It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
WASHINGTON (AP) -- President Barack Obama is trumpeting a new White House estimate that his top economist calls "stunning": His stimulus plan has already created or saved up to 2 million jobs.
The analysis is part of the administration's quarterly report to Congress on the controversial $787 billion package of spending and tax cuts he signed weeks after taking office.
Republicans have denounced the stimulus plan as an expensive flop, pointing to a national unemployment rate stuck at 10 percent
The $787 billion economic stimulus package has created or saved between 1.7 million and 2 million jobs, but its impact on the economy ebbed slightly in the final quarter of 2009 compared with prior months, the White House said Tuesday night.
Amid a barrage of criticisms over how the administration tracked jobs created by the $787 billion stimulus package, the White House last month quietly issued a directive changing the way those numbers are reported to the government, according to CNNMoney.com.
Previously, the Obama administration had attempted to calculate the number of “jobs created or saved” through the stimulus package. The jobs saved numbers were widely criticized as being highly subjective and impossible to judge.
Instead, businesses will begin to change the way they report their numbers to the government. Now, businesses will be required to report all jobs on projects funded by the stimulus, regardless of whether it was an existing job or not.
“The update reflects important simplifications to the manner in which job estimates are calculated and reported. Specifically, recipients will now report job estimates on a quarterly, rather than cumulative, basis. As a result, recipients will no longer be required to sum various data on hours worked across multiple quarters of data when calculating job estimates,” White House budget director Peter Orzsag wrote in a letter to stimulus recipients.