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On today’s first anniversary of the American Recovery and Reinvestment Act, Governor
de Jongh updated Virgin Islanders about the benefits the territory has seen from President Barack Obama’s stimulus plan.
He said
that the Recovery Act has created jobs, secured public services, eased hardships, stabilized small businesses and laid a foundation for economic recovery in the Virgin Islands, as well as across the nation.
"Members of my administration, including the
V.I. Office of Economic Opportunity, have worked tirelessly over the past year to obtain and implement stimulus funding that would assist the Virgin Islands and its people in these difficult economic times. We in the territory deserve the same opportunities at prosperity as our fellow citizens across the
country." “I would like to join many other governors in acknowledging the positive effect the American Recovery and Reinvestment Act
(ARRA) has had on our economy, security and
livelihood."
Over the past year, the territory has received more than $156 million in formula and competitive awards. That money from the Reinvestment Act has gone to 19 different government, semi-autonomous, business and charitable organizations that met the federal requirements.
The
Governor noted that the ARRA legislation has provided $45 million in direct fiscal relief to people who are struggling through veterans’ benefits, food stamp programs, small business loans and social security benefits.
“We have received more than $85 million in competitive grants that have gone towards fiscal stabilization, transportation, marine security and law enforcement. We have also used our stimulus dollars to expand clean-energy initiatives, health and human service benefits and job creation programs. Almost 200 people are employed in the territory because of the Reinvestment
Act,."
Many government and private economists have attributed the creation of two million jobs across the country to the Recovery Act. It is now clear that the stimulus plan helped to cushion the greatest economic crisis since the Great Depression and has provided a foundation for economic growth in the near future.
In the fourth quarter of 2009, the U.S. economy grew by an unprecedented 5.7 percent. Many economists attribute the growth to the stimulus spending. The Recovery Act has also provided more than 100 billion in tax relief to families and businesses, and saved several U.S. states from drastic and dangerous cutbacks in education, health care and law enforcement.
Governor
de Jongh stressed that this is only the
beginning:
“The Recovery Act was designed to infuse money into the economy gradually in order to maintain a solid recovery—we will see peak spending reached during this year. The Virgin Islands will continue to benefit from this crucial piece of economic legislation, so that our territory will rise back into economic health along with the rest of the country.” To this end, Governor
de Jongh stands with President Obama, who is working diligently to find more solutions in creating jobs and driving economic growth throughout our country. “President Obama says he will not be satisfied until our nation’s economy is back on a firm footing. I make the same commitment to this
territory."
The Governor will continue to improve upon our partnerships with Washington, D.C. and the President’s administration to successfully implement stimulus spending and keep moving away from the near depression we were looking at exactly a year ago. In doing all this, the
de Jongh Administration has sought to maintain transparency, in line with the President’s mandate for the dispersion of stimulus
funds."
To learn more about how federal stimulus money is being obtained, and spent, in the Virgin
Islands, visit GovernordeJongh.com/Recovery
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