NEW YORK (CNNMoney.com) – The nation's economy started to turn around after the passage of President Obama's $787 billion stimulus package in February, his chief economic adviser said Thursday.
The American Recovery and Reinvestment Act created or saved slightly more than 1 million jobs through August, according to the president's Council of Economic Advisers.
The stimulus plan also boosted the nation's gross domestic product by 2.3 percentage points in the second quarter, the council said in its first quarterly stimulus report to Congress.
"Following implementation of ARRA, the trajectory of the economy changed materially toward moderating output decline and job loss," the council said.
I lost my job in January have applied for over 40 positions. Full and part time. In Michigan we are at 15% unemployment. Nationwide it keeps rising. The health care debate, the energy bill, the deficit all kill jobs.
Nobody is going to hire if they don't know how much the employee is going to cost them. How much they are going to pay in taxes. How much their energy costs are going to go up. The stimulus has helped the UAW, and special interest groups like Acorn.
When will the Democrat-sponsered propaganda cease? Unemployment increased by over a quarter of a million jobs in August! Deficit spending is out of control with certain increases coming from governments plans for healthcare. This is a certainty no matter what Obama promises! Many blind fools believe Obama is the greatest orator in recent times. Adolf Hitler was a gifted speaker as well. Don't be led astray by fancy rhetoric and empty promises. Government managed healthcare is a POLITICALLY motivated strategy to get more Americans dependant on the government and party responsible (Democrats) only to solidfy a voting block of the underclass to secure their onging control and power in Washington.
Really ? How about some detail on those numbers.
How many saved vs created ?
What sectors were they in ?
Where they temporary "shovel ready" jobs ?
This is great news– if it were only true. How can all of the economic dat and unemployment numbers be so wrong and the PRESIDENT"S Council of Economic Advisers be the only one who is accurate? I'm afraid that anything that our administration states is not to be believed. Doesn't even pass the sniff test.
OH NO ALL THIS POSITIVE CHANGE THAT OBAMA CAMPAIGNED ON IS COMING TRUE!!!!! REP'S like S.C rep Wilson must be running scared and starting to yell out more now becasue more positive change is gonna come!!!!! Good thing the Majority of the population voted Obama to POTUS!!
ATTENTION OBAMA HATERS:
You guys are starting to run out of LIES!!
Boast to the stupids all you want, but I still see the credit market is frozen, and millions of Americans don't have jobs. White House said if we hurried to pass the stimulus back then, the unemployment factor would not go above 8%; it is now ~10%. Can't this white house tell the truth about anything?
trillion is the new billion, billion is the new million, so they meant to say that they created 1 billion new jobs.
Yahoo, this is fantastic. I can't believe how well this has worked. Please give us more of the same. When you get a chance to take a break from all the hard work, stop by for some kool-aid.
Meanwhile Republicans continue to lie that the Recovery Act has not created any jobs.
Oh yeah, and the Recovery Act also gave 95% of Americans a tax CUT this year – which makes the Teabaggers look even more stupid.
This is good news! I await more news when we see some RESULTS regarding all these CAUSES/innovations from our government. It will be wonderful if the interests of Main Street take over the importance of stimulating Wall Street as promised. I am one skeptical Progressive. Namaste.
I love the term being used – "created or saved." What a load. Gibbs acknowledged before the summer that a good portion of those jobs would be short term summer jobs for students.
Meanwhile, unemployment has continued to rise to 9.4%, even though we were promised, yes promised, it wouldn't go above 8% if this was passed.
Based on today's jobless report we are still lossing jobs at a pace of 6 million jobs a year! At the end of August 650,000 jobless workers dropped of the metric of unemployed as their benefits came to an end. Yet the unemployment rated increased to 9.7%!
The unemployment metric needs to count everyone who has no job, those who are collecting unemployment insurance and those who are collecting welfare together as one total percentage. I would love to see that percentage CNN.
You know, the Bush administration used to make up its own statistics too. The more things change, the more they stay the same.
FYI our unemployment rate is at a record high. That stat doesn't lie.
We're just as unemployed now as we were before the "stimulus" - moreso, in fact. The main difference is, the dollar is worth less now, and we're all deeper in debt.
How did the stimulus boost jobs? We have over 30 million unemployed, and I am one of them. The only jobs I have seen created by the government are union construction jobs that only go to union workers. The market is doing good because companies are letting go of all their employees and keeping all the money that they used to pay them. We lost 216,000 jobs just last month how is that a good thing. This administration will put anything out there to try and save health care.
Yeah, RIGHT. Jobs with the Government don't count!
Hm, well we might want a few more data points before extending a line in any particular direction. But at least things are hinting at an improvement.
Sounds like math isn't Obama's strong point. Unemployment has increased by 3 miillion jobs since Obama took office, so how can he say he added 1 million jobs?
Great, where are they? Spending money does not equal creating jobs. When actually expenditures are examined, this money tends to create new bureaucratic jobs designed to get more money or the funds are used to pay the salaries of existing employees rather than using state or local tax dollars. In all, this program has been an absolute bust.
No republican voted to help America in our greatest economic crisis since the 1930's. Obama and the democrats have saved America again. Now ids the time to fix health care. America does not need republicans.
Ha-ha-ha-ha! What a joke!
"This is another Obama Lie". How can you be so gulible to everything this Idiot tells you CNN
More lies! :(
And what administration put us in this fix? BUSH..... It is going to take us a long time to fix what they broke..........
I wonder why the unemployment rate keeps rising if so many jobs have been created or saved. It must be that new math.
I wonder why it is so difficult for our leaders in Washington to figure out that the way to improve the economy is to bring back our jobs that have been lost overseas.
For services performed overseas -help desk, customer service- add a tax for each overseas employee equal to the salary paid in the U.S. for the same type of position to the corporation using these services.
For manufacturing, add a 100% tax on products made overseas. If the product is made by an American firm overseas make it 200%.
GIVE ME A BREAK!!!!
Unemployment numbers continue to CLIMB and the White House makes a claim like this?????
The NUMBERS tell a different story.