The CBO is up with a report today showing that the stimulus is responsible for 2.9 million jobs – a show of strength for the $787 billion program. The Center on Budget and Policy Priorities explains:
In other words, between 1.0 million and 2.9 million people employed in June owed their jobs to the Recovery Act. This estimate, by Congress’ non-partisan economic and budget analysts, is more comprehensive than the 550,000 jobs that ARRA recipients reported in July, CBO explains.
While the report focuses primarily on the second quarter of 2011, CBO also includes new projections of the Recovery Act’s jobs impact through 2012. It finds that in the current quarter (the third quarter of 2011), there are 0.8 million to 2.5 million more people employed because of ARRA.