Impact -- Virginia

AMERICAN RECOVERY AND REINVESTMENT PLAN: THE IMPACT FOR VIRGINIA

The American Recovery and Reinvestment Plan is a nationwide effort to create jobs, jumpstart growth and transform our economy for the 21st century. Across the country, this plan will help businesses create jobs and families afford their bills while laying a foundation for future economic growth in key areas like health care, clean energy, education and a 21st century infrastructure. In Virginia, this plan will deliver immediate, tangible impacts, including:

 

  • Creating or saving 99,000 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.]
  • Providing a making work pay tax cut of up to $1,000 for 3,000,000 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]
  • Making 71,000 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 71,000 families in Virginia – new assistance to put college within their reach. [Source: Center on Budget and Policy Priorities analysis of U.S. Census data]
  • Offering an additional $100 per month in unemployment insurance benefits to 247,000 workers in Virginia who have lost their jobs in this recession, and providing extended unemployment benefits to an additional 46,000 laid-off workers. [Source: National Employment Law Project]