Rep. Foster Issues Stimulus Report Card

Press Release

Today, exactly one year since President Obama signed the American Recovery and Reinvestment Act into law, Rep. Bill Foster (IL-14) issued a "Stimulus Report Card" for the families of the 14th District.

Said Foster, "There is no doubt that the stimulus has had a huge effect in halting and beginning to roll back the nationwide economic calamity that we were facing one year ago. In the 18 months before the stimulus, household wealth fell by more than 17 trillion dollars -- more than $50,000 for every man, woman, and child in the United States. Since the stimulus passed, the drop in household wealth has halted and reversed, and household net worth has recovered by more than $5 trillion dollars (see graph at http://foster.house.gov/UploadedFiles/Household-Net-Worth-Before-and-After-Stimulus.pdf )

"The success of the stimulus at halting the out-of-control job loss of one year ago has been equally apparent. One year ago, our economy was losing more than 700,000 jobs per month and the economy was spiraling towards a depression. With the passage of the stimulus, job loss started declining immediately, has now stopped, and we are expected to return to positive job growth in the next few months (see graph at http://foster.house.gov/UploadedFiles/Job-Loss-Before-and-After-Stimulus.pdf).

"The economy is growing again, and many large and small businesses have returned to profitability and are expecting to begin re-hiring in the coming months."

"While we still have a lot more work to do to dig us out of the enormous hole we were in, it is clear that the worst of this financial crisis is behind us and that the stimulus was a key factor in triggering and sustaining the recovery."

"My constituents are also very concerned with the immediate impact that the stimulus has had on projects and job creation in our district. They have a right to know how their tax dollars are helping to stabilize our economy and invest in our economic future. I created the Stimulus Report Card so that the people I have the privilege to represent can see firsthand the impact this legislation has made in their lives."

Rep. Foster's Stimulus Report Card captured every single stimulus-related grant, award and tax cut announced to date that would benefit those he serves -- it is 17 pages long. The Report Card made the following findings:

* $506,029,146 in stimulus dollars -- or more than a half a billion dollars -- has directly benefitted the 14th District.

* 284,000 families in the 14th District will receive a tax cut.

* Approximately 100,285 seniors, among the most vulnerable during an economic downturn, received a one-time $250 check.

* $63,550,595 to 14th District Public Schools ensured that state budget cuts did not result in more teachers being fired.

* At a time when the State of Illinois is more than $13 billion in debt in failing to meet its obligations to cities, schools and hospitals, the stimulus provided $2,055,171,987 -- more than $2 billion -- to plug holes in the state budget and ensure that critical services continued.

* The $8,000 first-time homebuyer's tax credit helped revitalize a struggling housing market and indirectly created and protected jobs.

* $44,815,120 in transportation funding resurfaced roads throughout the district, expanded the use of district airports, provided new buses for the City of DeKalb and put people to work.

* Critical infrastructure changes will be made. For example, the Village of Steward will now install its first town-wide sewer system. Town residents and business now use septic tanks. And, the Atkinson Fire Protection District was awarded $1,359,000 for fire station construction

* $248,258,000 -- or nearly a quarter of a billion dollars -- in bonding authority was provided to 14th District local governments to continue to make critical investments in their communities.

* Because restoring manufacturing jobs is the key to long-term growth and prosperity, the stimulus funded the "Advanced Energy Manufacturing Tax Credits," which have benefitted Siemens Energy, Inc., located in Elgin, with a credit worth $28,328,379 for their wind turbine technologies and Winergy Drive Systems Corp., also located in Elgin, with a credit worth $12,786,000 for their wind turbine technologies.
"The Report Card demonstrates that on the issues that matter most, from creating and protecting jobs, to funding education and providing tax cuts, the stimulus has made a positive impact on the families of the 14th District," said Foster.

Concluded Foster, "With more than half of the stimulus funds still to be distributed, I look forward to providing the residents of the 14th District with another update in six months, on August 17th."

Source