The Recovery Act was designed to help the nation recover from the economic crisis that it faces. Although unemployment is still setting records, the economy, in general, is beginning to recover. The jobless recovery that is looming is frightening to many, especially those who have been unemployed for an extended period of time, but it could be much worse had the Recovery Act not been enacted.

Last week, President Obama joined Transportation Secretary Ray LaHood at the Fairfax County Parkway extension in Virginia. The extension project is just one of many infrastructure projects that have received funding through the Recovery Act. Speaking about the success of some of these projects financed through the Recovery act, Obama says:

“And because so many of these projects are being managed well -- and I want to thank the team that's been working so hard out here -- these projects are coming in, on average, 10 to 20 percent under budget. That's unheard of, 10 to 20 percent under budget. And that means we can do more -- we can create more jobs and launch more projects -- with every taxpayer dollar.” Source: White House

Obama’s entire seven-minute speech can be viewed in the video embedded in this post. Alternately, the transcript is available on the White House website: Remarks by the President on the Recovery Act.

Photo: billjacobus1/Flickr

Obama praises the Recovery Act
During a press conference at the Fairfax County Parkway Extension in Virginia, President Obama praised the early successes of the Recovery Act.