Economic Impact of the American Recovery and Reinvestment Act of 2009 : RushPRNews - Newswire & Global Press Release Distribution

 
Bookmark and Share

Economic Impact of the American Recovery and Reinvestment Act of 2009

January 13, 2010

Economic Impact of the American Recovery and Reinvestment Act of 2009
President Barack Obama folds his hands as he listens to the discussion during a meeting, January 8, 2010.

WASHINGTON (rushPRnews) 01/13/10 — Economic Impact of the American Recovery and Reinvestment Act of 2009, Second Quarterly Report

COUNCIL OF ECONOMIC ADVISERS
JANUARY 13, 2010

This is the second quarterly report on the economic impact of the American Recovery and Reinvestment Act of 2009 prepared by the Council of Economic Advisers (CEA).  Because identifying the impact of macroeconomic policy is inherently difficult, we report the results from two CEA approaches and those of a number of respected analysts, including the non-partisan Congressional Budget Office. The CEA Report is available HERE. The key findings are:

1.  As of the end of the fourth quarter of 2009, $263 billion of the total $787 billion included in the Act, or about one-third of the total, has been outlayed or received as tax cuts.  If one includes spending that has been obligated but not yet outlayed, the fraction is over one-half.

2. The CEA estimates that the ARRA added between 3 and 4 percentage points to real GDP growth in 2009:Q3 and between 1½ and 3 percentage points in 2009:Q4.  It has raised the level of GDP as of 2009:Q4 by roughly 2 percent, relative to what it otherwise would have been.  As Table 7 shows, our estimates of the effect of the Act on GDP growth are broadly in line with independent and private estimates.

 Estimates of the effects of the ARRA on GDP Growth

3. The CEA estimates that the ARRA has raised employment relative to what it otherwise would have been by between 1½ and 2 million jobs as of 2009:Q4.  Table 8 shows our estimates alongside those of other analysts.

Estimates of the effect of the ARRA on employment

4. We examine the direct recipient reporting data available for 2009:Q3.  These data indicate that about 640,000 jobs were saved or created by reporting recipients of ARRA funds as of the third quarter of 2009.  Because the recipient reporting data cover only a fraction of the funds expended to date and do not include any multiplier effects, this estimate suggests, if anything, a larger overall jobs impact than our comprehensive estimates show.

5. The report includes a detailed analysis of the clean energy programs supported by the ARRA.

  • We estimate that roughly $90 billion of the total $787 billion of tax cuts and spending in the Act are related to clean energy.  As of 2009:Q4, roughly $5 billion has been outlayed or received as tax cuts, and another $26 billion has been obligated but not yet outlayed.  These investments have the potential to jumpstart the transition of the American economy to greater efficiency and cleaner energy.
  • As shown in Table 13, CEA’s analysis suggests that the outlays and tax credits for clean energy to date have saved or created 52,000 clean energy jobs as of 2009:Q4 and another 11,000 induced jobs throughout the economy.
  • This employment impact is expected to increase substantially over time.  A job-year is one job for one year, and provides a sensible way of cumulating the employment impact of a program over an extended period.  We estimate that clean energy investments in the ARRA will create more than 700,000 job-years of employment by the end of 2012.

 Clean energy jobs by category

Latest News and Updates

Stay Connected With Email Alerts

Main image credits: (Official White House Photo by Chuck Kennedy)
About the author:

RushPR News is a social media newswire service created to help you with content creation and distribution to news outlets and social media networks. RushPRnews can also assist you with your web strategies with experts advices and strategies at an affordable cost. Write us at news@rushprnews.com

Click here to see all news from this author/company

Filed Under: BANKING AND FINANCIAL NEWS, Economy, Featured, PRESS RELEASE

RUSH PR NEWS newswire and press release services at rushprnews.com / AH Marketing ahmarketinggroup.com

Content- Legal Responsibility - All material is copyrighted - You may repost but you MUST link back to the original post on your page and acknowledge Rush PR News as the news source. Rush PR News is not legally and/or morally responsible for content of press releases, opinions expressed or fact-checking.

Rush PR News cannot be held legally responsible for material published and distributed through its newswire service or published in its press-room and therefore cannot be sued for published material. Third-party must be contacted directly to dispute content.

Rush PR News is not the contact for material published.

RSSFeed PRESS & SOCIAL MEDIA RELEASES

High-Tech Bridge Uncovers Large Number Of Fraudulent Cybersecurity Company Domains

San Francisco, US/ Geneva, Switzerland 05/26/16 · Research into the proliferation of fraudulent domains affecting...

Compliance Map tracks Country of Origin in complex supply chains

Solihull, United Kingdom 05/26/16 · The Compliance Map, a developer of environmental compliance...

Fast Lane Announces Global IT Security Training Partnership with NotSoSecure

Morrisville, NC 05/25/16 ·  - Business news -  Fast Lane Announces Global IT...

Publishing A Magazine To iPad Is Affordable With Twixl Publisher

Santa Cruz, California 05/21/16 · Fear Not: Solution is at hand to combat...

Losode.com making an impression in Virgin Media’s #VOOM 2016

London, United Kingdom 05/19/16 · Losode.com making an impression in Virgin Media’s  #VOOM...

Wayne Gretzky named A Great Canadian for the Canada D’Eh Run

Amherstburg ON 05/18/16 · Participants Voted And They Have Chosen The Great...

VOTE for Losode.com, an innovative fashion destination by Africans #VOOM 2016

LONDON, UK 05/16/16 · CROWDFUNDING CAMPAIGN-  Losode.com, an innovative fashion destination by...

Whom Can You Trust To Make Your Car Keys?

Toronto, Ontario 05/16/16 · Pop-A-Lock, the largest security network in North America,...

How to Fix Common Boiler Problems

Keighley, UK 05/14/16 · We ALL totally rely on our boilers to...

2016 Springtime Public Relations is Made Easy With PR Coupon

SAN FRANCISCO 05/14/16 · Spring 2016 is promising to be a time...

Fast Lane Joins the IoT Talent Consortium

Morrisville, NC 05/12/16 · - Fast Lane (www.fastlaneus.com) has accepted a role as an...

BOSS Mentors Give Local Young Women Entrepreneurial, Etiquette and Lifestyle Skills

Windsor, Ontario 05/10/16 ·  Best Opportunity to Support Self  – Manners and money...

Time to Replace Your Boiler Then Buy British with Ideal Boilers

Keighley, United Kingdom 05/05/16 · Ideal Boilers is a British Manufacturer based in...