CBO Says Stimulus Added Upwards Of 2.8 Million Jobs In 2010
Early estimates already confirmed that the stimulus package was doing its job so to speak, but now the CBO has a revised report showing that it added somewhere between 1.2 and 2.8 million jobs in the first quarter of 2010.
There is still a feeling of generalized anger across the country for the amount of money being spent in the face of growing fears that the United States could perhaps experience it's own Greece like debt crisis. This includes a belief that the stimulus package, proposed by the President and passed by Congress in early 2009, had not been effective at saving or creating jobs. It should be noted that the stimulus package had three basic functions in theory, the first third was for states to balance their budgets to avoid cutting jobs in the form of police and teachers, the second third was a massive tax cut for middle class families, and the final third of the funding went to shovel ready projects, as well as funding for green energy technologies.
According to the CBO Director's blog the following was achieved in the first quarter of 2010 due to the stimulus:
Read the entire report here.
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There is still a feeling of generalized anger across the country for the amount of money being spent in the face of growing fears that the United States could perhaps experience it's own Greece like debt crisis. This includes a belief that the stimulus package, proposed by the President and passed by Congress in early 2009, had not been effective at saving or creating jobs. It should be noted that the stimulus package had three basic functions in theory, the first third was for states to balance their budgets to avoid cutting jobs in the form of police and teachers, the second third was a massive tax cut for middle class families, and the final third of the funding went to shovel ready projects, as well as funding for green energy technologies.
According to the CBO Director's blog the following was achieved in the first quarter of 2010 due to the stimulus:
- Raised the level of real (inflation-adjusted) gross domestic product (GDP) by between 1.7 percent and 4.2 percent,
- Lowered the unemployment rate by between 0.7 percentage points and 1.5 percentage points,
- Increased the number of people employed by between 1.2 million and 2.8 million, and
- Increased the number of full-time-equivalent (FTE) jobs by 1.8 million to 4.1 million compared with what those amounts would have been otherwise. (Increases in FTE jobs include shifts from part-time to full-time work or overtime and are thus generally larger than increases in the number of employed workers.)
Read the entire report here.
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