CBO sees stimulus making a big difference

CBO SEES STIMULUS MAKING A BIG DIFFERENCE…. The independent, non-partisan Congressional Budget Office reports today that President Obama’s economic recovery package created up to 2.1 million jobs in the fourth quarter on 2009. Just another little tidbit to consider as part of the larger debate on the efficacy of the stimulus.

During the fourth quarter of 2009, the stimulus added “between 1.0 million and 2.1 million to the number of workers employed in the United States,” the CBO said.

The stimulus also boosted the country’s economic growth by 1.5 to 3.5 percent during the time period and lowered the nation’s unemployment rate by between 0.5 and 1.1 percentage points.

In the report, the CBO noted that economic growth in 2009 was worse than they had predicted at the time that the stimulus was enacted, but that was due to a weaker economy than originally expected, rather than any failings of the stimulus. […]

The CBO also said that in the fourth quarter the stimulus package increased the number of full-time jobs by between 1.4 and 3 million compared to the number of jobs that would have existed without the package.

Maybe someone should let Sen. Scott Brown (R-Mass.) know; I hear he’s confused about some of these details.

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Steve Benen

Steve Benen is a producer at MSNBC's The Rachel Maddow Show. He was the principal contributor to the Washington Monthly's Political Animal blog from August 2008 until January 2012.