A Verdict on Obama's "Stimulus" Plan

Discussion in 'Economy' started by boedicca, May 16, 2011.

  1. boedicca
    Offline

    boedicca Uppity Water Nymph Supporting Member

    Joined:
    Feb 12, 2007
    Messages:
    41,772
    Thanks Received:
    12,766
    Trophy Points:
    2,250
    Location:
    The Land of Funk
    Ratings:
    +22,718
    A new study by economists Timothy Conley and Bill Dupor shows that the Obama Stimulus Spending Binge:

    - Saved or created 450,000 government jobs
    - Destroyed or forstalled 1,000,000 private sector jobs

    That sounds about right.

    "Our benchmark results suggest that the ARRA created/saved approximately 450 thousand state and local government jobs and destroyed/forestalled roughly one million private sector jobs. State and local government jobs were saved because ARRA funds were largely used to offset state revenue shortfalls and Medicaid increases rather than boost private sector employment. The majority of destroyed/forestalled jobs were in growth industries including health, education, professional and business services."

    So the American people borrowed and spent close to a trillion dollars to destroy a net of more than one-half million jobs. Does President Obama understand this? I very much doubt it. When he expressed puzzlement at the idea that the stimulus money may not have been well-spent, and said that "spending equals stimulus," he betrayed a shocking level of economic ignorance.


    [​IMG]

    Power Line - A Verdict on Obama's "Stimulus" Plan
     
    • Thank You! Thank You! x 4
  2. Avorysuds
    Offline

    Avorysuds Gold Member

    Joined:
    Jul 4, 2010
    Messages:
    13,834
    Thanks Received:
    1,655
    Trophy Points:
    245
    Location:
    Eugene Oregon
    Ratings:
    +2,141
    The fact that we are (even by the best numbers picked out) about where we were before the stimulus shows that it failed because now we have the debt. There is a reason Obama now claims the stimulus saved us from a depression, because otherwise he would have to admit ity did nothing but add to the deficit.
     
  3. CrusaderFrank
    Online

    CrusaderFrank Diamond Member

    Joined:
    May 20, 2009
    Messages:
    81,164
    Thanks Received:
    14,901
    Trophy Points:
    2,210
    Ratings:
    +36,894
    It did exactly what it was supposed to do

    [​IMG]

    "When I said 'Change', you though I meant changed for the better, what a rube!"
     
    • Thank You! Thank You! x 1
    Last edited: May 16, 2011
  4. boedicca
    Offline

    boedicca Uppity Water Nymph Supporting Member

    Joined:
    Feb 12, 2007
    Messages:
    41,772
    Thanks Received:
    12,766
    Trophy Points:
    2,250
    Location:
    The Land of Funk
    Ratings:
    +22,718
    We're not about where we were before the Stimulus was passed. We have a much higher level of debt and moribund economic growth. Without this fiasco and related expansions of government reach, the economy would have been growing at a brisk 5%+ rate and generated enough jobs to cover both increases in population growth and real private sector employment.

    This is the Worst Recovery Ever...and as CF notes, that was The Plan All Along.
     
    • Thank You! Thank You! x 1
  5. Immanuel
    Offline

    Immanuel Gold Member

    Joined:
    May 15, 2007
    Messages:
    16,823
    Thanks Received:
    2,210
    Trophy Points:
    183
    Ratings:
    +2,224
    You people are talking treason. How dare you question the Stimulus Plan? Don't you know that without it we would all be unemployed? Well, most of us would be anyway!

    Immie
     
    • Thank You! Thank You! x 2
  6. signelect
    Offline

    signelect BANNED

    Joined:
    Dec 10, 2010
    Messages:
    1,863
    Thanks Received:
    216
    Trophy Points:
    0
    Location:
    Houston, TX
    Ratings:
    +216
    This guy has done exactly what he had planned from the beginning. He did not like the America he saw and wanted to change it so he promised his voters everything but delivered nothing expect government jobs and all of us who have had to deal with a government agency know what service and care we get when we go in. Zilch. Even his wife admited that we did not like America and we haven't even started on the crowd he ran with. We republicans really screwed up and did not offer a viable choice and it appears that he we don't get moving we may do it again.
     
    • Thank You! Thank You! x 1
  7. BlindBoo
    Offline

    BlindBoo Gold Member

    Joined:
    Sep 28, 2010
    Messages:
    19,590
    Thanks Received:
    2,194
    Trophy Points:
    245
    Ratings:
    +4,389
    We predict that an accurate economic model of the ARRA experience will have three essential features. First, the Great Recession and the Act's implementation happened partway through a sectoral shift from goods-producing to a service (of a particular 38See also Cogan and Taylor (2010b). 28 type) sector economy as evidenced in Figure 2.39 Second, as explained in the paper, relatively less educated people faced, and continue to face, a much worse job market than more educated people.

    The way that state and local governments channeled ARRA funding into di erent sectors is likelyto have consequences for the e ects of the Act. For this reason, an accurate model should diferentiate between high and low education workers along with their respective labor markets. Third, we have provided substantial evidence that state and local governments have used part of ARRA aid in a way not explicitly intended by Congress and the President.

    http://web.econ.ohio-state.edu/dupor/arra10_may11.pdf
     
  8. Truthmatters
    Offline

    Truthmatters BANNED

    Joined:
    May 10, 2007
    Messages:
    80,182
    Thanks Received:
    2,223
    Trophy Points:
    0
    Ratings:
    +2,233
  9. Steve Hanson
    Offline

    Steve Hanson Active Member

    Joined:
    Aug 25, 2010
    Messages:
    806
    Thanks Received:
    339
    Trophy Points:
    28
    Ratings:
    +339
    And the saving was only temporary. Most of those saved jobs have been layed off now that the stimulus ran out. It was a frigging bandaid. Nothing more.
     
  10. auditor0007
    Offline

    auditor0007 Gold Member

    Joined:
    Oct 19, 2008
    Messages:
    12,566
    Thanks Received:
    2,255
    Trophy Points:
    255
    Location:
    Toledo, OH
    Ratings:
    +3,218
    If you just look a little, it's easy to find anything supporting what you may or may not believe to be true.

    Economists agree: Stimulus created nearly 3 million jobs

    Economists agree: Stimulus created nearly 3 million jobs - USATODAY.com
     

Share This Page