Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output From October 2009 Through December 2009
"The American Recovery and Reinvestment Act of 2009 (ARRA) contains a variety
of provisions intended to boost economic activity and employment in the United States.
Section 1512(e) of the law requires the Congressional Budget Office (CBO) to comment on
the reports filed by certain recipients of funding under ARRA that detail how many jobs were
created or retained through funded activities. This CBO report fulfills that requirement. It
also provides CBO’s estimates of ARRA’s overall impact on employment and economic output
in the last quarter of calendar year 2009. Those estimates—which CBO considers more comprehensive
than the recipients’ reports—are based on evidence from similar policies enacted in
the past and various economic models..."

Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output as of September 2009 - November 2009
"...Recipients reported that about 640,000 jobs were created or retained with ARRA funding through September 2009. Such reports, however, do not provide a comprehensive estimate of the laws impact on employment in the United States.The impact may be higher or lower for several reasons(in addition to any issues about the quality of data in the report). First, it is impossible to determine how many of the reported jobs would have existed in the absence of the stimulus package. Second, the reports filed by recipients measure only the jobs created by employers who received ARRA funding directly or by their immediate subcontractors(so-called primary and secondary recipients). Third, the report do not attempt to report the number of jobs that may have been created or retained indirectly as greater income from recipients boosted demand for products and services. Fourth, the recipients' reports cover only certain appropriations made under ARRA, which encompass only about one-quarter of the total amount spent by the government or conveyed by tax reductions in ARRA through September 2009. The report does not measure the effect of other provisions of the stimulus package, such as tax cuts and transfer payments to individuals..."

Review of HUD’s Process for Monitoring Recipient Reporting for the American Recovery and Reinvestment Act of 2009
"The American Recovery and Reinvestment Act of 2009 (Recovery Act) includes $13.61 billion for projects and programs administered by the U.S. Department of Housing and Urban Development (HUD). The Recovery Act created the Recovery Accountability and Transparency Board (Board) to coordinate and conduct oversight of covered funds to prevent fraud, waste, and abuse. The Board has required the Inspector General community to evaluate Federal agencies’ process for monitoring recipient reporting of Recovery Act funds for the quarter ending September 30, 2009. The audit reports are to be issued to their agencies no later than October 30, 2009. The reports will also be submitted to the Board, which will compile the results and issue a consolidated report with recommendations for improvement across the Federal government..."

IRS Announces New Materials Available to Promote Awareness of Recovery Act Tax
"As part of a larger effort to increase the awareness and use of tax benefits available through the American Recovery and Reinvestment Act (Recovery Act), the Internal Revenue Service today announced the availability of a vast array of products that help explain several tax benefits currently available to American families.

With time running out to qualify for some of the recovery benefits, the IRS has unveiled new YouTube videos, radio public service announcements (PSAs) and multi-lingual informational flyers that provide basic information for taxpayers. The items are available on IRS.gov for partner groups, the media, Web sites and other organizations whose audience could benefit from the new tax changes.

These products are in addition to earlier IRS efforts on YouTube (www.youtube.com/irsvideos) and iTunes to increase public awareness about the tax credits. The IRS.gov official Web site also contains links and complete information about ARRA at www.irs.gov/recovery. The PSAs are in English and Spanish in either 30-second or 60-second formats. The flyers and posters are in English, Spanish, Chinese, Korean, Russian and Vietnamese..."

The Economic Impact of the American Recovery and Reinvestment Act of 2009, First Quarterly Report
"As part of the unprecedented accountability and transparency provisions included in the American Recovery and Reinvestment Act of 2009 (ARRA), the Council of Economic Advisers was charged with providing to Congress quarterly reports on the effects of the Recovery Act on overall economic activity, and on employment in particular. In this first report, we provide an assessment of the effects of the Act in its first six months.

Evaluating the impact of countercyclical macroeconomic policy is inherently difficult because we do not observe what would have happened to the economy in the absence of policy. And the sooner the evaluation is done after passage, the less data one has about key economic indicators. Any estimates of the impact of the ARRA at this early stage must therefore be regarded as preliminary and understood to be subject to considerable uncertainty. In this regard, it is important to note that there has not yet been any direct reporting by recipients of ARRA funds on job retention and creation. Such direct reporting data will be evaluated and incorporated in future reports.

Because of the inherent difficulties in the analysis, we approach the task of estimating the impact of the Recovery Act from a number of different directions. Our multi-faceted analysis suggests that the ARRA has had a substantial positive impact on the growth of real gross domestic product (GDP) and on employment in the second and third quarters of 2009. That various approaches yield similar estimates increases the confidence one can have in the results..."

Official version. Certified by Superintendent of Documents, U.S. Government Printing Office.
American Recovery and Reinvestment Act of 2009
PUBLIC LAW 111–5—FEB. 17, 2009 123 STAT. 115