Tags: Stimulus | Added | Jobs | cbo

Report: Stimulus Added 2.1 Million Jobs in Late 2009

Tuesday, 23 Feb 2010 03:26 PM

 

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The massive stimulus package passed last year to blunt the impact of the worst U.S. recession in 70 years created up to 2.1 million jobs in the last three months of 2009, the non-partisan Congressional Budget Office said on Tuesday.

The package boosted the economy by up to 3.5 percent and lowered the unemployment rate by up to 2.1 percent during that period, CBO said.

The report comes as President Barack Obama and his fellow Democrats are pushing further measures to bring down the 9.7 percent unemployment rate before the November congressional elections.

The $787 billion price tag of the first stimulus package has prompted a growing backlash from voters worried about record budget deficits.

CBO's new report closely resembles its initial estimates from March 2009, shortly after Obama signed the bill into law.

Though the economy performed more poorly than predicted, that was not due to the ineffectiveness of the stimulus package, CBO said.

"In CBO's judgment, that outcome reflects greater-than-projected weakness in the underlying economy rather than lower-than-expected effects" of the stimulus, the research office said.

© 2014 Thomson/Reuters. All rights reserved.

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