Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Stimulus tied to 2.2 million jobs - White House

By Annalyn Censky, staff reporter


NEW YORK (CNNMoney.com) -- The government's Recovery Act is responsible for between 2.2 million and 2.8 million jobs through the first quarter of 2010, according to the latest stimulus report from President Obama's chief economic adviser.

The report, from the White House's Council of Economic Advisers, says the $787 billion economic stimulus is on track to create or save 3.5 million jobs by the end of the year.

"From tax cuts to construction projects, the Recovery Act is firing on all cylinders when it comes to creating jobs and putting Americans back to work," Vice President Joe Biden said in a statement.

The American Recovery and Reinvestment Act, which was signed into law in February 2009, is the largest simulus program in the nation's history. While the Obama administration credits the stimulus with lifting the United States from the recession, Republican critics also look to the nation's 9.7% unemployment rate as proof that the act fails to create long-term jobs.

So far $525 billion of the simulus money has been committed to specific projects and $370 billion has been paid out.

More than $110 billion went to tax relief through credits for first-time homebuyers, for college expenses and for energy-efficient home improvements. Another $90 billion went to unemployment benefits and food assistance through the end of March.

The report is based on a mathematical formula that calculates the number of jobs likely saved or created by stimulus money. The government also collects reports showing the actual number of jobs directly funded by stimulus spending, with the next one due to be released April 30. To top of page

Index Last Change % Change
Dow 15,688.47 -226.27 -1.42%
Nasdaq 4,233.83 -49.76 -1.16%
S&P 500 1,827.96 -23.90 -1.29%
Treasuries 1.64 -0.07 -3.99%
Data as of 10:44am ET
Company Price Change % Change
Bank of America Corp... 11.35 -0.63 -5.26%
Cisco Systems Inc 24.44 1.93 8.57%
Chesapeake Energy Co... 1.68 -0.01 -0.88%
General Electric Co 27.86 -0.44 -1.57%
Mylan NV 40.81 -9.73 -19.25%
Data as of 10:29am ET
Sponsors

Sections

The crash in oil prices is once again freaking investors out. The Dow lost 250 points on Thursday morning and the Nasdaq dropped closer to a bear market. More

The Fed Chair was criticized on a range of issues, from China and monetary policy to black unemployment and the strong dollar. More

Twitter's stock is sinking fast after the company reported that it lost customers in the fourth quarter of 2015. More

STEM3 Academy was started specifically for students with autism, ADHD and Asperger's Syndrome. Its STEM-based curriculum is breaking through barriers. More