Category Archives: economic recovery bill

NJPP Monday Minute: 9/14/09

The federal Government Accountability Office is conducting reviews of how New Jersey and some other states are spending funds from the American Recovery and Reinvestment Act and making the information available in bimonthly reports. This is a good thing, because New Jersey has not yet figured out how to integrate reporting requirements into its overall fiscal policy.

For example, the state’s recovery website lists only a few of the state agencies subject to reporting requirements: the Department of Agriculture, Department of Transportation and the Board of Public Utilities.

Although New Jersey is using $1.3 billion of the Act’s State Fiscal Stabilization Fund to avoid reductions in education and other essential public services, few concrete answers about how exactly the money is being spent have been provided. The state has instead requested the GAO to provide more guidance on spending.

One thing is for certain: the Recovery Act has helped New Jersey balance its FY 2010 budget and has prevented many cuts to critical programs. But full, accessible disclosure of all spending would bring the openness and accountability needed to ensure the state is spending the money wisely.

With a new GAO report due later this month, more may be known about specific ways New Jersey is spending ARRA funds. Fortunately, the GAO is actively participating in the accountability process. Since transparency is critical, these bimonthly reviews will do much to help that process.

New Jersey’s full GAO review can be found here.

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Filed under American Recovery and Reinvestment Plan, economic recovery bill, Government Accountability Office, Monday Minute, New Jersey, New Jersey Policy Perspective

Corzine at Montclair State

Governor Jon Corzine heads to Montclair State to talk about the new Economic Recovery Legislation and what it will do for higher education in NJ.

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Filed under economic recovery bill, higher education, Job creation, Montclair State University, New Jersey

HOLT: ECONOMIC RECOVERY BILL WOULD CREATE NEW JOBS,HELP THOSE STRUGGLING IN ECONOMIC CRISIS

Here is what Congressman Rush Holt has to say about the passage of the Economic stimulas bill passed last night in the House.

Press Release:
Washington, D.C. – U.S. Representative Rush Holt (NJ-12) tonight voted for the House-passed American Recovery and Reinvestment Bill of 2009, arguing that it would provide the comprehensive investment needed to stop the nation’s economic decline and rebuild the economy by creating millions of new jobs. Holt highlighted nearly $16 billion of new funding for science research and facilities, including $3 billion for the National Science Foundation, $2 billion for physical science research at the Department of Energy, $3.5 billion for the National Institutes of Health, and $3 billion for research into energy efficiency and renewable energy. The Senate still needs to pass the bill.

“The ideal project is one that keeps on giving, and that is exactly what scientific research does,” Holt said. “In his Inaugural Address, President Obama said ‘we will restore science to its rightful place.’ This legislation places science at the center of short-term job creation and long-term economic growth.”

In December 2008, Holt hosted a roundtable discussion at Princeton University, along with Speaker Nancy Pelosi, senior Congressional leaders, and national leaders in the science and technology community to highlight the importance of innovation infrastructure to ensure long-term American competitiveness.

Holt also drew attention to other investments that would help create new jobs and help families struggling in the economy, including funding for:

–School modernization, including funding for Holt’s initiative to increase energy efficiency (an estimated $250 million for New Jersey).

–Helping states prevent the laying off of teachers and other school employees (an estimated $1.7 million for New Jersey)

–Road and bridge construction, as well as improving public transit and rail (an estimated $1.15 billion for New Jersey)

–Transforming the nation’s electricity systems through the Smart Grid Investment Program.

–Job training, including for green-collar jobs.

–Increasing Pell Grants to $5,350 by the next school year, helping to make college more affordable.

–Extending unemployment benefits through 2009 and extending health care coverage for unemployed workers (an estimated 148,000 New Jersey workers would be eligible).

“We’re past the point where we can hope the economy will right itself,” Holt said. “People are hurting now. New Jersey’s unemployment rate has risen to 7.1 percent from 4.2 percent just a year ago. This legislation would provide the bold, wise action needed to get our economy on the road to recovery. Every dollar spent would create new jobs and help build the economy for the 21st century.”

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Filed under economic recovery bill, infrastructure, Job Training, New Jersey, President Obama, press release, Princton University, Rush Holt, unemployment benefits

>HOLT: ECONOMIC RECOVERY BILL WOULD CREATE NEW JOBS,HELP THOSE STRUGGLING IN ECONOMIC CRISIS

>Here is what Congressman Rush Holt has to say about the passage of the Economic stimulas bill passed last night in the House.

Press Release:
Washington, D.C. – U.S. Representative Rush Holt (NJ-12) tonight voted for the House-passed American Recovery and Reinvestment Bill of 2009, arguing that it would provide the comprehensive investment needed to stop the nation’s economic decline and rebuild the economy by creating millions of new jobs. Holt highlighted nearly $16 billion of new funding for science research and facilities, including $3 billion for the National Science Foundation, $2 billion for physical science research at the Department of Energy, $3.5 billion for the National Institutes of Health, and $3 billion for research into energy efficiency and renewable energy. The Senate still needs to pass the bill.

“The ideal project is one that keeps on giving, and that is exactly what scientific research does,” Holt said. “In his Inaugural Address, President Obama said ‘we will restore science to its rightful place.’ This legislation places science at the center of short-term job creation and long-term economic growth.”

In December 2008, Holt hosted a roundtable discussion at Princeton University, along with Speaker Nancy Pelosi, senior Congressional leaders, and national leaders in the science and technology community to highlight the importance of innovation infrastructure to ensure long-term American competitiveness.

Holt also drew attention to other investments that would help create new jobs and help families struggling in the economy, including funding for:

–School modernization, including funding for Holt’s initiative to increase energy efficiency (an estimated $250 million for New Jersey).

–Helping states prevent the laying off of teachers and other school employees (an estimated $1.7 million for New Jersey)

–Road and bridge construction, as well as improving public transit and rail (an estimated $1.15 billion for New Jersey)

–Transforming the nation’s electricity systems through the Smart Grid Investment Program.

–Job training, including for green-collar jobs.

–Increasing Pell Grants to $5,350 by the next school year, helping to make college more affordable.

–Extending unemployment benefits through 2009 and extending health care coverage for unemployed workers (an estimated 148,000 New Jersey workers would be eligible).

“We’re past the point where we can hope the economy will right itself,” Holt said. “People are hurting now. New Jersey’s unemployment rate has risen to 7.1 percent from 4.2 percent just a year ago. This legislation would provide the bold, wise action needed to get our economy on the road to recovery. Every dollar spent would create new jobs and help build the economy for the 21st century.”

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Filed under economic recovery bill, infrastructure, Job Training, New Jersey, President Obama, press release, Princton University, Rush Holt, unemployment benefits