Estimated Impact of the Stimulus Package on Employment and Economic Output** Raised the level of real (inflation-adjusted) gross domestic product (GDP) by between 1.7 percent and 4.5 percent.
** Lowered the unemployment rate by between 0.7 percentage points and 1.8 percentage points.
** Increased the number of people employed by between 1.4 million and 3.3 million, and...
** Increased the number of full-time-equivalent (FTE) jobs by 2.0 million to 4.8 million compared with what those amounts would have been otherwise.
So, if you ever hear folks say that the nearly $800 billion stimulus package (AARA) accomplished very little to nothing, you can now safely say, "Hogwash" right back to them and site this non-partisan report.
The report concludes thusly:
The effects of ARRA on output and employment are expected to gradually diminish during the second half of 2010 and beyond. The effects of ARRA on employment and unemployment are expected to lag slightly behind the effects on output; they are expected to wane gradually in 2011 and beyond.
Quite clearly AARA accomplished what was intended. It was a good and necessary action taken by our government and basically rescued the economy from total collapse.
And not one Republican voted for it. Remember that fact this coming November when stepping into that voting booth.
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Tags: ARRA, CBO, Congressional Budget Office, stimulus package
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