The economic stimulus bill signed into law by President Barack Obama in January 2013, and the accompanying stimulus package that came in the following weeks, provided a lot of relief to the American middle class, particularly for low-income families.
The two programs, the Recovery Act and the Emergency Economic Stabilization Act, have been credited with boosting the wages of workers and households.
But there are also plenty of studies that argue that the stimulus package has had an impact on the jobs market for workers and their families.
A study released last week by the Congressional Budget Office found that the jobs gains under the stimulus were not all that big.
The unemployment rate increased, but overall the labor force participation rate stayed the same.
That means more jobs were created but fewer people were out of work.
“The stimulus package did not have much of a job-creation effect on job creation,” said Daniel W. Roth, a policy analyst at the nonpartisan Tax Policy Center, which analyzed the analysis.
The stimulus package “created a lot more jobs than it would have had the stimulus not been there.”
For example, the stimulus added 1.7 million jobs in the third quarter of 2017, but those jobs were only created on average over the last six months of that year, the CBO found.
There were also job losses, but they were much smaller, accounting for about 0.3 percent of the total number of jobs created.
Overall, the economy added 1 million jobs from the third to the sixth quarter of 2018, but the job losses were small relative to the jobs created in the fourth quarter of 2019.
The recovery is still a work in progress, as it takes a long time for the economy to recover, said Paul Ashworth, a research economist at the Economic Policy Institute.
But, he said, “we’ve seen very encouraging signs from the recovery so far.”
There is a long way to go for the middle Class to get back to a normal level of economic activity.
“If you look at the overall labor market, there are more people out of the labor market than there are jobs available,” Ashworth said.
“We’re not seeing the growth that we had hoped to see in the past few years, which is a good sign.”
This is a developing story.
We will continue to update it as more information becomes available.
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