USA: Presidential Recovery Act job ‘bonus’

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The latest quarterly report released by the White House shows that between 2.5 and 3.6 million jobs have been created by President Barack Obama’s Recovery Act, much higher than previous estimates. Nationwide public works projects have been funded by the act, though a large proportion of money has also been allocated towards unemployment and health benefits and providing tax breaks for small businesses.

US unemployment currently stands at around 10% and there are many divergent opinions amongst independent economists as to just how many positions have resulted from the stimulus package. At the same time, Christina Romer, head of the White House Council of Economic Advisers, believes that any job estimates are difficult to make and that the true impact of the act ‘will not be fully analysed or appreciated for many years.’

Source: / 14.07.2010