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....11-24-10
ABC News' Ann Compton reports
The Congressional Budget Office has weighed in on the effects of the governments stimulus spending this past summer and concludes that the Recovery Act raised the GDP, lowered unemployment, and increased the number of people with jobs, but the range of numbers is very, very broad.
The CBO also suggests the major effects of the stimulus peaked during what the administration once called the Summer of Recovery, are diminishing, and will wane gradually during these final months of 2010.
Price tag: CBO says the original price tag of $787 Billion is actually going to be higher for the 10 year period: $814 Billion spent into the economy 2009-2019.
CBO: Effects of the Stimulus Spending Are Now 'Diminishing' - Political Punch
there was a big oil spill right in the middle of that summer.
That doesnt mean anything right?
This is hardly a revelation to anyone who understands economics in the first place.
there was a big oil spill right in the middle of that summer.
That doesnt mean anything right?
there was a big oil spill right in the middle of that summer.
That doesnt mean anything right?
concludes that the Recovery Act raised the GDP, lowered unemployment, and increased the number of people with jobs
Thnaks for proving the stimulus worked.
Now why the fuck are the Rs stopping unemployment benifits right before christmas?
they are the best stimulus
Jobs: CBO counts them differently than the Recovery Act, but concludes based on economic models that in just the third quarter, July through September, stimulus spending “increased the number of people employed by between 1.4 million and 3.6 million.” (Vice President Biden claims “millions” of jobs have been created and at one point forecast 500 thousand additional jobs a month, an optimistic prediction that did not come true in monthly government reports.)
Impact: Without declaring the impact over, CBO estimates 70% of the budget impact ended with fy2010. It suggests the impact on growth peaked and is now “diminishing” and the impact on unemployment will “wane gradually” in the current fourth quarter.
CBO, the official scorekeepers for legislation, said the House and Senate bills will help in the short term but result in so much government debt that within a few years they would crowd out private investment, actually leading to a lower Gross Domestic Product over the next 10 years than if the government had done nothing.
CBO estimates that by 2019 the Senate legislation would reduce GDP by 0.1 percent to 0.3 percent on net. [The House bill] would have similar long-run effects, CBO said in a letter to Sen. Judd Gregg, New Hampshire Republican, who was tapped by Mr. Obama on Tuesday to be Commerce Secretary...
...CBO said there is no crowding out in the short term, so the plan would succeed in boosting growth in 2009 and 2010.
The agency projected the Senate bill would produce between 1.4 percent and 4.1 percent higher growth in 2009 than if there was no action. For 2010, the plan would boost growth by 1.2 percent to 3.6 percent.
CBO did project the bill would create jobs, though by 2011 the effects would be minuscule.
krugman think the stimulus needed to be bigger like um $2 trillion or $4 trillion, maybe $6 trillion and then unemployment would have plummeted to 9.5%
Gulf Oil Spill Job Losses Could Total 1 MILLION Over Next 5 Years: David Kotok
one million jobs assholes
krugman think the stimulus needed to be bigger like um $2 trillion or $4 trillion, maybe $6 trillion and then unemployment would have plummeted to 9.5%
lol
