The Congressional Budget Office (CBO) recently released a report, Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output from July 2011 Through September 2011 [pdf]:
….CBO estimates that ARRA’s policies had the following effects in the third quarter of calendar year 2011 compared with what would have occurred otherwise:
They raised real (inflation-adjusted) gross domestic product (GDP) by between 0.3 percent and 1.9 percent (see Table 1),
They lowered the unemployment rate by between 0.2 percentage points and 1.3 percentage points,
They increased the number of people employed by between 0.4 million and 2.4 million, and
They increased the number of full-time-equivalent jobs by 0.5 million to 3.3 million. (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.)
From the Center on Budget and Policy Priorities:
Also from the CBO report [pdf]:
Table 2. Estimated Output Multipliers of Major Provisions of the American Recovery and Reinvestment Act of 2009
Estimated Output Multipliers
Low Estimate High Estimate
Two-Year Tax Cuts for Lower-and Middle-Income People 0.3 1.5 Division B, Title I: Making Work Pay Credit; American Opportunity Tax Credit
One-Year Tax Cut for Higher-Income People 0.1 0.6 Increase in Individual AMT Exemption Amount
Uh, that means that tax cuts for lower and middle income Americans have a multiplier effect on the economy that is two and a half to three times more than those for wealthy Americans.
And Crossroads GPS, a republican right wingnut astroturf organization, keeps dumppng a ton of money into television ads saying bad things about the ARRA and attacking Senator Claire McCaskill (D) for doing the right thing and supporting the stimulus.