Joe Biden: Let Me Tell You How The Stimulus Has Been A Raging Success

Biden Stimulus

Photo: U.S. Government

Vice President Joe Biden has come out with his Recovery Act assessment and, not surprisingly, it all looks rosy for the administration.The review does a good job of pointing to where the stimulus has been successful from propping up GDP numbers to halting the unemployment barrage.

See the point-by-point case>

GDP: Stimulus has given us a three quarter wide GDP bump

The Recovery Act helped to support growth in 2009 and directly affected GDP.

Second Quarter 2009: 2-3 percentage point rise

Third Quarter 2009: 3-4 percentage point rise

Fourth Quarter 2009: 1.5-3 percentage point rise

Source: Joe Biden's Annual Report To The President On The Recovery Act

Payroll Job Losses

The stimulus has helped to halt the rise in unemployment.

Source: Joe Biden's Annual Report To The President On The Recovery Act

Initial Unemployment Insurance Claims

Jobless claims reached a high in March 2009, and since then have been kept in line in part due to the Recovery Act's effect.

Source: Joe Biden's Annual Report To The President On The Recovery Act

Not only has it saved jobs, it's created them

Jobs Created Quarter 2: 338,000

Jobs Created Quarter 3: 1.1 Million

Jobs Created Quarter 4: 2.0 Million

Source: Joe Biden's Annual Report To The President On The Recovery Act

This has been a national recovery act

Jobs have been created across the country, not just in particularly industries or areas.

Source: Joe Biden's Annual Report To The President On The Recovery Act

This is a two year roll out in spending and full results take time

Though almost 60% of the Recovery Act's allotted funds have been spent, there is much more to come.

Source: Joe Biden's Annual Report To The President On The Recovery Act

This isn't an earmark heavy pork bill, it's a 3 part strategy

Tax Reliefs: $288 Billion

Payments: $273 Billion

Projects: $226 Billion

Source: Joe Biden's Annual Report To The President On The Recovery Act

The roll out has been swift and completely transparent

The CBO has reported a fast than expected roll out of funds into the country.

Source: Joe Biden's Annual Report To The President On The Recovery Act

Many of the payments are going to help already established programs

Medicaid: $54.3 Billion

State Fiscal stabilisation: $36.9 Billion

Social Security, Veterans, and RRB Payments: $14.1 Billion

Source: Joe Biden's Annual Report To The President On The Recovery Act

Much of the recovery funds are reaching development projects as well

Highway Investment: 17% of Project Funding

Energy Projects: 10% of Project Funding

Clean Water and Drinking Water: 4% of Project Funding

Source: Joe Biden's Annual Report To The President On The Recovery Act

The impact can already be felt across America

Some administration examples of how the Recovery Act is working:

Tax Cuts: 110 million families have seen $37 billion in tax cuts

Small Business: $20 billion in loans to 42,000 small businesses

Transportation: 12,500 transportation projects have seen funding

Source: Joe Biden's Annual Report To The President On The Recovery Act

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