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CBO: Policies for Increasing Economic Growth and Employment in the Short Term

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Statement of Douglas W. Elmendorf, Director – Policies for Increasing Economic Growth and Employment in the Short Term, prepared for the Joint Economic Committee, February 12, 2010

  • “The United States has just suffered through the most severe recession since the 1930s. The economy’s output is currently about 6 percent below CBO’s estimate of potential gross domestic product (GDP)—the output the economy would produce if its resources were fully employed. At 9.7 percent, the unemployment rate is about twice what it was in December 2007. Since that time, employers shed about 8.4 million jobs. Moreover, if employment had grown during that period at the same rate at which it grew from 1990 to 2007, millions of additional jobs would have been added to the economy. All told, the recession has lowered employment by about 11 million jobs relative to what it would otherwise be. The good news is that the economy appears to be starting to recover…”
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