Tuesday, July 5, 2011

Stimulus Jobs Fade Away

We spent $278,000 a job for jobs that were mostly temporary.
(CNSNews.com) — The jobs created or saved by the federal government’s economic stimulus spending are steadily going away, according to a report from the White House Council of Economic Advisors (CEA). As stimulus spending declines, so too does the support it provided to employment.

The report, released late on Friday, July 1, shows that stimulus spending is now supporting fewer jobs than it did in the previous two quarters — supporting approximately 2.4 million jobs in the first quarter of 2011.

According to the report, because stimulus spending is receding, the jobs estimated to have been supported by that spending are beginning to disappear as well. At the height of its effectiveness — the second and third quarters of 2010 — the CEA estimated that the stimulus was supporting 2.7 and 2.8 million jobs respectively.

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