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<blockquote data-quote="unionman" data-source="post: 670447" data-attributes="member: 21107"><p><strong>Re: Obamanation here today</strong></p><p></p><p><strong>2 million jobs from stimulus - White House</strong></p><p></p><p>By <a href="mailto:tami.luhby@turner.com"><span style="color: #004276">Tami Luhby</span></a>, senior writerJanuary 13, 2010: 12:28 PM ET </p><p></p><p></p><p></p><p></p><p>NEW YORK (CNNMoney.com) -- The economic stimulus program has boosted employment by 1.5 million to 2 million jobs, the president's chief economic adviser said Wednesday.</p><p>The Obama administration estimate includes both jobs directly funded by stimulus money, as well as those created indirectly by companies buying supplies for stimulus projects, people spending their stimulus tax cuts and the like.</p><ul> <li data-xf-list-type="ul"></li> </ul> <p style="text-align: center"></p><p></p><p></p><p>The report, by the Council of Economic Advisers, is likely to spark sharp reactions from the Obama administration's critics who argue that the $787 billion package has failed to deliver on its promises.</p><p>To be sure, the economy has continued to lose jobs despite stimulus - shedding 85,000 in December. The administration, however, maintains that things would have been much worse without the American Recovery and Reinvestment Act. </p><p>The stimulus act also added between 1.5 and 3 percentage points to the nation's gross domestic product in the last three months of 2009, the council said in its second quarterly stimulus report to Congress.</p><p>This is a slower pace than in the third quarter, for which the council estimates stimulus added between 3 and 4 percentage points. The economy grew at a 2.2% rate in the third quarter, according to the Commerce Department. The official fourth-quarter GDP report is set to be released later this month.</p><p>"Fiscal stimulus has the biggest impact on growth rates when it's first ramping up," said Christina Romer, chairwoman of the council. </p><p>The economy likely grew at a 3% rate in the fourth quarter, according to a National Association of Business Economists forecast. The stimulus program, however, should continue to keep the level of the economy elevated throughout the year as the federal government continues to release the funds, Romer said. </p><p>Some one-third of stimulus funds, or $263.3 billion, has been paid to states, contractors and other recipients or has been distributed in tax breaks. Taking into account the amount approved for distribution but not yet handed out to recipients, the percentage rises to one-half.</p></blockquote><p></p>
[QUOTE="unionman, post: 670447, member: 21107"] [b]Re: Obamanation here today[/b] [B]2 million jobs from stimulus - White House[/B] By [EMAIL="tami.luhby@turner.com"][COLOR=#004276]Tami Luhby[/COLOR][/EMAIL], senior writerJanuary 13, 2010: 12:28 PM ET NEW YORK (CNNMoney.com) -- The economic stimulus program has boosted employment by 1.5 million to 2 million jobs, the president's chief economic adviser said Wednesday. The Obama administration estimate includes both jobs directly funded by stimulus money, as well as those created indirectly by companies buying supplies for stimulus projects, people spending their stimulus tax cuts and the like. [LIST] [*][COLOR=#004276][/COLOR] [/LIST] [CENTER][/CENTER] The report, by the Council of Economic Advisers, is likely to spark sharp reactions from the Obama administration's critics who argue that the $787 billion package has failed to deliver on its promises. To be sure, the economy has continued to lose jobs despite stimulus - shedding 85,000 in December. The administration, however, maintains that things would have been much worse without the American Recovery and Reinvestment Act. The stimulus act also added between 1.5 and 3 percentage points to the nation's gross domestic product in the last three months of 2009, the council said in its second quarterly stimulus report to Congress. This is a slower pace than in the third quarter, for which the council estimates stimulus added between 3 and 4 percentage points. The economy grew at a 2.2% rate in the third quarter, according to the Commerce Department. The official fourth-quarter GDP report is set to be released later this month. "Fiscal stimulus has the biggest impact on growth rates when it's first ramping up," said Christina Romer, chairwoman of the council. The economy likely grew at a 3% rate in the fourth quarter, according to a National Association of Business Economists forecast. The stimulus program, however, should continue to keep the level of the economy elevated throughout the year as the federal government continues to release the funds, Romer said. Some one-third of stimulus funds, or $263.3 billion, has been paid to states, contractors and other recipients or has been distributed in tax breaks. Taking into account the amount approved for distribution but not yet handed out to recipients, the percentage rises to one-half. [/QUOTE]
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