CBO: Stimulus Added Millions Of Jobs In Second Quarter

WASHINGTON (Reuters) - The massive U.S. stimulus package put millions of people to work and boosted national output by hundreds of billions of dollars in the second quarter, the nonpartisan Congressional Budget Office said on Tuesday.

CBO's latest estimate indicates that the stimulus effort, which remains a political hot potato ahead of the November congressional elections, may have prevented the sluggish U.S. economy from contracting between April and June.

Read the whole story: Reuters

Comments

[shivabeach]

06:34 PM on 08/25/2010

Poor Boehner. Caught lying again

[AmericanCitizenNow]

06:21 PM on 08/25/2010

More proof that the CBO is nothing more than a propaganda arm of the ObamaLiarTraitor regime.

[IntelligentDiscussion]

05:50 PM on 08/25/2010

I doubt it, the obama administration says one thing, the CBO says another, independent studies say another.

I'll just look at the facts that when the bill was passed unemployment went up, lending went down (was supposed to go up), and many other economic factors.

There's no doubt it helped to some degree, if you throw almost a trillion dollars at the economy SOME jobs will be created.

I just think we could have spent a lot less money and improved the economy in more effective ways, and gotten better results.

[Bassplayer27]

05:45 PM on 08/25/2010

Some more context:

A record 5 MILLION manufacturing jobs were outsourced during
the Bush administration. In only 16 months of Bush’ 96 month tenure were there
positive net job growth in manufacturing, (½ of those 16 mo. posted less than 10K
jobs).

Due to President Obamas policies and the stimulus program, we have had 7 STRAIGHT months of manufacturing job GAINS beginning in 2010 for a total of 183,000K manufacturing jobs (26K per month).

The seven consecutive months is longer than at ANYTIME during the Bush administration and is the longest streak since late 97-early 98.

We have a long way to go, but again the media is ignoring the silver linings.

[Bassplayer27]

05:40 PM on 08/25/2010

Some facts to give us context...

The unemployment rate was at 8.2 in the same month the stimulus was passed (February 2009) and peaked at 10.1% in October 2009. Bush’s “great recession” was still intensifying through 2009.

In the one year period from May 2008 to April 2009, 6.5M PRIVATE SECTOR jobs were lost - avg. of 540K LOST per month.

This is what president Obama inherited and is why the stimulus was necessary.

So far in 2010, the private sector has had 7 straight months of job gains and created 630K Private sector jobs; an avg. of 90K private sector jobs gained per month.

We have a long way to go, but the media is ignoring the longest stretch of private sector growth since before the recession officially began.

[Mesaverde213]

04:49 PM on 08/25/2010

9.8 % unemployment... nice change..

[kimbanyc]

05:08 PM on 08/25/2010

Without stimulous 15% Grow up and realize it's the Cons who got us in this mess

[Chucky Sly]

04:49 PM on 08/25/2010

The baggers will be either dodging, deflecting or spinning this news against the administration.
Credit where it's due people.
You can't dig a hole for 8 years and think you'll fill it back up in a year and a half.

[Mesaverde213]

04:47 PM on 08/25/2010

CBO always lies.. it's their job..

[OSCPJ]

05:45 PM on 08/25/2010

The don't lie. The are required to answer specific questions based on certain assumptions, no matter if they are based in reality. Not a D or R thing, just the way the game is played.

[Mesaverde213]

04:47 PM on 08/25/2010

Complete B ull for Obama = cbo

[Passenger57]

07:41 PM on 08/25/2010

No,it's not "B ull"...
Standard O'Hater Logic : CBO disagrees with Obama = they're OK.
CBO FOR Obama = Obama paid 'em off...

[mage]

04:04 PM on 08/25/2010

Thank You!! HP, Please put this in the top of the front page!!! Give Our President the credit he so deserves..

[Pablo175]

04:01 PM on 08/25/2010

IBD-

"John Boehner is right: America needs a "fresh start" for the economy. Geithner and Summers should go. Neither has any private sector experience of note, and it shows. Our only hesitation is that Obama, who seems not to understand basic economics at all, might replace them with someone even worse."

[kimbanyc]

03:52 PM on 08/25/2010

It's time for all liberals, progressives, democrats, Independents, Normal Folks to rise up and say we are not going to allow the Gop, Deficit Hawks, supply side whores,Steele,Breitbart, GOBP, Corporatists, Halliburton, Bush/Cheney/Rove/ McConnell/ Palin/Bachmann/King (UT)/King(NY)/ Angle/Paul/Paul/Foxx/Beck/Limbaugh/ destroy The United States to suit their agenda.
They love to whine about 'The Founders". C'mon people what would those revolutionaries make of The Republican Party of John Boehner, Louis Gohmert, Rick Perry. and Bob McDononell?What would Eisenhower think? Or Lincoln?

We can't afford an "enthusiasm gap" now. Step Up.

[Mesaverde213]

04:50 PM on 08/25/2010

perhaps a 20 trillion bill to the children..cause we so nice..

[sixchair]

03:27 PM on 08/25/2010

I just love the sputtering denial in the tr0lls' posts here. All of whom are far more more informed than the CBO, apparently.

[Politisizer]

03:20 PM on 08/25/2010

As everyone knows - when the CBO produces a negative report on the stimulus (or anything else in the economy) then the report is quoted as fact and the CBO is lauded as being trusted and nonpartisan.

However if the CBO reports something positive about the stimulus (or anything else for that matter) then it's suddenly an untrustworthy arm of the DNC/Whitehouse and not capable of reporting anything trustworthy.

[Longtimeliberal]

03:03 PM on 08/25/2010

Republicans knew the stimulus helped and wanted to stop as much recovery as possible. They blocked even loans for small business. What is really bad is the stop they and some Dems have done to stop an energy policy. There are trillions setting on the side from private equity waiting to start jobs and I can only hope we can get something started. Dems have had 18 months to help the disaster that started in 2007. Some will say Dems had a small majority since 06 but if the President (Bush) was going to veto anything that takes the wind out of their sales. Due to the bad fiscal policies under Bush the middle class was steadily declining and it put us in a bad position as to what could be done. We need to understand this situation is going to be slow and we all contributed.
Who doesn't like something for nothing but it doesn't work that way.. The truth is the long term deficit is due to social security-easily fixed, medicare-harder and military. People talk about little things they don't like but won't tackle the reality. It is always easy to demonize something that won't hurt them. We have created a fear based society who will eat another without a thought and it is sad.

[Passenger57]

07:43 PM on 08/25/2010

I remember a report that said the Pubs acknowledge that the stimulus worked...BEHIND CLOSED, LOCKED,AND WELDED-SHUT DOORS....