U.S. President Barack Obama’s $787 billion stimulus package created or saved about 1 million jobs in the first six months after it was enacted, the White House said in a report released on Thursday.
In its first quarterly look at the impact of the stimulus bill, also known as the American Recovery and Reinvestment Act, the Council of Economic Advisers said it had added as many as 3 percentage points to second quarter GDP growth.
“Our multifaceted analysis suggests that the ARRA has had a substantial positive impact on the growth of real gross domestic product (GDP) and on employment in the second and third quarters of 2009,” the report said.
Even with the stimulus package, GDP still fell at a 1 percent annual rate in the second quarter after a steep 6.4 percent collapse in the first quarter of this year.
Countries around the world that had larger stimulus packages had fared better economically than those with smaller ones, the report also concluded.
CEA chair Christina Romer, one of Obama’s top economic advisers, told reporters the package was on track to save or create 3.5 million U.S. jobs by the end of 2010.
She said the White House expected unemployment to peak around 10 percent by the beginning of next year or end of 2009. Unemployment came in at 9.7 percent in August.
Romer noted that credit was still tight and repeated the administration’s view that the stimulus bill had to be given time to work before another one would be looked at.
Obama, a Democrat, and his aides have been eager to cite the stimulus package as one of the main factors in helping to steer the U.S. economy away from the brink of another Great Depression.
Tags: economic, economically, jobs, us, white house
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