By Bonnie Erbe, Thomas Jefferson Street blog
Today's jobless numbers—the unemployment rate unexpectedly fell to 10 percent—are not only good news for the Americans who didn't lose jobs last month, but also for the President and Democrats in Congress.
The economic stimulus package created or saved between 600,000 and 1.6 million jobs, the Congressional Budget Office announced Monday. The CBO also said the stimulus package, formally known as the American Recovery and Reinvestment Act, has lowered the nation's unemployment rate between 0.3% and 0.9% and raised gross domestic product by about 1.2 to 3.2 percent higher than they would have been without the stimulus.
Clearly, there are many economic reports to come between now and next November when Republicans hope to make major Congressional gains in the mid-term elections. But armed with CBO data now showing their plan worked and worked well, Congressional Democrats must be feeling much, much better about their chances for reelection.