"CBO: Stimulus saved or created as many as 1.6M jobs"

[Clio the Leo]

Note, this is the idependant, fiscally conservative, CBO, NOT the WH.

CBO: Stimulus saved or created as many as 1.6M jobs
By Michael O'Brien - 12/01/09 10:09 AM ET
The stimulus bill enacted earlier this year has resulted in as many as 1.6 million jobs saved or created this fall, the Congressional Budget Office (CBO) said Monday evening.

The nonpartisan CBO said in a legally mandated report that the American Recovery and Reinvestment Act (ARRA) had resulted in between 600,000 and 1.6 million jobs for the U.S. economy that wouldn't have existed in the absence of the stimulus.

Additionally, the CBO said, gross domestic product (GDP) was as much as 3.2 percent higher than it would have been in the absence of the stimulus. CBO Director Douglas Elmondorf wrote on his official blog:

Looking at the actual amounts spent so far (where identifiable) and estimates of the other effects of ARRA on spending and revenues, CBO has estimated the law’s impact on employment and economic output using evidence about how previous similar policies have affected the economy and various mathematical models that represent the workings of the economy. On that basis, CBO estimates that in the third quarter of calendar year 2009, an additional 600,000 to 1.6 million people were employed in the United States, and real (inflation-adjusted) gross domestic product (GDP) was 1.2 percent to 3.2 percent higher, than would have been the case in the absence of ARRA.

The White House had claimed in its own estimate of the recovery act's impact that the stimulus bill had saved or created roughly 640,000 jobs since going into effect earlier this year.

http://thehill.com/blogs/blog-briefing-room/news/69923-cbo-stimulus-saved-or-created-as-many-as-16m-jobs