Today is the three-year anniversary of the day that President Obama signed the American Recovery and Reinvestment Act into law. A response to the economic crisis of 2008, the act had the three immediate goals: Creating new jobs and saving existing ones, spurring economic activity and investing in long-term growth, and fostering unprecedented levels of accountability and transparency in government. The act provided $787 billion in tax cuts and benefits for working families and businesses, funding for programs like unemployment benefits, and funding for federal contract, grants and loans.
A 2009 survey of the National Association of Business Economists found that 70.6% of their economists who had reviewed the stimulus projected that it would have modest to strong impact in shortening the recession. One year after the Act was passed, several economic firms like Moody's and IHS Global Insight estimated that it saved or created 1.6 to 1.8 million jobs, and predicted that the stimulus would continue this trend and would save 2.5 million jobs in total.
Today, thanks to President Obama's swift response to the economic crisis, the United States has experienced 23 months of continuous job growth, with 3.7 million jobs created in that time. For more information on the American Recovery and Reinvestment Act, visit www.recovery.gov.