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Stimulus Results!

Submitted by Mike_Hiland on August 24, 2010 - 8:55pm

The CBO Lowdown

 

The truth, according to a report issued by the nonpartisan Congressional Budget Office later in the day, is that the stimulus spending has had a positive effect on the economy, though probably not as large as Biden claimed.

 

It said of the stimulus bill, formally known as the American Recovery and Reinvestment Act (ARRA):

 

CBO, Aug. 24: CBO estimates that ARRA’s policies had the following effects in the second quarter of calendar year 2010:

 

  • They raised real (inflation-adjusted) gross domestic product (GDP) by between 1.7 percent and 4.5 percent,

     

  • Lowered the unemployment rate by between 0.7 percentage points and 1.8 percentage points,(and)

     

  • Increased the number of people employed by between 1.4 million and 3.3 million.

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