Stimulus update

The CBO ran some numbers on the stimulus which conclude that it:

• Increased the number of people employed by between 1.2 million and 2.8 million, and

• Increased the number of full-time-equivalent jobs by 1.8 million to 4.1 million compared with what those amounts would have been otherwise.

In other words, for every person employed, the federal government spent between $281,000 and $655,833, while the cost per FTE than would otherwise be the case is $192,000 and $437,000. For perspective, median household income in the US is just over $50,000.

Update: More here from Dan Mitchell.