Press Release - Vice President Biden: "400,000 Jobs to Be Created Nationwide by Investing in Our Country's Infrastructure"
Washington, DC - After touring the Laurel, Maryland MARC Train Station, one of the thousands of rail and commuter stations all across the country in dire need of improvements, Vice President Joe Biden discussed why we must invest in our nation's infrastructure in order to build a 21st century economy. He was joined by Maryland Governor Martin O'Malley, Senator Benjamin L. Cardin (D-MD) and Transportation Secretary Ray LaHood.
The Vice President said that 400,000 jobs will be created over the next two years nationwide if we invest in improving and upgrading our nation's infrastructure, including mass transit systems, highways, bridges and ports. The American Recovery and Reinvestment Plan includes the largest investment increase - at least $100 billion - in our nation's infrastructure, including roads, bridges and mass transit systems, since the creation of the national highway system in the 1950s.
The White House released the following report to illustrate, using Maryland as a case study example, the impact investing in infrastructure will have on our nation. Please find this report included below.
The American Recovery and Reinvestment Plan
Creating Good Jobs by Modernizing Our Infrastructure
The American Recovery and Reinvestment Plan is a nationwide effort to create jobs, jumpstart growth and transform our economy for the 21st century. Across the country, this plan will help businesses create jobs and families afford their bills while laying a foundation for future economic growth in key areas like health care, clean energy, education and a 21st century infrastructure.
NATIONAL Impact of Infrastructure Investments
A key driver of job creation in the Recovery and Reinvestment Plan is the largest investment in America's crumbling roads, bridges and transit lines since the creation of the national highway system. The infrastructure investments in the plan are designed to fund ready-to-go projects that can get money out into the economy quickly, while addressing longstanding infrastructure backlogs that are creating security risks for our citizens and a drag on economic growth.
· At least $100 billion to improve and upgrade our nation's infrastructure, including mass transit systems, our highways, bridges and ports. [Source: White House Estimate]
· Create or save 400,000 jobs over the next two years. Jobs will be created by improving our mass transit systems, rebuilding roads, bridges, waterways, ports and more. [Source: White House Estimate based on Romer and Bernstein, "The Job Impact of the American Recovery and Reinvestment Plan." January 9, 2009.]
MARYLAND Impact of Infrastructure Investments
This historic infrastructure investment will provide direct, immediate support to Maryland, including:
· At least $400 million to improve Maryland's highways, $100 million to upgrade and expand transit systems in Maryland and $150 million to invest in water and sewer projects in the state. [Source: White House Estimate]
· Funding sufficient to modernize at least 138 schools in Maryland so our children have the labs, classrooms and libraries they need to compete in the 21st century economy. [Source: White House Estimate]
NATIONAL OVERALL IMPACT OF THE AMERICAN
RECOVERY AND REINVESTMENT PLAN
The recovery plan will create and save jobs in the near future while addressing long-term needs that are critical to laying the foundation for a strong economic future. Specifically it will:
· Create or save 3 to 4 million jobs over the next two years. Independent analyses by Macroeconomic Advisers and Moody's have confirmed that the recovery plan will meet this jobs goal. Jobs created will be in a range of industries from clean energy to health care, with over 90% in the private sector.
· Spend out at least 75% of the package in the first 18 months after passage. By including major fast-spending provisions like tax cuts for middle class families, measures to avoid state health care cuts, and temporary expansions of unemployment insurance, food stamps and health care for unemployed workers, the package will spend out at least 75% of its total commitment within the first 18 months after passage. The Administration will work with Congress to refine this package to ensure that it meets this 75% goal.
· Double renewable energy generating capacity over three years, creating enough renewable energy to power 6 million American homes.
· Computerize every American's health record in five years, reducing medical errors and saving billions of dollars in health care costs.
· Launch the most ambitious school modernization program on record, sufficient to upgrade 10,000 schools.
· Enact the largest investment increase in our nation's roads, bridges and mass transit systems since the creation of the national highway system in the 1950.
Maryland Overall Impact OF THE RECOVERY PLAN:
The national economic crisis has devastated states across the country, and Maryland is no exception. Unemployment in Maryland is at a 15 year high, up 60 percent over the past year. In just the last four months, the state has lost more than 30,000 jobs. The recovery and reinvestment plan is urgently needed to help stem this downturn and jumpstart job creation across the state. Overall, the plan will:
· Create or save 70,000 jobs over the next two years. Jobs created will be in a range of industries from clean energy to health care, with over 90% in the private sector. [Source: White House Estimate based on Romer and Bernstein, "The Job Impact of the American Recovery and Reinvestment Plan." January 9, 2009.]
· Jobs created or saved include about 9,500 in Maryland's 5th Congressional District, which includes Laurel.
· Provide a Making Work Pay tax cut of up to $1,000 for 2,210,000 Maryland workers and their families. The plan will make a down payment on the President's Making Work Pay tax cut for 95% of workers and their families, designed to pay out immediately into workers' paychecks. [Source: White House Estimate based on IRS Statistics of Income]
[1 Macroeconomic Advisers, "Fiscal Stimulus to the Rescue?" January 15, 2009; Zandi, Mark. "The Economic Impact of the American Recovery and Reinvestment Act," Moody's Economy.com, January 21, 2009. Available at: http://www.economy.com/mark-zandi/documents/Economic_Stimulus_House_Plan_012109.pdf. ]
Joseph R. Biden, Press Release - Vice President Biden: "400,000 Jobs to Be Created Nationwide by Investing in Our Country's Infrastructure" Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/353722