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US government highlights Recovery Act impact

(XInhua,)
Updated: 2009-09-05 10:24

WASHINGTON: The US government asserted the stimulus package a success in revitalizing the economy, according to a report released by the Treasury Department on Friday.

Special coverage:  World Economic Recovery Related readings:  G20 to keep stimulus for now  US vice president says stimulus plan is working  Geithner says global economy still needs stimulus  US economists: No need for second stimulus package

The report, issued around the 200 day anniversary of the American Recovery and Reinvestment Act (Recovery Act), details funds provided to states, local communities, and families through a variety of programs, including the Making Work Pay Tax Credit, payments for renewable energy production, funds for affordable housing development, and Build America Bonds.

"In 200 days, the Recovery Act has made significant progress in revitalizing our communities and providing the basis for economic growth," said Treasury Deputy Secretary Neal Wolin.

Recent data indicate that the economy is getting better, at least less bad than expected.

But "less bad is not enough," said Alan Krueger, Treasury Chief Economist and Assistant Secretary for Economic Policy, on a media briefing, "the labor market remains severely challenged."

The Labor Department reported Friday that the country's unemployment rate rose to 9.7 percent in August, the highest in 26 years, and up from 9.4 percent a month ago.

The White House press secretary Robert Gibbs said Friday that the unemployment rate will "exceed 10 percent."

Despite the progress of the economy, the effectiveness of the government stimulus policy has criticism.

The Heritage Foundation, a Washington based think-tank said that the Obama Administration's 787 billion dollars stimulus package failed, at least in terms of employment.