February 24, 2011 5:44 pm ET - by Matt Finkelstein
Yesterday, the nonpartisan Congressional Budget Office (CBO) released a report on the impact of the American Recovery and Reinvestment Act in the final quarter of 2010. Among other findings, the new analysis raised the estimated cost of the recovery package to $821 billion, which elicited the predictable response from Republicans like Rep. Kristi Noem (R-SD):
The revised cost estimate is only seven billion more than the last one in November — not $34 billion — but that's hardly the point. Indeed, Republicans are mocking the "failed stimulus" using a report that actually shows the Recovery Act boosted GDP, lowered unemployment, and "increased the number of people employed by between 1.3 million and 3.5 million" in the last three months of 2010. That's not exactly proof that it didn't work.
Despite Noem's silly claim that the stimulus created "no jobs," Republicans have been attempting to take credit for the Recovery Act's success for two years. Check out Political Correction's timeline of the recovery below (click to enlarge):
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