If you are looking for help from the American Recovery and Reinvestment Act (ARRA) commonly known as the Porkulus plan you may be a bit too late. The CBO released a report on the effect of ARRA on Employment and economic output from July 2010- September 2010 and found the effects of Porkulus on output peaked in the first half of 2010 and are now diminishing, and the effects on employment are expected to wane gradually beginning in the fourth quarter.
I know what you are thinking, what effect?
The CBO suggests that the ARRA raised the GDP, lowered unemployment, and increased the number of people with jobs even though most Americans haven't noticed. It also concludes (based on economic models) July through September stimulus spending “increased the number of people employed by between 1.4 million and 3.6 million.” I guess these people forgot to tell anyone they had a job.
Those mystery effects on the economy are almost over. The CBO estimates 70% of the budget impact ended with the fiscal year that ended in September. It suggests the impact on growth peaked and is now “diminishing” and the impact on unemployment will “wane gradually” in the current fourth quarter.
Keep in mind all of these employment estimates come from "computer models" and estimates based on historic trends. The only sure thing from this report is that most of the money has run out (they can track the spending).
Either way, if you feel the stimulus didn't work for you, based on the latest CBO report, its not going to ever work. You can read the full report below:
11-24-ARRA
No comments:
Post a Comment