American Recovery and Reinvestment Act
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Nearly 3.6 million Americans have lost their jobs this past year -- and millions more are working harder in jobs that pay less and come with fewer benefits. Nearly $8 trillion in wealth has been lost in the stock market, including the retirement savings of many American families. And the economic news continues to worsen, with some noting that we are facing the "the bleakest economic outlook since World War II."
The 111th Congress in partnership with President Obama put together the American Recovery and Reinvestment Act (ARRA) to create and save 3.5 million jobs over two years, and reinvest in our future by rebuilding our infrastructure from bridges to broadband, making our health care system more efficient and cost-effective, modernizing our schools for 21st century learning, and investing in a cleaner and more efficient energy future.
The following economic issues are to be addressed by the ARRA:
1. JOB LOSSES & ECONOMIC CONTRACTION
2. UNEMPLOYMENT & UNDEREMPLOYMENT (GREEN JOBS ECONOMY)
3. CONSUMER SPENDING & LENDING CONTRACTION
4. DECLINING FAMILY INCOME & BENEFITS
5. RISING HEALTH AND EDUCATION COSTS
6. GROWING BANKRUPTCIES & CONSUMER DEBT
7. MANUFACTURING CONTRACTION & INFASTRUCTURE INVESTING
8. AUTO SALES & BUSINESS ACTIVITY CONTRACTION
9. HOUSING FORECLOSURES
Purpose & Objectives
This legislation will create and save jobs; help state and local governments with their budget shortfalls to prevent deep cuts in basic services such as health, education, and law enforcement; cut taxes for working families and invest in the long-term health of our economy. We do all of this with unprecedented accountability, oversight and transparency so the American people know their money is being invested responsibly.