The President's Council of Economic Advisers (CEA) released its quarterly report on the impact of the Recovery Act today–finding that the legislation has saved or created as many as 3.6 million jobs so far. They also found that more than 10 percent of the Recovery Act funds have leveraged significant private investment, with each dollar leveraging three dollars in private investment:
Speaker Pelosi on the report:
In passing the Recovery Act last year, Congress acted to help secure American jobs and begin to restore economic prosperity for working families and small businesses after a devastating meltdown under Republican rule. Today's report confirms that the Recovery Act is on track and continues to create and save millions of jobs. This analysis demonstrates how public investment has translated into private investment and job creation, and how our recovery efforts remain critical to rebuilding our economy now and laying a strong new foundation for growth in the years to come.
The CEA's report comes on the heels of news that American businesses hired nearly 4.5 million new workers between February and May — each of whom had been unemployed for two months or longer — and now qualify for tax credits and incentives passed by Congress earlier this year. With more Recovery Act funding still in the pipeline and Congress committed to offering further support to small businesses, our economy will continue to grow — and we must keep fighting until every American can find a good-paying job.
Democrats are standing up for Main Street and the middle class, and taking action now to create jobs and strengthen our economy. Regrettably, Congressional Republicans continue to side with Wall Street and the special interests, and their obstruction of key jobs bills now before Congress threatens our economic recovery and could bring us back to recession. We must not go back. We cannot make real progress on reducing our deficit until the American economy is fully recovered and Americans are back to work.