WASHINGTON, Aug. 24 (Xinhua) -- U.S. Vice President Joe Biden said on Tuesday that the administration's economic stimulus package has invested heavily in innovative programs, which helps build a foundation for a new, more robust, and competitive American economy.
"Our investments in innovation are creating jobs, creating new industries, making existing industries more competitive, and, in the process, they're driving down costs for new technologies that are badly needed, and helping our nation reassert our place as the world's center for inventors and entrepreneurs," Biden said when delivering the Recovery Act Innovation Report.
Within the reinvestment spending of the 787-billion-dollar Recovery Act, which President Barack Obama signed into law soon after his inauguration last year, over 100 billion dollars is invested in innovative and transformative programs, according to the report.
"That was a relatively modest federal investment that allowed private industry to completely transform our economy," said Biden. "In fact, on 100 billion dollars of Recovery Act investments, the private sector is investing 286 billion dollars -- three dollars for every dollar we spend."
He listed achievements of those investments in four aspects -- modernizing transportation, including advanced vehicle technology and high-speed rail; jumpstarting the renewable energy sector through wind and solar energy; investing in groundbreaking medical research; and building a platform that will enhance the private sector's ability to innovate.