Finance Globe

U.S. financial and economic topics from several finance writers.
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A Breakdown of Stimulus Spending

American Recovery and Reinvestment Act 2009 - A breakdown of the stimulus package spending

The $787 billion stimulus package signed into law by President Obama last week:
  • Tax relief: $288 billion total, including $15 billion for infrastructure and science, $61 billion for protecting the vulnerable, $25 billion for education and training, and $22 billion for energy.
  • State and local fiscal relief: $144 billion to prevent state and local cuts to health and education programs and state and local tax increases.
  • Infrastructure and science: $111 billion in spending plus $15 billion in tax relief for a total of $126 billion.
  • Protecting the vulnerable: $81 billion in spending plus $61 billion in tax relief for a total of $142 billion.
  • Health care: $59 billion, increase medicaid, assist low-income workers with COBRA payments so they can afford to keep health insurance after being laid off, and upgrade to electronic medical records.
  • Education and training: $53 billion in spending plus $25 billion in tax relief for a total of $78 billion.
  • Energy: $43 billion in spending plus $22 in tax relief for a total of $65 billion.
  • Other: $8 billion
According to White House estimates, job impact for different states over the next two years:

The largest portion of jobs will be saved or created in: California - 396,000; Texas - 269,000; New York - 215,000; Florida - 206,000; Illinois - 148,000; Pennsylvania - 143,000; Ohio - 133,000; Michigan - 109,000; Georgia - 106,000; North Carolina - 105,000; New Jersey - 100,000.

Jobs will be saved or created moderately in: Virginia - 93,000; Massachusetts - 79,000; Indiana - 75,000; Washington - 75,000; Arizona and Tennessee each 70,000; Wisconsin - 70,000, Missouri - 69,000; Maryland and Minnesota each 66,000; Colorado - 59,000; Alabama 51,000; Louisiana and South Carolina each - 50,000.

The smallest portion of jobs will be saved or created in: Kentucky - 48,000; Oregon - 44,000; Connecticut 41,000; Oklahoma - 40,000; Iowa - 37,000; Nevada - 34,000; Kansas - 33,000; Mississippi - 30,000; Utah - 32,000; Arkansas - 31,000; Nebraska - 23,000; New Mexico - 22,000; West Virginia - 20,000; Idaho - 17,000; New Hampshire - 16,000; Hawaii and Maine each 15,000; Rhode Island and District of Columbia each - 12,000; Delaware and Montana each 11,000; South Dakota - 10,000; Alaska, North Dakota, Vermont, and Wyoming each 8,000.



Source:
recovery.gov
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Wednesday, 16 October 2019

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