Thursday, February 18, 2010

President Obama on the One Year Anniversary of ARRA

Remarks by the President on the One-Year Anniversary of the Signing of the Recovery Act

South Court Auditorium, Eisenhower Executive Office Building


Energy Excerpt:

Because of the Recovery Act, we have finally jumpstarted the clean energy industry in America, and made possible 200,000 jobs in the clean energy and construction sectors.

Just take one example: Consider the investment that we've made in the kind of batteries used in hybrid and electric cars. You've heard about these, right? Before the Recovery Act was signed, 98 percent of the world's advanced battery production was done in Asian countries. The United States did less than 2 percent of this advanced battery manufacturing that's going to be the key to these high-mileage, low-emission cars.

Then we invested in new research and battery technologies, and supported the construction of 20 battery factories that will employ tens of thousands of Americans -– batteries that can make enough -- factories that can make enough batteries each year to power half a million plug-in hybrid vehicles. So as a result, next year -- next year, two years after the Recovery Act -- the United States will have the capacity to produce nearly 20 percent of the world's advanced batteries -- from less than 2 percent to 20 percent. And we’ll be able to make 40 percent of these advanced batteries by 2015 -- an entire new industry because of the Recovery Act.

This kind of progress is happening throughout our clean energy sector. Yesterday I announced loan guarantees to break ground on America's first new nuclear power plant in nearly three decades -– a plant that will create thousands of construction jobs and 800 permanent jobs in years to come. There's the manufacturer in Philadelphia who makes energy-efficient windows. He used to be skeptical about the Recovery Act until he had to add two more shifts just to keep up with the new business it's created.

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