Our nation is confronting the most severe economic problems in generations. Millions of Americans are unemployed, millions more are struggling to make ends meet, and millions of others are uncertain about their future economic prospects. There is much work to do and no time to waste.
The American Recovery and Reinvestment Act of 2009 will create good-paying jobs, cut taxes for working families, and make responsible investments in our future. The plan will also guarantee accountability and transparency to ensure all taxpayer money is spent wisely.
Though the economic crisis currently facing our nation was inherited from the Bush administration, Senate Democrats and President Obama are committed to delivering workable, bipartisan, and smart solutions that will quickly repair and permanently strengthen the U.S. economy and get America working again.
Creating new American jobs and saving those at risk. Each year, working Americans invest in government with tax dollars so that in good times and bad government can work for them. Never before have they needed a return on their investment as they do now. The unemployment rate is at its highest in 16 years, more Americans are out of work today than at any point in the last 25 years, and the nation lost more jobs in 2008 than in any year since 1945. The American Recovery and Reinvestment Act will help create or save 3.5 million jobs, including an entire generation of green jobs that will make public and private investments in renewable energy and make America more energy efficient. We will also start to rebuild our crumbling roads and bridges and modernize our rail and mass transit systems.
Investing in America’s future. Investing in our nation’s infrastructure, technology, and education will do more than create jobs today, it will put our country back on a path toward long-term global competitiveness and prosperity. The economic recovery plan invests in the roads and bridges, energy innovation, science and technology, and education and training Americans will need to successfully compete in the 21st Century’s global economy.
Cutting taxes for working families. For years, American families, especially those in the middle class, have been squeezed by skyrocketing costs for everything from health care to education to oil prices to housing costs. Our nation’s current economic crisis has only worsened the situation. The American Recovery and Reinvestment Act will help alleviate the squeeze by providing tax relief to working Americans so that they can fully reap the benefits of their hard work and stabilize their families’ finances.
Ensuring accountability and transparency. Every dollar in this plan belongs to American taxpayers. They deserve assurances that their money is being invested wisely. Accordingly, the legislation ensures unprecedented transparency, oversight and accountability so that Americans can see not only how their money is being spent, but also the results of their investments. This includes requiring the President to report quarterly on the plan’s progress, as well as establishing an oversight panel to review the management of taxpayer dollars.