“Imagine if, one year ago, Congress had passed a stimulus bill that really worked. Let’s say this bill had started spending money within a matter of weeks and had rapidly helped the economy. Let’s also imagine it was large enough to have had a huge impact on jobs — employing something like two million people who would otherwise be unemployed right now. If that had happened, what would the economy look like today? Well, it would look almost exactly as it does now. Because those nice descriptions of the stimulus that I just gave aren’t hypothetical. They are descriptions of the actual bill.”
– David Leonhardt, New York Times, 2/17/10
Economy Highlights:
• The Federal Reserve and Commerce Department reported that U.S. manufacturing and housing growth increased in January, positive indications and further evidence that the economy continues to recover. “That was the seventh consecutive month of growth in manufacturing, a sector that has helped charge the economic recovery. Builders also broke ground on more houses and apartments in January than economists generally expected…. housing construction rose 2.8 percent -- a seasonally adjusted rate of 591,000 houses or apartments -- the fastest pace in six months.” [Washington Post, 2/18/10; Wall Street Journal, 2/18/10]
Recovery Highlights:
• This week marked the one-year anniversary of the American Recovery and Reinvestment Act and evidence shows that it has prevented another Great Depression and is working to create jobs and get our economy growing again. View statements, fact sheets, and additional coverage of the anniversary below:
• On the one-year anniversary, Secretary of Transportation Ray LaHood announced Recovery Act-funded awards to states, tribal governments, cities, counties and transit agencies across the country to fund 51 innovative transportation projects that will create jobs and spur lasting economic recovery. [Department of Transportation, 2/17/10]
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