Indiana Sen. Evan Bayh, a Democrat, says the stimulus package hasn't created one job. President Obama says it's saved 2 million. What gives?
On the anniversary of the signing of the economic stimulus package, debate rages over whether the package delivered as advertised. Here's a look at where the country was a year ago, and where it is today:
-- The jobless rate rose from 8.1 percent in February 2009 to 9.7 percent in January 2010.
-- The number of unemployed rose 2.09 million in that period, from 12.7 million to 14.8 million.
-- Federal government employment rose by 113,000.
-- The number of states/federal districts with a jobless rate of 10 percent or higher rose from seven in February 2009 to 17 in December 2009.
-- The rate at which employers are cutting jobs has slowed. Employers shed 20,000 jobs in January 2010, compared with 650,000 last February.
-- The GDP grew 5.7 percent in the fourth quarter of 2009, as compared with the 6.2 percent decline in the fourth quarter of 2008. Last quarter's growth marked the biggest gain in six years.
-- The economy posted positive gains in the third and fourth quarters of 2009.
-- The national debt rose from $10.78 trillion on Feb. 17, 2009, to $12.35 trillion on Feb. 17, 2010.
-- Foreign governments increased their ownership of U.S. debt by $453 billion, or 14 percent, from February 2009 to December 2009.
-- The deficit for fiscal year 2009 was $1.4 trillion and is expected to hit $1.6 trillion this year.
-- About one-third of the stimulus money has been paid out.
-- Nearly 70 percent of the non-tax relief portion of the package has been obligated to specific projects and programs, according to the White House.
-- Recent studies have found more stimulus money, on a per resident basis, went to states with low unemployment than with high unemployment, and that more funding went to high-income areas than low-income areas.
-- More than 55,000 projects have been funded from the stimulus, according to the White House. Of that, more than 8,500 stimulus-funded transportation construction projects are under way, with a total of 12,500 in the pipeline.
-- Nearly $120 billion has been provided in tax relief, according to the White House.
-- The White House says the stimulus has provided jobless benefits to more than 18 million Americans; $20 billion in loans to more than 42,000 small businesses; $56 billion in Medicaid funding to states; $60 billion for education budgets; and emergency relief payments to 55 million seniors, veterans and other residents.