A Verdict on Obama's "Stimulus" Plan

[boedicca]

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.

Power Line - A Verdict on Obama's "Stimulus" Plan

 

[Avorysuds]

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.

 

[CrusaderFrank]

It did exactly what it was supposed to do

"When I said 'Change', you though I meant changed for the better, what a rube!"

 

[boedicca]

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.

 

[Immanuel]

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

 

[signelect]

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.

 

[BlindBoo]

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 dierent sectors is likelyto have consequences for the eects 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

 

[Truthmatters]

http://www.cbo.gov/ftpdocs/110xx/doc11044/02-23-ARRA.pdf

The CBO long ago said it worked

 

[Steve Hanson]

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.

Power Line - A Verdict on Obama's "Stimulus" Plan

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.

 

[auditor0007]

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.

Power Line - A Verdict on Obama's "Stimulus" Plan

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

Amid mounting signs that the economic recovery is faltering, one potential remedy seems out of the question: a booster shot of government spending.
The White House says the multiyear $814 billion stimulus program passed by Congress in 2009 boosted employment by 2.5 million to 3.6 million jobs and raised the nation's annual economic output by almost $400 billion. A recent study by two prominent economists generally agrees, crediting the pump-priming with averting "what could have been called Great Depression 2.0."

If President Obama expected anyone to say, "Thank you," however, he's been disappointed. In a recent USA TODAY/Gallup Poll, 59% of respondents disapproved of the president's handling of the economy. In the partisan war over the economy's performance, the word "stimulus" has became synonymous with "boondoggle," making the notion of a repeat any time soon highly unlikely — especially if Republicans seize control of one or both houses of Congress in November.

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

 

[Cuyo]

Somebody on the internets claimed OWE-bama's stimulus was a failure?

Color me shocked.

 

[Dot Com]

You mean you can find economists that will produce models consistent w/ your ideology? I'm shocked. SHOCKED I tell you!!! boedicca's threads never fail to induce ZZZzzz

 

[Truthmatters]

It wont phase them they will just rewrite the history and science to suit their historically failed ideas.


Makes one wonder why not just get new ideas.

 

[AquaAthena]

And just look at how many JOBS he is trying to decline with his interference in the private business sector, with Boeing. Government has no right to interfere with a private business, but that hasn't stopped Obama, from killing JOBS. ***

NORTH CHARLESTON, S.C. — This summer, the huge Boeing assembly plant here will begin producing 787 Dreamliners — up to three a month, priced at $185 million apiece. It will, unless the National Labor Relations Board, controlled by Democrats and encouraged by Barack Obama's reverberating silence, gets its way.

Much more:

Opinion | The NLRB vs. Boeing: Obama administration puts politics before the economy | Seattle Times Newspaper

 

[Steve Hanson]

It wont phase them they will just rewrite the history and science to suit their historically failed ideas.


Makes one wonder why not just get new ideas.

The truth doesn't really matter to you does it?

 

[blastoff]

Nice chart. The goods-producing industries really took it in the shorts. Fewer goods being sold, fewer folks employed manufacturing them, less money swirling around in our economy due to their smaller or nonexistent paychecks, less business investment by the goods producers, etc., etc. Nice plan, Barry.

 

[Truthmatters]

It wont phase them they will just rewrite the history and science to suit their historically failed ideas.


Makes one wonder why not just get new ideas.

The truth doesn't really matter to you does it?

How cute, you are the one using ONE biased study in replacement for the vast majority of economists including the non partisan CBO report to deside what you want to believe.


The only thing that matters to yuou apperently is what your partisan hacks say.

Quit placing party over country.

 

[Soggy in NOLA]

Somebody on the internets claimed OWE-bama's stimulus was a failure?

Color me shocked.

The Internets?

Color you illiterate.

 

[Truthmatters]

And just look at how many JOBS he is trying to decline with his interference in the private business sector, with Boeing. Government has no right to interfere with a private business, but that hasn't stopped Obama, from killing JOBS. ***

NORTH CHARLESTON, S.C. — This summer, the huge Boeing assembly plant here will begin producing 787 Dreamliners — up to three a month, priced at $185 million apiece. It will, unless the National Labor Relations Board, controlled by Democrats and encouraged by Barack Obama's reverberating silence, gets its way.

Much more:

Opinion | The NLRB vs. Boeing: Obama administration puts politics before the economy | Seattle Times Newspaper

An Opinion piece ......REALLY?

 

[Steve Hanson]

It wont phase them they will just rewrite the history and science to suit their historically failed ideas.


Makes one wonder why not just get new ideas.

The truth doesn't really matter to you does it?

How cute, you are the one using ONE biased study in replacement for the vast majority of economists including the non partisan CBO report to deside what you want to believe.


The only thing that matters to yuou apperently is what your partisan hacks say.

Quit placing party over country.

The irony