CBO report: Stimulus Bill Helped Create Up To 1.6 Million Jobs

[JohnWxy]

http://www.tradingmarkets.com/.site/news/TOP%20STORY/2692607/


RTTNews) - The Congressional Budget Office released a report Tuesday that revealed that President Barack Obama's $787 billion stimulus package has helped to create between 600,000 and 1.6 million jobs.

According to the CBO's report, the jobs created by the Recovery and Reinvestment Act have lowered the nation's unemployment rate between 0.3 and 0.9 percentage points.

Obama administration estimates had the number of jobs created by the stimulus package at around 640,000. The CBO's report said the administration underestimated how many jobs were actually created because it only includes reports from entities receiving federal grants, contracts or loans through the stimulus package.


Such estimates, the CBO said, don't include the jobs that were created directly as a result of tax cuts or expanded unemployment benefits that were a part of the stimulus package.

(more)

[MNDemNY]

1. We need "round 2"

Only much more WPA like. Think BIG Obama! Yes you can! And you MUST !!!

[Deja Q]

2. Think SMALL instead

Small businesses. :D

[JohnWxy]

3. What they need to do is go around the banks and start making loans to small businesses and people

to really get things going. If we wait for the banks to start making loans it will take 4-5 years to get out of this REPUBLICAN DYSTOPIA.

[Vinnie From Indy]

4. The CBO went on to add...

"Half of the new jobs created were promptly sent overseas to cheaper foreign labor countries and the other half were filled with H1B visa holders for the same reason."

Hey! What a bargain! If my calculations are correct that 787 Billion bought us 1.6 million jobs at a rate of $491,875. EACH!!! Wouldn't it have just been better to pay off the everyones credit card bills or something? That 787 Billion works out to $2588. for every man, woman and child in America. How about getting that in your stocking this Christmas!

[JohnWxy]

5. Got a link for that? I searched the report for the quote and couldn't find it. Actually "promptly"

sort of caught my eye as an adjective not likely to be in a CBO report.

Sure you're not bullshitting us?

[JohnWxy]

6. NOt all that money has been awarded. more like $159 billion (see recovery.gov link provided)

that's more like $99,000 per job. But the awards for infrastructure projects include the cost of materials and amortized cost of equipment to be used on the jobs. It's a bit more than just the cost of labor.

http://www.recovery.gov/Pages/home.aspx

Sorry vinnie, the whole program hasn't been spent yet. The funds awarded: $159 billion. When you make a grant or award a contract you have to record the full amount. This is the amount the Government will pay for completed work - which could take many months (including those projects in excess of a year) of work. $159 billion divided by 1.6 million jobs comes to $99,000 per job. These jobs are of varying duration depending on the project.

ALSO, for infrastructure jobs that cost includes the cost of materials and amortizerd cost of equipment to be used on the job. For highway and bridge construction the cost of materials well, it can be significant.


This is what it is costing to rebuild our wrecked economy. This is what we call the REPUBLICAN DYSTOPIA. It may take 4 to 5 years to get us back to a more normal economic environment. So much for deregulation and shifing the tax burden inordinately to the middle class.

[Vinnie From Indy]

7. Thanks JohnWxy!

I was kind of ranting there for a moment.

Cheers!