CBO says stimulus a bigger success than expected
The nonpartisan Congressional Budget Office reports that the American Recovery and Reinvestment Act of 2009, better known as the stimulus bill, has created millions of jobs and in fact has had an even bigger economic impact than expected.
“CBO estimates that in the first quarter of calendar year 2010, ARRA’s policies:
- 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 jobs by 1.8 million to 4.1 million compared with what those amounts would have been otherwise.
In March 2009, the CBO predicted that as a result of the stimulus, employment today might be as much as 2.3 million than it would have been without the law. The updated report puts that number as high as 2.8 million.
In other words, the stimulus that according to some hasn’t created one single job has been and continues to be an important success. Times are still hard, but without ARRA, millions of Americans working today to support their families would instead be on the unemployment line, collecting UI benefits.
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409 comments Add your comment
Bosch
May 26th, 2010
10:33 am
“but without ARRA, millions of Americans working today to support their families would instead be on the unemployment line, collecting UI benefits.”
Like many, many more public school teachers.
Union
May 26th, 2010
10:34 am
so.. since it worked.. we dont need another bailout for eudcators and states.. nor do we need one for their state run pensions.. thats AWESOME.. I am glad it worked..
TaxPayer
May 26th, 2010
10:37 am
Don’t let Boehner or what’s his name, Mitch whatever, or the rest of the Party of No see this report. It’ll just ruin their day. What’s their e-mail addresses. I’ll help mail out the copies. hehehe
Peadawg
May 26th, 2010
10:38 am
“has created millions of jobs”
Tell that to the 10% unemployed. Ask them if the bill is a success.
Mick
May 26th, 2010
10:40 am
Sounds like stimulus 2 will be coming soon to finish the job.
Pennsylvanian
May 26th, 2010
10:40 am
This the same CBO that muffed the HC cost estimates?
Mick
May 26th, 2010
10:41 am
**Tell that to the 10% unemployed. Ask them if the bill is a success.**
What do you want from the gov’t, socialism?
TaxPayer
May 26th, 2010
10:44 am
Peadawg is just disappointed that the unemployment rate is not 12%, or higher.
Peadawg
May 26th, 2010
10:44 am
“This the same CBO that muffed the HC cost estimates?”
LMAO!!!
Peadawg
May 26th, 2010
10:45 am
“Peadawg is just disappointed that the unemployment rate is not 12%, or higher.”
No, I’m disappointed it’s still hovering around 10%.
TaxPayer
May 26th, 2010
10:45 am
LMAO!!!
Does it hurt when you do that.
TaxPayer
May 26th, 2010
10:49 am
No, I’m disappointed it’s still hovering around 10%.
Have you contacted your state and local representatives and inquired as to what they are doing to fix that? After all, you do not really expect the federal government to do it all. There are only so many openings that the DoD, for example, can fill with a trillion dollar annual budget. Perhaps you could offer to pay more property and sales taxes such that more state and local government jobs could be funded.
Mick
May 26th, 2010
10:49 am
**This the same CBO that muffed the HC cost estimates?”**
How do we know that they muffed the cost estimates when HC has not even been implemented yet?
Outhouse Gokart
May 26th, 2010
10:50 am
I think we have more successful stimulus debt in the offing…I hear it contains a “summer jobs program for 16 to 24 year olds” and lots of other really cool and neat things.
This is so Groovy.
Bosch
May 26th, 2010
10:50 am
Mick,
“How do we know that they muffed the cost estimates when HC has not even been implemented yet?”
The little voices in their heads tell them so.
Bosch
May 26th, 2010
10:51 am
Outhouse,
““summer jobs program for 16 to 24 year olds””
Really? Great! I need to get my kids out of the house.
Peadawg
May 26th, 2010
10:52 am
“After all, you do not really expect the federal government to do it all.”
No, I’m a Republican. I don’t wait for my handout. But stop saying this thing was such a success w/ unemployment still around 9-10%.
TM
May 26th, 2010
10:52 am
I like how the actual report states that the total number of jobs reported by the recipients of ARRA money is $700,000. Then CBO states that the number may be lower or higher depending on different factors and they jumps to the conclusion its between 1.2 million and 2.8 million. I could not find in the report how much ARRA money was spent in the first quater to creat these numbers.
AmVet
May 26th, 2010
10:52 am
Taxpayer, we’ve all heard of spineless, but are you suggesting some here are assless?
I found it amazing that bloggers with no credentials whatsoever, became experts overnight on all matters economic and fiscal.
These problems and proposals are unimaginably complex and inter-related; yet without a scintilla of experience, education or even a working knowledge of such matters, pundits and their parrots knew beyond the shadow of a doubt what was going to work and what wasn’t.
Is this the legacy of ignorance born of Trickle Down/Voo Doo economists?
http://www.youtube.com/watch?v=2ytcQW93yrU
Pennsylvanian
May 26th, 2010
10:55 am
Mick, Bosch – You really need to get out more. Jay doesn’t tell you everything.
Dave R.
May 26th, 2010
10:55 am
Nonpartisan? Maybe.
Correct? Absolutely NOT! I refer you to the Medicare Prescription Drug Program, which is costing more than 5 TIMES the CBO’s initial cost estimates. I refer you to health care reform, which the CBO now says will INCREASE the deficit, not lower it.
And not so fast, Jay! The report states quite clearly that: “First, some of the reported jobs might have existed in the absence of the stimulus package, with employees working on the same activities or other activities.”
And: That the ARRA “funded” jobs, not necessarily “created” jobs.
Big difference.
As usual, there are lies, damned lies and statistics.
Bosch
May 26th, 2010
10:56 am
Peadawg,
Have you contacted you local Chamber of Commerce and ask them what the hell’s their problem? They need to get out there and get some economic development going so businesses can hire some folks!
Del
May 26th, 2010
10:56 am
Scout and Normal,
I don’t think that Cadets and Midshipman fall under the jurisdiction of the UCMJ. They are officers in training and not enlisted in any branch of the armed services.
thomas
May 26th, 2010
10:58 am
Bosch
May 26th, 2010
10:50 am
Would that be another prediction, or is that claiming knowledge of their inner thoughts?
You do indeed crack me up with your unapologetic hypocricy.
Makes me smile each time!
Bosch and Mick,
Would it not stand to reason that the CBO DID mess up on atleast 1 health care estimate?
If they(CBO)did not mess up then why was there a need for that report of theirs that had the cost of HC at a WHOPPING 115 Billion with a b more than the original projection?
was the 1st one correct or the second?
Peadawg
May 26th, 2010
10:58 am
Bosch, you made my point about expecting Obama to help with all these other things but you don’t expect him to help w/ the oil spill.
Bosch
May 26th, 2010
10:58 am
Will somebody please send a memo to schools that it’s not cool for their kids to wear Klan outfits to school — even if it’s a class project? Please? Can somebody work on that?
N-GA
May 26th, 2010
10:59 am
Taxpayer – When he LHAO it will hurt….it will give him a headache.
stands for decibels
May 26th, 2010
10:59 am
Glad to see this.
Sure, the stimulus package should’ve been bigger, with grander infrastructure programs under way, but with a centrist Democratic President, incremental moves liked these are to be expected.
(Getting what we voted for–what a concept, huh?)
Peadawg
May 26th, 2010
10:59 am
“Would that be another prediction, or is that claiming knowledge of their inner thoughts?”
I was wondering the same thing.
Bosch
May 26th, 2010
10:59 am
Peadawg @ 10:58 – that doesn’t even begin to make sense. Now, my friend thomas is here, so I’m going to play with him now.
Union
May 26th, 2010
11:00 am
Are these the same numbers where the states spent the money on employee raises..then counted it as a job saved or job created even though there was neither?
AmVet
May 26th, 2010
11:00 am
Del, it took me about 15 seconds to confirm that they indeed are…
http://www.au.af.mil/au/awc/awcgate/ucmj.htm
Redneck Convert (R--and proud of it)
May 26th, 2010
11:01 am
Well, all I know is the stimulus never helped me. What we ought to of done is, I don’t know, maybe offer people free beer as a stimulus. Beer sure stimulates people on this blog on Friday night. Giving people free stimulus beer would help alot of beer warehouses and beer truck drivers. Long as the guvmint pays for the beer, of course. It wouldn’t do nothing if it was really free. But I reckon the churches would be against the whole thing and then we’d get into a row about whether people could get their free beer on Sundays.
Anyhow, I can’t hardly wait till the godly Conservatives get on here and start talking about that lying CBO and stuff like that. And then somebody’s bound to bring up the made-up numbers on the Obamacare bill and somebody else will bring up the useless guvmint and the oil spill and somebody else will make some crack about Obama taking a vacation when he should be at Arlington on Memorial Day and pretty soon we’ll be right back to where we started last night.
Have a good lunch everybody.
Rightwing Troll
May 26th, 2010
11:01 am
“But stop saying this thing was such a success w/ unemployment still around 9-10%”
I know this will make teatards heads explode but, what if we didn’t do the stimulus that Bush started and Obama continued? Could it be possible that unemployment would be higher?
thomas
May 26th, 2010
11:02 am
Aww thanks Bosch!
You do seem to tolerate me more than other conservatives here, and i appreciate it!
Peadawg
May 26th, 2010
11:03 am
“Could it be possible that unemployment would be higher?”
Don’t assume stuff.
Bosch
May 26th, 2010
11:03 am
thomas,
No, that’s not a prediction, that’s just a guess. And you bet I’m an unapologetic hypocrite – we all are hypocrites for Christ’s sake – some are just too proud to admit it.
And, I think you have me confused with someone who thinks that the health care costs in the new HC bill are not way off.
thomas
May 26th, 2010
11:03 am
Rightwing Troll
May 26th, 2010
11:01 am
Always a possiblity!
But if the stimulus had been stopped could unemployment be lower?
larry
May 26th, 2010
11:04 am
But…..But…. Sister Sarah said……. and my tea people said ……..oh darn it !!! It worked !!!
Outhouse Gokart
May 26th, 2010
11:05 am
Stimuli or not unemployment will continue to go higher…stay tuned.
Peadawg
May 26th, 2010
11:06 am
“No, that’s not a prediction, that’s just a guess”
LOL! Geeze.
Bosch
May 26th, 2010
11:07 am
thomas,
No problem – I have three teenagers — I’ve learned to deal with passive aggressive as an art form.
And I so meant
“And, I think you have me confused with someone who thinks that the health care costs in the new HC bill are not way off.”
“are way off” – not “not way off.”
Outhouse Gokart
May 26th, 2010
11:07 am
All kidding aside we can be thankful for the fine job accmplished by the CBO. Just imagine how poor our outlook and attitudes would be without their positive info.
“You see sometimes 1 + 1 can equal 3.”
Normal
May 26th, 2010
11:08 am
Del,
The following is a “Fact Sheet” of a Court Martial of a Naval Academy
Midshipman. As you can see, they are indeed held to the UCMJ.
http://www.newtotalitarians.com/index_files/OwensFactSheet.htm
Gale
May 26th, 2010
11:09 am
Those look like very loose statistics to me. Also, how can anybody prove fewer jobs were lost than might have been? If I presented a proposal with numbers that soft, my boss would laugh me out of the room.
Gale
May 26th, 2010
11:11 am
Oh, and a summer jobs program for 16-24 year olds? Good idea. That is the demographic that spends like crazy. That will help the economy.
Rightwing Troll
May 26th, 2010
11:11 am
Things I’d like to know:
What are the first 3 of 4 impeachable offenses (provable) that Obama is guilty of?
What taxes have increased?
Where will we get the money to fund a rapid reaction force tasked with containing disasters like what’s heppening in the gulf right now?
And to expand the train of thought on that RR force… should we have enough equipment and manpower to handle 1, 2, 3 or more situations at once? And should we establish these RR forces in all areas where offshore drilling occurs under our jurisdiction, or worldwide?
Bosch
May 26th, 2010
11:12 am
Gale,
“That is the demographic that spends like crazy.”
Tell me about it, damn!
Mr. Snarky
May 26th, 2010
11:13 am
Wow! Billions of dollars of spending that wouldn’t have occurred otherwise stimulated the economy! Who would’ve thunk it? I’m shocked! Shocked!
Peadawg
May 26th, 2010
11:14 am
““That is the demographic that spends like crazy.””
They’re not all Democrats so that’s not a true statement. Too much assuming going on here today!