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Report: Stimulus created, saved 650K jobs
The results, based on $150 billion in spending, is the first look at the stimulus program's impact on the U.S. economy, CNNMoney.com reported. The numbers were pulled from reports by state and local recipients of the funds, as well as figures provided by private companies.
"We're solidly on track to create or save 3.5 million jobs by the time this program winds down," administration economist Jared Bernstein said. "There's a lot more ammunition in that Recovery Act. The stimulus package is absolutely working, both in GDP (gross domestic product) terms and in terms of saving or creating jobs."
The White House said the actual number of jobs created so far likely would be closer to 1 million, noting its report focused only on $150 billion of the $339 billion in American Recovery and Reinvestment Act funds spent so far.
The White House said stimulus funding drove the 3.5 percent growth in the economy during the third quarter. Meanwhile, Republicans said the rising unemployment rate, now at a quarter-century high of 9.8 percent, indicates the recovery act failed.
Recipients calculated the number of full-time positions directly created or saved with stimulus funds as of Sept. 30, CNNMoney.com said. Job numbers don't include indirect positions affected by stimulus-funded projects.
Copyright 2009 by United Press International
This news arrived on: 10/30/2009
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Posted Comments:
11-02-2009 09:59
charlie tuna wrote:
liar
just another one of hussain obamas lies
11-01-2009 19:12
Catharyne Stauffer wrote:
to anonymous, so lets say that the average job saved or created makes an annual income of 60,000 a year and files as a head of the household that would be taxed at 25% according to 2008 taxation forms ,25% of 60,000 is 15,000 which is paid to the government .230,000 divided by 15,000 equals 15.3333333 . So it will take about 15 years plus 4 months to pay for that job saved or created ( interest on the original amount not calculated in )
I realize there are many variables etc that could speed this process up but this simple math formula gives me a rough idea how long it would pay back the original amount invested in this stimulus program .
I realize there are many variables etc that could speed this process up but this simple math formula gives me a rough idea how long it would pay back the original amount invested in this stimulus program .
11-01-2009 18:52
Catharyne Stauffer wrote:
to anonymous ,LOL I missed some zeros:P, you are quite correct it is 230,000 I just re-entered it.
Well now that puts a slightly different slant on it . It will take them a few years to recover that money in tax revenue both in terms of the business tax the employee works for and personal income tax charged to the employee .While still paying the interest on the original amount borrowed .
Well now that puts a slightly different slant on it . It will take them a few years to recover that money in tax revenue both in terms of the business tax the employee works for and personal income tax charged to the employee .While still paying the interest on the original amount borrowed .
11-01-2009 18:41
Catharyne Stauffer wrote:
to anonymous :) Well I am just using the numbers listed in this article the total stimulus package was 787 billion . Now if I understand this article correctly 150 billion in spending, is the first look at the stimulus program's impact on the U.S. economy, divided by 650,000 state and local jobs recorded to be saved or created.
That $150 billion of the $339 billion ( 339 billion minus 150 billion = 189 billion unspent ?) in American Recovery and Reinvestment Act funds spent so far.
If my numbers are not correct then my apologies :)
That $150 billion of the $339 billion ( 339 billion minus 150 billion = 189 billion unspent ?) in American Recovery and Reinvestment Act funds spent so far.
If my numbers are not correct then my apologies :)
11-01-2009 16:31
wrote:
Actually Catherine, your math is fuzzy as Obama's--it's actually 230,000 per job created -- if he actually created that job or made it up.
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