
One year ago President Obama signed the American Recovery and Reinvestment Act, otherwise known as the Stimulus Bill.
According to economists on the left and the right, there is reason to believe that the Recovery Act helped avert a major economic disaster. Looking at economic indicators across the board, there is an unmistakable optimistic trend.
Just today, AP reported, “Industrial production rose 0.9 percent in January, the seventh consecutive monthly increase as manufacturers help lead the nation’s economic recovery. Numbers rose in all three major categories: manufacturing, mining and energy utilities.”
This chart from the Bureau of Labor Statistics shows that even job losses are finally waning.
The nonpartisan Congressional Budget Office says the Recovery Act is already responsible for retaining or creating as many as 2.4 million jobs through the end of 2009 and as a result, job losses are a fraction of what they were a year ago.