New CBO report: Stimulus saved and created millions of jobs

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The teabaggers and ditto-heads are still peddling the lie that the stimulus did not work, did not create one job. The Congressional Budget Office, a non-partisan organization that the radical right loves to swear-by when the facts suit their needs, just released an August, 2011 report on the economic impact of the stimulus. Here’s the summary of the CBO report by the Center on Budget and Policy Priorities (and for you fools who will doubt the Center’s work, you can read the CBO report for yourselves):

A new Congressional Budget Office (CBO) report estimates that the American Recovery and Reinvestment Act (ARRA) increased the number of people employed by between 1.0 million and 2.9 million jobs as of June.

In addition to saving and creating jobs, ARRA has increased the number of hours worked, CBO has concluded. That is, without ARRA, many full-time workers would have been reduced to part-time status and fewer would have worked overtime. The combination of the increase in jobs and the increase in hours means that ARRA boosted the number of full-time-equivalent jobs by between 1.4 million and 4.0 million as of June, the report estimates.

The radical right also conveniently forgets that Obama’s stimulus gave us the largest middle-class tax cut in history. In fact, of the $789 billion in stimulus (not “trillions“, as the lie goes), $237 billion of it was tax cuts for 98% of working Americans. In addition to that, there were $51 billion in tax incentives for corporations, $144 billion to state and local spending relief, and $357 billion to federal spending programs. These spending programs funded millions of jobs.

You can find an itemized list of every tax break and expenditure at Wikipedia (or any number of sites) and follow every reference link at the bottom to find the same answers.

Facts are facts. Repeating a lie does not make it true. Its time to move on to the next lie about Obama.

This entry was posted in Barack Obama, Debt and Budget, The Economy and tagged , , , . Bookmark the permalink.

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