion investment in scientific research, including investments at the National Science Foundation and the National Institute of Standards and Technology. Regarding new technologies, the package also includes nearly $40 billion in investments in America’s IT network infrastructure (including broadband, health IT, and a smarter energy grid). More than 100 high-tech CEOs and business leaders have endorsed these IT investments and stated that this $40 billion investment alone will create more than 949,000 U.S. jobs, more than half of which will be in small businesses.

http://www.speaker.gov/newsroom/legislation?id=0273#health">Lowering Health Care Costs and Ensuring Broader Coverage

Affordable and quality health care is key to strong American economic growth. The American Recovery and Reinvestment Act invests in bringing our health care system into the 21st century with information technology – that is proven to reduce costs, increase quality, and save lives. The package also protects health coverage for millions of Americans who have lost their jobs in this recession by providing up to 12 months of subsidized COBRA health insurance continuation coverage and a temporary state option to cover jobless workers through Medicaid. Modernizing our health care system will create hundreds of thousands of jobs. Economist Mark Zandi estimates that, overall, this recovery package will save or create more than 250,000 jobs in the health care and education sectors.

http://www.speaker.gov/newsroom/legislation?id=0273#education">Investing in Education for the 21st Century

Economists tell us that strategic investments in education are one of the best ways to help America become stronger, and more productive and competitive. This recovery package will make bold investments to provide children with a 21st century education, modernize our schools and colleges, and make college more affordable. Making investments to modernize our schools will create tens of thousands of jobs. Economist Mark Zandi estimates that, overall, this recovery package will save or create more than 250,000 jobs in the education and health care sectors.

http://www.speaker.gov/newsroom/legislation?id=0273#roads">Creating Jobs by Modernizing Roads, Bridges, Transit and Waterways

To build a 21st century economy, we must create jobs rebuilding our crumbling roads and bridges, modernizing public buildings, and putting people to work cleaning up our air, water and land. The American Recovery and Reinvestment Act will make large investments to repair and modernize thousands of miles of roadways in the U.S. and providing new mass transit options for millions of Americans. These provisions in total would create about 1.5 million American jobs—almost half the jobs in the plan as a whole. Unprecedented accountability and transparency measures are built in to the legislation to ensure that tax dollars are spent wisely.

“Increasing infrastructure spending will also greatly boost the economy… Most of the infrastructure money will be spent on hiring workers and on materials and equipment produced domestically.” (Chief Economist Mark Zandi of Moody’s Economy.com, 1/21/09, P.9)

“Increased infrastructure spending is … a particularly effective way to stimulate the economy…The boost to GDP from every dollar spent on public infrastructure is large—an estimated $1.59—and there is little doubt that the nation has underinvested in infrastructure for some time, to the increasing detriment of the nation's long-term growth prospects.” (Chief Economist Mark Zandi of Moody’s Economy.com, 1/21/09, P.11)

http://www.speaker.gov/newsroom/legislation?id=0273#tax">Tax Cuts for Middle-class Families and American Businesses

The tax cuts in the American Recovery and Reinvestment Act will jumpstart the economy by returning money to the hands of 95% of American workers, and encouraging new job-creating investments by businesses large and small, that will transform our economy for years to come, such as in renewable energy and energy efficiency.

http://www.speaker.gov/newsroom/legislation?id=0273#recession">Helping Workers Hurt by the Recession

In this economic crisis, high unemployment and rising costs have put a huge strain on many American families. The American Recovery and Reinvestment Act contains a series of provisions to help, including helping workers train and find jobs, extending unemployment benefits, and increasing food stamp benefits. Not only will these steps provide relief to American families, they will help jumpstart our economy as these funds are spent quickly and have the most “bang for the buck” in creating jobs and spurring economic growth.

“Increased income support has been part of the federal response to most recessions, and for good reason. It is the most efficient way to prime the economy’s pump. … Every dollar spent on UI benefits generates an estimated $1.63 in near-term GDP. Boosting food stamp payments by $1 increases GDP by $1.73. People who receive these benefits are hard-pressed and will spend any financial aid they receive very quickly.” (Chief Economist Mark Zandi of Moodys.com, 1/21/09)

http://www.speaker.gov/newsroom/legislation?id=0273

Please read through these links that have further details, bookmark and use to debunk the MSM and the Republican fools.

[liberal N proud]

1. K&R

[Shiver]

2. Already read it

The actual bill, too, not just the summary (no one told me about the summary until after I'd finished page 640; figured I'd finish the last seven pages anyway)

Kicked and recommended. More people should read this before they start bitching about it.

[LSK]

3. did you read it from the PDF I linked or somewhere else?

I hate reading PDFs on bills like this, the layout sucks IMO.

[Shiver]

4. I read it last Saturday

Posted a thread about it too. I read it on a PDF file linked from HuffPo, which is likely the same file you read. And yeah, they really need to stop using Word and fix the layout.