The Congressional Budget Office was required, by law, to issue a report that reported on the effectiveness of the federal stimulus (the “American Recovery and Reinvestment Act”) on employment and economic output in the first fiscal quarter of this year.
You can read the full report here.
Here’s what the nonpartisan Congressional Budget Office concluded the federal stimulus did:
- Raised the real gross domestic product somewhere between 1.7 to 4.2 percent;
- Lowered the unemployment rate somewhere between .7 and 1.5 percent;
- Increased the number of Americans employed by somewhere between 1.2 to 2.8 million;
- Created 1.8 million to 4.1 million full-time jobs that would not otherwise been created.
If you are a sane reader who does not let partisan politics blind everything you saw or read, you’d conclude that the stimulus worked because it was intended to shorten the recession, foster robust GDP growth, and mitigate the unemployment rate.
If you’re Jon Keeling, the Carpetblogger from Virginia, you mock people’s reading skills for quoting the report verbatim exactly as I’ve done.
Then again, if you’re Jon Keeling and you’re pushing a gubernatorial candidate and a national Republican congressional campaign that is devoid of any ideas or values, what else do you say?
Just like the Kasich campaign, John Boehner has asked people to help Congressional Republicans figure out what they stand for in the fall.? They hope to know where they stand on the issues by September… hopefully.? However, Boehner, Kasich, Portman, and the rest of the Republican Party has been claiming they’d have a platform of what they stand for for years now.
The stimulus is working in that its had the positive economic impact where it was intended to.? Has it ended unemployment?? Not yet, but it’s hard to read the CBO report and call it a failure.