Has the Stimulus Package Worked?

Has the stimulus package worked? It's a question that many inside and outside of government have been asking for a long time. It will likely be some time before anyone is able to say with minimal uncertainty. That said, a recent report from the Congressional Budget Office (CBO) has attempted to provide an answer, at least in terms of job creation. There is still significant uncertainty, however.

The CBO writes in its report (PDF available here):

Recipients report 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 law’s impact on employment in the United States. That impact may be higher or lower than the reported number for several reasons (in addition to any issues about the quality of the data in the reports).

Another resource on the stimulus package is this excellent overview (PDF) of fiscal stimulus policy by the Congressional Research Service.