The stimulus worked
Posted by Greg on August 25, 2010
Another update from the CBO, showing yet again, that the stimulus, albeit too small, worked.
President Obama’s much-maligned economic stimulus package added as many as 3.3 million jobs to the economy during the second quarter of this year, and may have prevented the nation from lapsing back into recession, according to a report released Tuesday by the non-partisan Congressional Budget Office.
In its latest quarterly assessment of the act, the CBO said the stimulus lowered the unemployment rate by between 0.7 and 1.8 percentage points during the quarter ending in June and increased the number of people employed by between 1.4 million and 3.3 million. The higher figure would come close to making good on Obama’s pledge that the act would save or create as many as 3.5 million jobs by the end of this year.