White House Estimates CO Impacts Of New Stimulus Plan

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The White House released additional state-specific details Wednesday on the American Recovery and Reinvestment Plan. The recovery plan will reportedly create and save jobs in the near future while addressing long-neglected needs that are critical to laying the foundation for a strong economic future.

Nationwide, the White House estimates Obama’s plan will create or save three-to-four-million jobs over the next two years.

Additionally, they estimate 95 percent of American workers will get a tax cut and tens of billions of dollars will be invested in roads, bridges, mass transit, flood control, and clean water projects.

Here is a list of that the American Recovery and Reinvestment Plan could have in Colorado (White House estimates):

In Colorado, this plan will deliver immediate, tangible impacts, including:

1) Creating or saving 63,000 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.]

2) Providing a making work pay tax cut of up to $1,000 for 1,870,000 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]

3) Making 36,000 families eligible for a new American Opportunity Tax Credit to make college affordable. By creating a new $2,500 partially refundable tax credit for four years of college, this plan will give 3.8 million families nationwide – and 36,000 families in Colorado – new assistance to put college within their reach. [Source: Center on Budget and Policy Priorities analysis of U.S. Census data]

4) Offering an additional $100 per month in unemployment insurance benefits to 173,000 workers in Colorado who have lost their jobs in this recession, and providing extended unemployment benefits to an additional 36,000 laid-off workers. [Source: National Employment Law Project]

5) Providing funding sufficient to modernize at least 99 schools in Colorado so our children have the labs, classrooms and libraries they need to compete in the 21st century economy. [Source: White House Estimate]

In addition to this immediate assistance for Colorado, the White House estimated the American Recovery and Reinvestment Plan will help transform our economy by:

1) Doubling renewable energy generating capacity over three years, creating enough renewable energy to power 6 million American homes. [Source: White House Estimate]

2) Computerizing every American’s health record in five years, reducing medical errors and saving billions of dollars in health care costs. [Source: White House Estimate]

3) Launching the most ambitious school modernization program on record, sufficient to upgrade 10,000 schools. [Source: White House Estimate]

4) Enacting the largest investment increase in our nation’s roads, bridges and mass transit systems since the creation of the national highway system in the 1950s. [Source: White House Estimate]