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Alan Auerbach
University of California, Berkeley
SIEPR, September 24, 2012
Cumulative Real Growth
(Percent)
Since 2007:4 Since 2009:2
GDP
1.8
6.8
Consumption
2.9
6.5
-6.7
17.7
-31.3
7.8
0.9
-4.3
8.9
-2.7
Nondefense
15.2
4.1
State and local
-4.8
-6.7
Nonresidential Fixed Investment
Residential Investment
Government
Federal
National defense
Source: Bureau of Economic Analysis
Employment Growth
Since February 2010
Thousands
Percent
4,056
3.1
4,627
4.3
Government
-571
-2.5
Federal
-67
-2.3
-504
-2.6
Total Nonfarm
Private
State and Local
Source: Bureau of Labor Statistics
Cumulative Legislative Changes in
Spending Since January 2009
(Billions of Dollars)
Fiscal Year
Cumulative Legislative Changes
Defense
Nondefense Discretionary
Stimulus (ARRA)
Unemployment Insurance
Medicare
Tax Credits
Debt Service
All other
Source: Congressional Budget Office
2009
166
25
13
120
0
0
0
1
7
2010
398
61
51
219
35
0
0
6
25
2011
414
85
59
126
60
11
0
21
52
2012
338
87
34
46
48
15
36
44
28