All fast facts for Jobs & Economy are from the non-partisan Congressional Budget Office (CBO) and Bureau of Labor Statistics (BLS). They do not represent all of their reports on this subject. Some simply provide historical perspective. Occasionally minor word adjustments may have been made for clarity or to reflect the updated nature of the statement. As always, verify and view statements in their full context as often as possible.
|It is impossible to determine how many of the reported jobs created under the American Recovery and Reinvestment Act of 2009 (ARRA) would have existed in the absence of the stimulus package. Click here to verify at Page 1|
|The economic effects of a tax cut, however, depend on the public’s perception of its likely duration. A personal tax cut that is intended to be longer-lived may nonetheless be perceived as temporary, dampening some of its stimulative effect. Similarly, a business tax cut that is intended to provide only a temporary opportunity for investment may in fact be seen by firms as permanent and so lose some of its stimulative power. Click here to verify at Page ix|
|CBO estimates that relative to what would have happened without the American Recovery and Reinvestment Act (ARRA, P.L. 111-5), ARRA raised real GDP by 0.7 percent and 4.1 percent in 2010 but is raising GDP by a smaller amount in 2011 and will do so by even less in 2012. CBO estimates that the ARRA raised employment (relative to what it would have been otherwise) by between 0.7 million and 3.3 million jobs in 2010, but the law’s impact on employment will be progressively smaller in 2011 and 2012. Click here to verify at Page 13|
|the pace of [economic] growth will probably be restrained for several more years by the lingering effects of the financial crisis and the recession and by the path of federal fiscal policy under current law. Click here to verify at Page 10|
|During the third quarter of calendar year 2011, recipients [of stimulus funds] reported, ARRA funded more than 400,000 full-time-equivalent (FTE) jobs. Those reports, however, do not provide a comprehensive estimate of the law’s impact on U.S. employment, which could be higher or lower than the number of FTE jobs reported, for several reasons (in addition to any issues concerning the quality of the reports’ data). Click here to verify at Page 1|