CBO Report documents impact of Recovery Act on jobs and economic growth
Between 600,000 and 1.6 million jobs were created or saved through September as a result of the American Recovery and Reinvestment Act, according to a Congressional Budget Office report.
The data, released Monday, say the real inflation-adjusted gross domestic product was 1.2 percent to 3.2 percent higher than it would have been had the $787 billion stimulus package not passed in February. Also, the stimulus lowered the unemployment by between 0.3 and 0.9 percentage points, according to the report.
The new figures are slightly higher than CBO’s March estimates that between 600,000 and 1.5 million jobs were saved or created by the third quarter of this year, the report said.
CBO also estimates that the stimulus upped federal spending by $100 billion while cutting tax revenue by $90 billion, according to Bloomberg.
The White House will play host to a jobs summit on Dec. 3, which will seek new ways to combat unemployment, which has ballooned to more than 10 percent — the highest point nationwide since 1983.