New CBO Report Finds Up to 2.9 Million People Owe Their Jobs to the Recovery Act

Discussion in 'Politics' started by Synthaholic, Sep 13, 2011.

  1. Synthaholic
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    Synthaholic Platinum Member

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    New CBO Report Finds Up to 2.9 Million People Owe Their Jobs to the Recovery Act


    A new Congressional Budget Office (CBO) report estimates that the American Recovery and Reinvestment Act (ARRA) increased the number of people employed by between 1.0 million and 2.9 million jobs as of June. [1]


    In other words, between 1.0 million and 2.9 million people employed in June owed their jobs to the Recovery Act. This estimate, by Congress' non-partisan economic and budget analysts, is more comprehensive than the 550,000 jobs that ARRA recipients reported in July, CBO explains.


    While the report focuses primarily on the second quarter of 2011, CBO also includes new projections of the Recovery Act's jobs impact through 2012. It finds that in the current quarter (the third quarter of 2011), there are 0.8 million to 2.5 million more people employed because of ARRA.
    The CBO report indicates that ARRA succeeded in its primary goal of protecting the economy during the worst of the recession. As the economy recovers, ARRA's effects will continue to decrease. CBO estimates that ARRA's impact on employment peaked in the third quarter of 2010, when between 1.4 million and 3.6 million people owed their jobs to the Recovery Act.
    ARRA Also Boosted Worker Hours, CBO Finds

    In addition to saving and creating jobs, ARRA has increased the number of hours worked, CBO has concluded. That is, without ARRA, many full-time workers would have been reduced to part-time status and fewer would have worked overtime. The combination of the increase in jobs and the increase in hours means that ARRA boosted the number of full-time-equivalent jobs by between 1.4 million and 4.0 million as of June, the report estimates. CBO finds that this figure peaked in the third quarter of 2010, and stands at up to 3.4 million full-time equivalent jobs in the current quarter. [2]


    Among ARRA's most effective provisions for saving and creating jobs, according to CBO's estimates, are direct purchases of goods and services by the federal government, transfer payments to states (such as extra Medicaid funding), and transfer payments to individuals (such as increased food stamp benefits and additional weeks of unemployment benefits). CBO's estimates indicate that tax cuts are less effective job producers, and tax cuts for higher-income people have very low bang for the buck.
     
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  2. Synthaholic
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    Synthaholic Platinum Member

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    The CBO has officially bitchslapped the wingnuts! :lol:
     
  3. Photonic
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    Photonic Ad astra!

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    I was actually at a Lenscrafters yesterday and I was talking to one of their employees who said Lenscrafters layed off a bunch of people, but are now rehiring even more because of the stimulus Obama is attempting to pump into the economy.

    So yes, stimulus CAN work.
     
  4. Grampa Murked U
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    Grampa Murked U Diamond Member

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    How many people have lost their Jobs because of Obamas policies?

    How many people arent hired because of Obamas policies?

    Score that would ya............
     
  5. Synthaholic
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    Synthaholic Platinum Member

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    Zero, and zero.
     
  6. Kuros
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    Kuros BANNED

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    $800 billion (800,000 x $1 million) divided by 2.9 million = over $275k/job.
     
  7. Synthaholic
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    Synthaholic Platinum Member

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    Now add in the combined worth of all the projects – the buildings that were built, the roads that were built, etc.
     
  8. Claudette
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    Claudette Gold Member

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    Shit. I need one of those stimulus jobs for sure.
     
  9. Conservative
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    Conservative Type 40

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    actual CBO report link...
    http://cbo.gov/ftpdocs/123xx/doc12385/08-24-ARRA.pdf

    from the CBO report (not the third party piece in the OP)...

    How do you get good valid numbers by not counting all the data?


    Translation: They guessed
     
  10. Synthaholic
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    Synthaholic Platinum Member

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    After that, calculate all the income taxes that these workers are now paying, and add that in, too.
     

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