CBO Tuesday: President Obama's 2009 Stimulus Enables 5 Million+ Jobs, Still Producing . . .

[bigtree]

President Barack Obama’s 2009 economic stimulus bill which was passed in Congress during the first month of his Administration and which received opposition from all but three Congressional Republicans has thus far resulted in the employment for 5 million or more Americans according to the Congressional Budget Office’s 2011 third quarter ARRA accounting report released on Tuesday.

“The American Recovery and Reinvestment Act” (ARRA) was passed and enacted in February of 2009 and contained approximately $800 billion in stimulus programs, tax cuts and tax incentives to help the economy, which at the time was losing almost one million jobs a month.

In the CBO report, “Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output from July 2011 Through September 2011,” a breakdown by year shows that the ARRA created or saved from 5 million to 25.4 million jobs from March 2009 through September 2011, as follows: (http://www.cbo.gov/ftpdocs/125xx/doc12564/11-22-ARRA.pdf)


2009:a low estimate of .9 million jobs to a high estimate of 3.6 million jobs
2010:a low estimate of 2.6 million jobs to a high estimate of 13.2 million jobs
2011:a low estimate of 1.5 million jobs to a high estimate of 8.6 million jobs

In addition, according to the CBO, the stimulus is expected to help create or save another .3 million to 2 million jobs in the fourth quarter of 2011, another .8 million to 4.6 million jobs in 2012.


from the CBO report: http://www.cbo.gov/ftpdocs/125xx/doc12564/11-22-ARRA.pdf

CBO estimates that ARRA’s policies had the following effects in the third quarter of calendar year 2011 compared with what would have occurred otherwise:

--They raised real (inflation-adjusted) gross domestic product (GDP) by between 0.3 percent and 1.9 percent,
--They lowered the unemployment rate by between 0.2 percentage points and 1.3 percentage points,
--They increased the number of people employed by between 0.4 million and 2.4 million, and
--They increased the number of full-time-equivalent (FTE) jobs by 0.5 million to 3.3 million. (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.)

CBO estimates that, compared with what would have occurred otherwise, in 2012 ARRA will:

--Raise real GDP by between 0.1 percent and 0.8 percent, and
--Increase the number of FTE jobs by between 0.2 million and 1.3 million.

read more: http://cboblog.cbo.gov/?p=3026

[Tippy]

1. But who is going to listen to the CBO???

[dennis4868]

4. Who's going to listen?

Everyone other than repubs and the MSM (and some DUers who passionately hate Obama)....goes against the Obama stimulus is a failure narrative.

[bigtree]

6. Boehner: GOP will 'immediately request' that CBO score Obama jobs plan

In a statement released shortly after President Obama spoke at a press conference in the Rose Garden calling on Congress to move quickly to pass his American Jobs Act, Boehner said:

"Once we receive CBO’s analysis, we can begin the important work of reviewing the various elements of his proposal . . ."

http://thehill.com/blogs/blog-briefing-room/news/180879-boehner-gop-will-immediately-request-that-cbo-score-obama-jobs-plan

Boehner in August:

Speaker Boehner: Underwhelming CBO Outlook Shows Obama Administration’s Policies Still Impeding Job Growth

http://www.speaker.gov/News/DocumentSingle.aspx?DocumentID=257178

[burrowowl]

10. Not REPUKES!

That's for sure.

[SomethingFishy]

2. A small step forward....

Beats going backwards... but still here's some perspective from the Bureau of Labor Statistics:

[The_Casual_Observer]

3. According to those perverted zombie republican bastards

no jobs were created. Of course the Obama program worked, it had to, it only made sense that it would.
Reagan did the same thing in a much grander way, except all the money was wasted on missiles, bombs and navy ships.

[bigtree]

7. much easier to get those appropriations through

. . . much harder to end them.

[The_Casual_Observer]

8. They knew it too, who was going to argue with constitutionally mandated

national defense? THe first of the most god damn cynical motherfuckers the world has ever seen.

[mmonk]

5. Yep. And if state legislatures had not been cutting public sector jobs,

it would have produced even a better economic impact.

[Bennyboy]

9. Kay and Arrrr'd