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Vice President Biden Releases Report on Recovery Act Impact on Innovation

August 24, 2010

Vice President Joe Biden today unveiled a new report, "The Recovery Act: Transforming the American Economy through Innovation," which finds that the Recovery Act’s $100 billion investment in innovation is not only transforming the economy and creating new jobs, but helping accelerate significant advances in science and technology that cut costs for consumers, save lives and help keep America competitive in the 21st century economy. The report can be viewed in full at the White House Web site.

"From the beginning, we have been a nation of discovery and innovation—and today we continue in that tradition as Recovery Act investments pave the way for game-changing breakthroughs in transportation, energy, and medical research," said Vice President Biden. "We’re planting the seeds of innovation, but private companies and the nation’s top researchers are helping them grow, launching entire new industries, transforming our economy, and creating hundreds of thousands of new jobs in the process."

"Thanks to investments made possible by the Recovery Act, we are unleashing the American innovation machine to change the way we use and produce energy in this country," said Secretary Chu. "Just as importantly, these breakthroughs are helping create tens of thousands of new jobs, allowing the U.S. to continue as a leader in the global economy and helping to provide a better future for generations to come."

According to this new analysis, the U.S. is now on track to achieve four major innovation breakthroughs thanks to Recovery Act investments:

Vice President Biden was joined at the event by Secretary of Energy Steven Chu and representatives from more than two dozen companies and research institutions that are leveraging Recovery Act investments to help make America a global leader in high-growth industries like electric vehicles and solar power. Recovery Act recipients like Cree, Inc., Navistar, and Pacific Biosciences are using Recovery dollars to make advances that will help put money-saving, energy-saving, and, in some cases, even life-saving technology within reach for average Americans.

"The Recovery Act funding is not only producing thousands of jobs in the biomedical research community, it is also helping speed important medical discoveries that will benefit the health of Americans nationwide," said Francis S. Collins, M.D., Ph.D., NIH Director.

Overall, the Recovery Act is investing $100 billion in science, technology and innovation projects across the country ranging from building a nationwide smart energy grid and health information technology infrastructure to growing the emerging electric vehicle industry, expanding broadband access and laying the groundwork for a nationwide high speed rail system. More information on investments the Administration is making in innovation through the Recovery Act and other means can be viewed at the new Innovation page launched on WhiteHouse.gov today.

The Recovery Act: Transforming the American Economy through Innovation

Fact Sheet

Thanks to the Recovery Act, the U.S. is now on-track to achieve four major innovation breakthroughs that will keep America competitive in the 21st century economy and make new cost-saving, energy-saving and life-saving technology affordable for and accessible to consumers:

  1. Cutting the cost of solar power in half between by 2015.
  2. Cutting the cost of batteries for electric vehicles by 70 percent between 2009 and 2015.
  3. Doubling U.S. renewable energy generation capacity and U.S. renewable manufacturing capacity by 2012.
  4. Bringing down the cost of a personal human genome map to under $1,000 in five years.

Goal #1: Cutting the cost of solar power in half by 2015

Thanks to the Recovery Act, we are on track to cut the cost of solar power in half by 2015, which will bring the cost of generating solar power down to the cost of electricity from the grid.

Goal #2: Cut the cost of batteries for electric vehicles by 70 percent between 2009 and 2015

Recovery Act investments have now put us on track to cut the cost of batteries for autos by 70% between 2009 and 2015. This means that the cost of batteries for the typical all-electric vehicle will fall from $33,000 to $10,000, and the cost of typical plug-in hybrid batteries will drop from $13,000 to $4,000.

Goal #3: Double U.S. renewable energy generation capacity and U.S. renewable manufacturing capacity by 2012

We’re now on track to hit our target to double renewable energy generation by 2012, something that would not have been possible without Recovery Act investments.

Goal #4: Bring down the cost of a personal human genome map to under $1,000 in five years

The promise of being able to compare entire human genomes is boundless. Today, with the help of the Recovery Act, the National Institutes of Health are on track to slash the cost of DNA sequencing to $1,000 per genome—fifty times cheaper than what is currently possible.

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Content Last Updated: 01/25/2010