The American Recovery & Reinvestment Act was signed into law by President Obama on February 17, 2009. The Act has a number of strategic elements that are designed to help stimulate the economy and create or sustain jobs.

  1. Save and create more than 3.5 million jobs over the next two years;
  2. Increase college affordability for seven million students by funding the shortfall in Pell Grants, increasing the maximum award level by $500, and providing a new higher education tax cut to nearly four million students;
  3. Provide an $800 Making Work Pay tax credit for 129 million working households, and cut taxes for the families of millions of children through an expansion of the Child Tax Credit;
  4. Require unprecedented levels of transparency, oversight, and accountability.

In the face of an economic crisis, the magnitude of which we have not seen since the Great Depression, the American Recovery and Reinvestment Act was designed to represent a strategic and significant investment in our country’s future.

The Act looks to save and create three to four million jobs, 90 percent of them in the private sector. It provides more than $150 billion to low-income and vulnerable households, thereby spurring increased economic activity that will save and create more than one million jobs.

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To learn more, contact Reinvest Local today!