The $787 billion stimulus is displaying a positive effect on the economy and is estimated to have created or salvaged about three million jobs since it was implemented, President Obama’s administration claims.
The stimulus – more formally known as the American Recovery and Reinvestment Act of 2009 – is also estimated to have raised the nation’s GDP by roughly three percent in the second quarter of 2010, the White House’s Council of Economic Advisers said in their most recent stimulus report, released on Wednesday.
The CEA used two different models to estimate that the number of jobs created by the Recovery Act stands somewhere between 2.5 million and 3.6 million, according to the report.
CEA Chair Christina Romer originally estimated that the Recovery Act would create 3.5 million jobs by the end of the 2010 fiscal year. The estimates revealed in Wednesday’s report suggest that this goal might have already been reached.
But the figures presented are “only estimates,” the report said, adding that the margin of error for the estimates is “relatively large.”
The findings of the court – as well as Obama’s economic policies – received harsh criticisms from the U.S. Chamber of Commerce, a business group that champions free enterprise.
The Chamber – which expressed in a letter posted on its website the Chamber’s collective belief that tax cuts are instrumental to job creation in the private sector – accused Obama’s administration of having to “neglected” to focus on the task of creating jobs.
The Chamber also criticized the Recovery Act and the administration for having “vilified industries while embarking on an ill-advised course of government expansion, major tax increases, massive deficits and job-destroying regulations.”
The letter suggested a list of six plans that the Chamber believes would boost the economy.
Obama nominated Jacob “Jack” Lew for Director of the Office of Management and Budget earlier this week, The Epoch Times previously reported.
Lew faces the challenge of decreasing the nation’s budget deficit, which totaled $1.3 trillion when Obama took office in January 2009.
The stimulus – more formally known as the American Recovery and Reinvestment Act of 2009 – is also estimated to have raised the nation’s GDP by roughly three percent in the second quarter of 2010, the White House’s Council of Economic Advisers said in their most recent stimulus report, released on Wednesday.
The CEA used two different models to estimate that the number of jobs created by the Recovery Act stands somewhere between 2.5 million and 3.6 million, according to the report.
CEA Chair Christina Romer originally estimated that the Recovery Act would create 3.5 million jobs by the end of the 2010 fiscal year. The estimates revealed in Wednesday’s report suggest that this goal might have already been reached.
But the figures presented are “only estimates,” the report said, adding that the margin of error for the estimates is “relatively large.”
The findings of the court – as well as Obama’s economic policies – received harsh criticisms from the U.S. Chamber of Commerce, a business group that champions free enterprise.
The Chamber – which expressed in a letter posted on its website the Chamber’s collective belief that tax cuts are instrumental to job creation in the private sector – accused Obama’s administration of having to “neglected” to focus on the task of creating jobs.
The Chamber also criticized the Recovery Act and the administration for having “vilified industries while embarking on an ill-advised course of government expansion, major tax increases, massive deficits and job-destroying regulations.”
The letter suggested a list of six plans that the Chamber believes would boost the economy.
Obama nominated Jacob “Jack” Lew for Director of the Office of Management and Budget earlier this week, The Epoch Times previously reported.
Lew faces the challenge of decreasing the nation’s budget deficit, which totaled $1.3 trillion when Obama took office in January 2009.
