Two years ago on this day in history the $787 Billion Stimulus Bill was passed in Congress. Senate democrats agreed to trim down the earlier $937 billion proposal in response to accusations of unwarranted spending by Republican critics.
But it wasn’t just Americans who benefited from the Stimulus Bill. Few knew that many other countries would profit from the massive government move including China and Spain. (see details at end of article)
Economic Indicators From the Last Two Years
In an effort to pass the $787 Billion legislation:
House Speaker Pelosi, 68, promised lawmakers will “hit the ground running” to come up with legislation, which the California Democrat vowed will be crafted “in a bipartisan way” and with “great fiscal discipline.” –declared two years ago
Obama promised to boost jobs with spending on improvements to roads, bridges and power grids. –declared two years ago
President-elect Barack Obama said his two-year plan to boost the U.S. economy would generate as many as 4 million jobs, higher than his previous estimates, the biggest portion of them in construction, manufacturing and retail. — declared two years ago
“It is the right size, it is the right scope. Broadly speaking it has the right priorities to create jobs that will jump-start our economy and transform it for the 21st century,” Obama said. –declared two years ago
Before taking office, Preisdent Elect Obama said the economic recovery was more important than the “enormous” federal budget deficit he would inherit “and that means that we can’t worry, short term, about the budget deficit.” –declared two years ago
America wasn’t the only one to benefit
China State Construction Engineering Corp – won a Manhattan, New York subway ventilation project worth around $100 million funded by stimulus funds.
Stimulus money going towards Chinese causes include: International Research Experiences for Students (IRES) U.S.-China Collaboration on Dinosaur Eggs and Education ($141,000 to date); HIV and Related High-risk Behaviors among Commercial Sex Male Clients in China ($90,484); Study of Coseismic Damage and Post-mainshock Healing on the Longmen-Shan Fault Ruptured in the 2008 M8 Wenchuan Earthquake in China ($108,558); Is the Tibetan Plateau Rising? ($327,277); Bioactive Compounds from the Biodiversity of China Vietnam ($400,000); see other entries here and inserting “China” as the keyword.
July 3, 2010–Abengoa Solar Inc., a subsidiary of Abengoa — a Spanish multinational corporation has secured $1.45 billion in stimulus funds for construction and start-up of Solana, a 250 net megawatt (MW) concentrating solar power (CSP) plant 70 miles southwest of Phoenix.
Two months earlier, a May 18, 2010 press release read: Abengoa Solar awarded contract for developing a state-of-the-art solar power tower together with the U.S. Department of Energy (DOE). The project will involve designing a power tower technology plant with a central receiver and storage system. This new award brings to a total of six the number of R&D agreements between Abengoa Solar Inc. and the DOE.