On August 24, 2010, the CBO released its estimate of the number of jobs funded through the American Recovery and Reinvestment Act of 2009 (ARRA) in the second quarter of calendar year 2010. The estimates are based on the number of jobs funded by ARRA reported by most grant and loan recipients, contractors, and subcontractors.
By way of background, the Great Recession cost the U.S. economy 7.88 million jobs between July 2007 and July 2010, while the adult population grew by 6 million.
CBO’s estimate of the increase in the budget deficit due to ARRA during fiscal years 2009-2019 is $814 billion, a modest increase of $27 billion in the projected deficit of $787 billion when ARRA was being considered. (Readers may recall that Senator Susan Collin’s vote was secured by agreement to reduce ARRA’s size by some $100 billion.)