Stimulus Will Save 3.5 Million Jobs, Officials Say

White House says predictions were accurate

White House administrators are saying that the estimates for how many jobs the economic stimulus plan will create or save are right on target. Officials project the package will save about 3.5 million jobs.

Estimates when the package was announced said the $787 billion stimulus package would save or create between 3 million and 4 million jobs.

Yes, there’s a catch

While officials predict that 3.5 million jobs will be saved or created by the stimulus package, they agree that it’s possible the unemployment rate will still get higher at the same time.

Job loss may be so steep that the number of jobs lost will exceed the number of jobs created and saved. Thus, the unemployment rate will be lower than it would otherwise, but it could still climb higher than the current 8.9 percent national unemployment rate.

Time frame

The projection regarding number of jobs saved or created applies through the end of 2010. So don’t go out and get cash advance loans thinking you’ll get another job before it’s time to pay it back. This is going to take a while.

The report says that 1.5 million jobs will be created or saved by the end of this year.

Possible further action

According to a report by Reuters:

The official said the administration was monitoring closely the results of the $787 billion spending and tax-cut package to determine whether additional actions are needed as “mid-term” economic forecasts are prepared by the White House. ... click here to read the rest of the article titled "Stimulus Will Save 3.5 Million Jobs, Officials Say"