The American Action Network attacks Democratic Rep. Carol Shea-Porter (NH-1) for supporting the “wasteful stimulus package.” However, the Recovery Act created jobs, cut taxes for working Americans, and helped prevent an even worse recession.
“Failed” Recovery Act Created Millions Of Jobs, Boosted GDP, And Cut Taxes
Recovery Act “Succeeded In…Protecting The Economy During The Worst Of The Recession.” From the Center on Budget and Policy Priorities: “A new Congressional Budget Office (CBO) report estimates that the American Recovery and Reinvestment Act (ARRA) increased the number of people employed by between 200,000 and 1.5 million jobs in March. In other words, between 200,000 and 1.5 million people employed in March owed their jobs to the Recovery Act. […] ARRA succeeded in its primary goal of protecting the economy during the worst of the recession. The CBO report finds that ARRA’s impact on jobs peaked in the third quarter of 2010, when up to 3.6 million people owed their jobs to the Recovery Act. Since then, the Act’s job impact has gradually declined as the economy recovers and certain provisions expire.” [CBPP.org, 5/29/12]
At Its Peak, Recovery Act Was Responsible For Up To 3.6 Million Jobs. According to the nonpartisan Congressional Budget Office:
CBO estimates that ARRAs [sic] policies had the following effects in the third quarter of calendar year 2010:
- They raised real (inflation-adjusted) gross domestic product by between 1.4 percent and 4.1 percent,
- Lowered the unemployment rate by between 0.8 percentage points and 2.0 percentage points,
- Increased the number of people employed by between 1.4 million and 3.6 million, and
- Increased the number of full-time-equivalent (FTE) jobs by 2.0 million to 5.2 million compared with what would have occurred otherwise. (Increases in FTE jobs include shifts from part-time to full-time work or overtime and are thus generally larger than increases in the number of employed workers). [CBO.gov, 11/24/10]
- Recovery Act Saved Or Created The Jobs Of At Least 1,345 Educators In New Hampshire. According to the U.S. Department of Education, stabilization funds provided to New Hampshire thanks to the Recovery Act saved or created the jobs of at least 1,345 educators, “such as teachers, principals, librarians, and counselors” during the 2009-2010 school year. [U.S. Department of Education, “ED Recovery Act Jobs Report,” 9/30/10 and Program Information, 9/30/10]
Recovery Act Included $288 Billion In Tax Cuts. From PolitiFact: “Nearly a third of the cost of the stimulus, $288 billion, comes via tax breaks to individuals and businesses. The tax cuts include a refundable credit of up to $400 per individual and $800 for married couples; a temporary increase of the earned income tax credit for disadvantaged families; and an extension of a program that allows businesses to recover the costs of capital expenditures faster than usual. The tax cuts aren’t so much spending as money the government won’t get — so it can stay in the economy.” [PolitiFact.com, 2/17/10]
[NARRATOR:] Carol Shea-Porter is proud of being a rubber stamp for Nancy Pelosi and disastrous Washington policies. [SHEA-PORTER CLIP]: “I’m not going to pretend that I’m voting with the opposite party half the time, I’m not.” [NARRATOR:] Even when it meant over $800 billion on a wasted stimulus package. No wonder the Union-Leader called Carol Shea-Porter “stunningly out of touch with her district” and “a rubber stamp.” Keep Shea-Porter out of Washington. American Action Network is responsible for the content of this advertising. [American Action Network via YouTube, 10/15/12]