Yesterday Vice President Joe Biden and House Republican Leader John Boehner gave dueling speeches about the state of the economy and the effects of the stimulus package that was passed as the American Recovery and Reinvestment Act. It’s really hard to sift through the partisan haze of the speeches to really see what we got out of the record deficit spending.
The is according to a CBO report that was also put out yesterday.
- 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
- Increased the number of people employed by between 1.4 million and 3.3 million
- Increased the number of full-time-equivalent jobs by 2.0 million to 4.8 million compared with what would have occurred otherwise (see Table 1). (Increases in FTE jobs include shifts from part-time to full-time work or overtime and are thus generally larger than increases in the number of employed workers). The full report is after the break.