Factbox: Did stimulus create jobs? CBO says yes

Reuters News
Posted: Sep 12, 2011 9:29 PM
Factbox: Did stimulus create jobs? CBO says yes

WASHINGTON (Reuters) - Texas Governor Rick Perry, front-runner in the race for the Republican presidential nomination, on Monday said the economic stimulus program implemented by President Barack Obama created "zero" jobs.

Not so, according to information from the Congressional Budget Office, the non-partisan budget arbiter for lawmakers.

Congress in 2009 passed the $830 billion economic stimulus, known as the American Recovery and Reinvestment Act, which included both spending measures and tax cuts.

According to CBO:

-- As of June, between 1 million and 2.9 million Americans owed their jobs to the recovery act.

-- In the second quarter of 2011 the recovery act added or preserved 550,000 full-time jobs.

-- The recovery act brought down the unemployment rate by between 0.5 and 1.6 percentage points in the second quarter of 2011.

(Reporting by Malathi Nayak and Kim Dixon; Editing by Jackie Frank)