Welcome to Iowa's Economic Recovery OverviewThe American Reinvestment and Recovery Act: Jumpstarting our Economy and Investing in Our FutureThe American economy is in the midst of a crisis unlike any we have seen in our lifetime. The economy lost 3.6 million jobs in the last 13 months, the biggest job loss since the end of World War II. Many experts believe unemployment could reach double digits if no action is taken. In light of this historic economic weakness, President Obama is working with Congress to enact the American Recovery and Reinvestment Act, a nationwide effort to create jobs and transform our economy to compete in the 21st century. The $789 billion compromise package represents the most ambitious effort to stimulate the economy in our nation’s history. The package will: • Create or save 3.5 million jobs over the next two years. • Provide nearly 40 percent of the package in direct relief to working and middle class families: • Double renewable energy generating capacity over three years. • Invest $29 billion in a Clean Energy Finance Authority and Renewable Tax Credits that together will leverage an additional $100 billion in private investment in the renewables sector. • Make a $150 billion investment in our nation’s infrastructure – the largest investment since the interstate highway system in the 1950s • Protect health care coverage for millions of Americans during this recession. • Provide $25 billion in school construction bonds. • Enact the most significant expansion in tax cuts for low- and moderate-income households ever
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