CBO Says Stimulus Bill Created Up to 2.1 Million Jobs

[BettorsChat]

AP
The nonpartisan Congressional Budget Office study also said the $862 billion stimulus added between 1.5 to 3.5 percentage points to the growth of the economy in 2009.

The economic stimulus law added between 1 million to 2.1 million workers to employment rolls by the end of last year, a new report released Tuesday by congressional economists said.

The nonpartisan Congressional Budget Office study also said the $862 billion stimulus added between 1.5 to 3.5 percentage points to the growth of the economy in 2009. The controversial stimulus law combined tax breaks for individuals and businesses with lots of government spending.

The report reflects agreement among economists that the measure boosted the economy. But the wide range of estimates means it won't resolve the debate over how effective the stimulus has been.

The White House says the stimulus bill has created 2 million jobs and will add another 1.5 million this year as economic recovery continues to take hold.

CBO projects that the stimulus measure to have a greater impact this year, boosting gross domestic product by 1.4 to 4 percentage points and lowering the unemployment rate by 0.7 to 1.8 percentage points.

The report said the most efficient parts of the stimulus include infrastructure projects such as road- and bridge-building and more generous unemployment benefits. On the other hand, the popular first-time homebuyer tax credit isn't a very efficient use of stimulus dollars, the report said.

The economy has shed 8.4 million jobs since the start of the recession in December of 2007, though job losses have slowed in the past couple of months.

The stimulus measure has earned mixed grades from a public weary of a bad economy and increasingly concerned about out-of-control budget deficits. Democrats are seeking to renew several parts of the stimulus, however, including aid for state governments and extended unemployment insurance benefits for the long-term jobless.

The White House acknowledges the long-term debt burden of the stimulus measure will place a slight drag on the economy in future years.


FOXNews.com - CBO Says Stimulus Bill Created Up to 2.1 Million Jobs

[BettorsChat]

I thought the stimulus bill wasn't working.

[BettorsChat]

[flarendep1]

The economy grows jobs on its own without government help.

Is that factored in? Stimulus did very little ather than create more debt for your grandchildren.

People start new businesses all the time, without government help.

Government cant run a business, look at the postal service going down the tubes, why???

[poskid]

The probelm with the CBO's estimates is that they do not take into effect that the number of jobs that are lost by removing the money from the private sector. All they look at is the number of jobs that the stimulus funds. By looking only at the CBO's estimates you are going to get half the picture. The Pro-Government half.

Also...If I'm not mistaken the CBO takes into account as what they deem "jobs saved". Meaning public positions that the stimulus has helped by either actually keeping a public employee from being laid off OR an employee that recieves a raise due to the stimulus. Either way it's a pretty poor idea to take the CBO at face value Monte.

PK

[flarendep1]

The probelm with the CBO's estimates is that they do not take into effect that the number of jobs that are lost by removing the money from the private sector. All they look at is the number of jobs that the stimulus funds. By looking only at the CBO's estimates you are going to get half the picture. The Pro-Government half.

Also...If I'm not mistaken the CBO takes into account as what they deem "jobs saved". Meaning public positions that the stimulus has helped by either actually keeping a public employee from being laid off OR an employee that recieves a raise due to the stimulus. Either way it's a pretty poor idea to take the CBO at face value Monte.

PK

Correct PK but the Obamites swallow it hook, line and sinker.

[musclemann]

hey I have an idea why don't we repeal all the jobs it created, pull back all the stimulus funds, let all the banks fail, stop unemployment benefits because all those losers are lazy living off the working man tax dollars.........this exactly what the republicans wanted after spending 3 trillion in bullshit wars to make us safe...fuck the american public including the vets..........

if this scenario wouldve happened our country would be up for grabs!!!!!!

[BettorsChat]

The economy grows jobs on its own without government help.

Is that factored in? Stimulus did very little ather than create more debt for your grandchildren.

People start new businesses all the time, without government help.

Government cant run a business, look at the postal service going down the tubes, why???

You mean like the Banks loaning monies to small business and people wanting start up small business? Because that isn't happening. The banks are holding tight to that money.

[PhilJr]

hey I have an idea why don't we repeal all the jobs it created, pull back all the stimulus funds, let all the banks fail, stop unemployment benefits because all those losers are lazy living off the working man tax dollars.........this exactly what the republicans wanted after spending 3 trillion in bullshit wars to make us safe...fuck the american public including the vets..........

if this scenario wouldve happened our country would be up for grabs!!!!!!

Did it create jobs or save jobs? Give me the figures please

[Jamaicanman]

WASHINGTON – Unemployment rose in 30 states in January, the Labor Department said Wednesday, evidence that jobs remain scarce in most regions of the country.

The data is somewhat better than December, when 43 states reported higher unemployment rates, but worse than November, when rates fell in most states.

Still, five states reported record-high joblessness in January: California, at 12.5 percent; South Carolina, 12.6 percent; Florida, 11.9 percent; North Carolina, 11.1 percent; and Georgia, 10.4 percent.

Michigan's unemployment rate is still the nation's highest, at 14.3 percent, followed by Nevada, with 13 percent and Rhode Island at 12.7 percent. South Carolina and California round out the top five.

There were some signs of job creation. Thirty-one states added jobs in January, up from only 11 in the previous month. But the job gains weren't enough, in many cases, to lower the unemployment rate.

For example, California reported the largest job gains, of 32,500, though its unemployment rate also rose. Illinois, New York, Washington state and Minnesota reported the next highest totals of new jobs.

The lowest unemployment rates are still found in upper Plains states, with North Dakota's jobless rate of 4.2 percent the lowest in the nation. Nebraska and South Dakota had the next lowest rates, at 4.6 percent and 4.8 percent, respectively.

In January, the national unemployment rate fell to 9.7 percent from 10 percent the previous month. Last week, the Labor Department said the national rate was unchanged in February at 9.7 percent, a better reading than most analysts expected.

State unemployment data for February won't be released until later this month.