White House: Economic stimulus produced 3.5 million jobs, now two-thirds spent

[Elmore Furth]

So is the cup half full or half empty?

By THE ASSOCIATED PRESS
Published: October 1, 2010

WASHINGTON (AP) — President Barack Obama's $800 billion-plus economic stimulus law may not be earning good grades with the public, but the White House claims it's on track to produce the promised 3.5 million jobs.

Friday's report says about two-thirds of the stimulus money has been spent via tax cuts or government spending and remarkably little of the money has gone out fraudulently.

The stimulus bill was passed in February of last year to try to reverse the worst recession since the Great Depression. The White House and many economists credit it with giving the economy a needed jolt. But Republicans say it's been ineffective, citing a nationwide unemployment rate still hovering near 10 percent.

"We continue to show consistent progress on your commitment to create or save 3.5 million jobs by the end of calendar year 2010," Vice President Joe Biden wrote in presenting the report to Obama. "In addition, over 95 percent of working families have seen their taxes lowered."

White House: Stimulus Law Working as Promised

[babylonsister]

1. Rec'd fwiw. Someone's not happy. nt

[westerebus]

2. Third largest tax cut in US history.

Either Pro Publica is wrong, they say 41% of the $800 billion has been used and most of that in the form of tax cuts; or the BLS is lying about unemployment figures as in there are more people working than what they are reporting.

Then there's Shadow Stats that say UE is closer to the U6 figure of 16% as opposed to the U3 of 9.9%.

To get the GOP to go along, more in tax cuts were added to the stimulus bill and less in spending.

So I guess the spending was for extended UE benefits? No, that was a separate expenditure.

Let's see. We haven't spent half of what was authorized to stimulate the economy for all those shovel ready jobs, yet tax cuts account for the largest part of what has been authorized.

U3 still at 9.9% according to BLS.

And the GOP claims nothing has changed? Wow!

Some where out there in the USA, there many ungrateful Americans who though unemployed got a tax cut?

That can't be true?

And the stimulus money meant to employ said Americans hasn't been spent either?

That is true?

What a country!