US economic stimulus package will benefit cities: Biden

The US Government today said its massive $787-billion economic stimulus package, unveiled to rescue the country from the worst recession in decades, will benefit the development of cities and create jobs.      

"Everything we have done has been with one goal in mind: to move this economy and the world's economy from recession to recovery and ultimately to prosperity," US Vice-President Joe Bidden said at the University of Illinois-Chicago urban forum.      

He lauded the importance of cities, saying their development would help boost the US economy and create job opportunities for the people and upgrade their life.      

The United States' 100 biggest cities "occupy 12% of our land mass but they generate two-thirds of America's jobs and... Of our gross domestic product," Biden said at the forum attended by mayors and officials from 32 cities worldwide.      

"City dwellers have a much smaller carbon footprint than others in America. The innovators are in the cities. We want to fill the steel and glass canyons not solely with people who can do complex financial calculations but with scientists and engineers who build and make the things that will power the strong economic base and economic future," he said.According to Biden, a one per cent increase in the number of Chicago residents earning college degrees will produce $7.2 billion to the local economy.      

"The strong cities are going to be the hub of learning and the hub of healing," Biden added.      

Earlier, Biden visited the once-closed Serious Materials Chicago window factory. Biden said the reopening of the factory embodies the "real impact" of the $787 billion economic stimulus package.      

"What I have seen here today at Serious Materials Chicago inspires me and brings to life the real impact the Recovery Act is already having, just in the short time since our work began," Biden said at the facility.      

Serious Materials Chicago reopened because of increased demand for energy-saving building products resulting from the American Recovery and Reinvestment Act investments in weatherisation and energy programmes and energy efficiency tax credits, he said.

The factory, which previously housed Republic Windows and Doors, closed in December 2008 when the company declared bankruptcy, leaving over 260 union workers unemployed.      

In February this year, the assets of the factory were acquired by Serious Materials and in early March the company announced its intention to reopen the factory and rehire the employees to meet demand under the Recovery Act.