President Obama signed the economic stimulus bill into law today. The Alaska Center for Public Policy (ACPP) is pleased to present findings on how the federal economic stimulus package will bolster low- and moderate-income families in Alaska. Recently, the Center on Budget and Policy Priorities (CBPP) released a report detailing these projections. The report indicates that Alaskan families will receive funds for the following programs:

• $220 million temporary increase in the federal share of Medicaid expenses (known as the Federal Medical Assistance Percentage or FMAP)
• $113.7 million “State Fiscal Stabilization Fund” to avert budget cuts—one block grant for education ($93 million), and one flexible block grant for basic state services ($20.7 million)
• $79.3 million toward education
• $14,898 increase in unemployment insurance
• $4.36 million toward child care
• $9 million for training and employment services
• $36 million increase in the Food Stamp (or Supplemental Nutrition Assistance) Program
• $1.9 million toward the Emergency Shelter Grant Program
• $1,000 federal income tax credit per child
• $400 federal income tax credit per worker

The full report is available online at http://www.cbpp.org/1-22-09bud.htm.

“To date the Alaskan economy has been somewhat resistant to the global economic crisis,” noted Lawrence D. Weiss, Executive Director of the Alaska Center for Public Policy, “but the crisis is certain to heavily impact Alaskan families as the months go by. These funds contribute to a vital safety net for low- and middle-income families.”

In related news, a new website opened by the White House, http://www.recovery.gov will allow Alaskans to find information on how the Act is working, tools to hold the government accountable, and up-to-date data on the expenditure of funds. The administration projects that the stimulus package will create/save at least 8,000 jobs in Alaska over the next two years.