Just in time for Thanksgiving, the nonpartisan CBO has released its report on how effective The American Recovery and Reinvestment Act has been for the nation.
TL;dr It worked
Some details from the report below the jump
I am sure everyone is getting ready to gobble down copious amounts of turkey and other foods with their family and friends tomorrow, so I'll keep this brief and give us something to be thankfully amount.
Per MSNBC, via Reuters
The American Recovery and Reinvestment Act also boosted national output by between 1.4 percent and 4.1 percent during that period, CBO said in its latest estimate.
While as we are all well aware, the unemployment rate did not stay contained below 8%. What would have happened without the Stimulus?
The unemployment rate, currently at 9.6 percent, would have been between 10.4 percent and 11.6 percent without the Recovery Act, CBO said.
Related story: Spending, incomes are starting to rise as layoffs drop.
So with this great success, what will be the Republicans course of action as they take over the House next year?
Why, undo as much of it as they can. After all, we all know facts have a liberal bias.
Don't get me wrong, a 9.6% unemployment is still bad and there still is a long way to go, but without the Stimulus, it would have been much, much worse.
That's all, Happy Thanksgiving everyone!
Edit: Here is the full report. Thanks for the link, leevank!