Report: Stimulus created, saved 650K job

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Registered: 03-18-2000
Report: Stimulus created, saved 650K job
1
Fri, 10-30-2009 - 10:04am

http://www.upi.com/Top_News/US/2009/10/30/Report-Stimulus-created-saved-650K-jobs/UPI-14361256908037/



WASHINGTON, Oct. 30 (UPI) -- The $787 billion U.S. economic stimulus program saved at least 650,000 state and local jobs, a report released Friday by the Obama administration indicated.


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.

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Avatar for ddnlj
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Registered: 03-26-2003
Fri, 10-30-2009 - 10:16am

I wish I could be optimistic about this, but I'm not just yet. Our state's unemployment rate is still almost 10%.

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