Impact of Stimulus Growing…
|July 25, 2010||Posted by ITUP under Blog||
According to the Council of Economic Advisors’ (CEA) quarterly report on the continuing effects of the American Recovery and Reinvestment Act (ARRA), the magnitude of the fiscal stimulus and its positive effect on the U.S. economy have been increasing substantially in the first half of 2010 (from $108 billion in the first quarter of 2010 to $116 billion in the second quarter).
CEA estimates that the 2009 stimulus has (1) boosted GDP by 2.7 percent and (2) raised employment by 2.5 million jobs since February 2009, relative to what would have occurred absent the stimulus.
According to CEA, ARRA has spent $480 billion and using numbers from Stimulus.org, about $260 billion of that is spending and $220 billion is tax cuts. The amounts are further broken down into several tax and spending categories on the Stimulus website.