The CBO has a report out on the stimulus (ARRA) program. It’s pretty good news!
CBO estimates that in the first quarter of calendar year 2010, ARRA’s policies:
- Raised the level of real (inflation-adjusted) gross domestic product (GDP) by between 1.7 percent and 4.2 percent,
- Lowered the unemployment rate by between 0.7 percentage points and 1.5 percentage points,
- Increased the number of people employed by between 1.2 million and 2.8 million, and
So, reality is working out well. How are things in the fight for hearts and minds? Unfortunately, not so great.
The majority of Americans (62%) believe that the nearly $800 billion economic stimulus package, passed by Congress and signed by the president a little over a year ago, has not helped the job situation. Just a third (33%) say the package has made a positive impact.
Increased the number of full-time-equivalent (FTE) jobs by 1.8 million to 4.1 million compared with what those amounts would have been otherwise. (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.)