CBO: Obama stimulus still boosting jobs

[Flopper]

Obama's 2009 stimulus is still boosting jobs

The $825 billion economic stimulus law signed by President Obama in February 2009 is still having a positive impact on the economy some 30 months later, according to the nonpartisan Congressional Budget Office.

In its latest quarterly report, the agency said the law's combination of aid to states and localities, public works projects, tax cuts and other spending increased the number of people with jobs by 1 million to 2.9 million between April and June of this year.

It said the law lowered the unemployment rate for that quarter by 0.5 to 1.6 percentage points -- meaning the rate could have been above 10% without the law's stimulative provisions. And it said the law boosted economic growth in that quarter by 0.8% to 2.5%.





And to think....EVERY Republican voted against the stimulus

More lies? Funny how the unemployment rate is still going up, even after the lie"The unemployment rat will not go over 8%" from the left. The stimulus was and is a failure, like everything obamaturd does.

The stimulus was a success in stopping the rising unemployment, but failed to bring unemployment below 8% because it wasn't large enough. Economist said more than a trillion dollars was needed to actually bring down unemployment to pre-recession levels. A package that large would not pass the congress, so the administration settled for the smaller stimulus. It did just as economist expected. It stopped the rise in unemployment. Unemployment peaked at 10.1% in Oct. 2009 and has slowly worked it's way down to 9.2% today. In Feb. 2009 when the stimulus package became law, job loss was running 600,000 jobs a month. Last month the country gained 117,000 jobs.

The United States Unemployment Rate
Economist argues for larger stimulus package | International Brotherhood of Boilermakers

 

[BoycottTheday]

LIAMD

 

[NYcarbineer]

no one....NO ONE...predicted the rate was going to 11%.

Not one economists on the left and not one on the right.

So I find that rationalization as a sign of "what the fuck did we do wrong"......

Well that proves you never actually read the Romer/Bernstein report.


1 Forecasts of the unemployment rate without the recovery plan vary substantially. Some private forecasters anticipate
unemployment rates as high as 11% in the absence of action.

Guess what that's from...

Hmmm.,...and please tell me who those private forecasters were.
Did they identify them...or are they "un-named sources".

Jeez...I give up.

The posted quote is directly from the Romer report that you claimed is unimpeachable irrefutable absolutely reliable proof that an 8% unemployment rate was promised.

Are you saying that report's information cannot be trusted as reliable?

 

[FA_Q2]

we are so accurate in our forecasts we use the variables of million to millions.


Speaking of accuracy...What is the historical accuracy of the CBO? Anyone?

The CBO can only estimate from the figures they are given. Trash in, trash out.

By statute, CBO's baseline projections must estimate the future paths of federal spending and revenues under current law and policies. The baseline is therefore not intended to be a prediction of future budgetary outcomes; instead, it is meant to serve as a neutral benchmark that lawmakers can use to measure the effects of proposed changes to spending and taxes. So for that reason and others, actual budgetary outcomes are almost certain to differ from CBO's baseline projections

CBO's forecasting record.

Translated - they present the facts

Actually, no they don't. I already addressed that but I guess you ignored it. They do not use any facts at all, what they use are educated guesses and projections. When the facts come about that prove their projections asinine, they simply ignore them...

Obama's 2009 stimulus is still boosting jobs

The $825 billion economic stimulus law signed by President Obama in February 2009 is still having a positive impact on the economy some 30 months later, according to the nonpartisan Congressional Budget Office.

In its latest quarterly report, the agency said the law's combination of aid to states and localities, public works projects, tax cuts and other spending increased the number of people with jobs by 1 million to 2.9 million between April and June of this year.

It said the law lowered the unemployment rate for that quarter by 0.5 to 1.6 percentage points -- meaning the rate could have been above 10% without the law's stimulative provisions. And it said the law boosted economic growth in that quarter by 0.8% to 2.5%.





And to think....EVERY Republican voted against the stimulus

That would be nice if the CBO was actually reporting how many jobs the stimulus created but the fact is that is NOT what the CBO does:
From their own page:

Those estimates—which CBO considers more comprehensive than the recipients' reports—are based on evidence from similar policies enacted in the past and on the results of various economic models.

In other words, this is based on MODELS and not on actual jobs created. This has already been addressed in the first quarterly reports:
CBO Admits their Stimulus Jobs Count Ignored the Economy

When asked if this means that any actual underperformance of the stimulus would fail to show up in the CBO's stimulus jobs count, Elmendorf replied "That's right." This means the 1.5 million jobs saved estimate was pre-determined.

From the directors own mouth - actual performance has nothing to do with the numbers the CBO releases in their quarterly reports.

 

[Conservative]

Well that proves you never actually read the Romer/Bernstein report.


1 Forecasts of the unemployment rate without the recovery plan vary substantially. Some private forecasters anticipate
unemployment rates as high as 11% in the absence of action.

Guess what that's from...

Hmmm.,...and please tell me who those private forecasters were.
Did they identify them...or are they "un-named sources".

Jeez...I give up.

The posted quote is directly from the Romer report that you claimed is unimpeachable irrefutable absolutely reliable proof that an 8% unemployment rate was promised.

Are you saying that report's information cannot be trusted as reliable?

No, I think he simply asked WHO the 'un-named sources' of this 11% were. Sounds like a reasonable request to me.

 

[Jarhead]

Well that proves you never actually read the Romer/Bernstein report.


1 Forecasts of the unemployment rate without the recovery plan vary substantially. Some private forecasters anticipate
unemployment rates as high as 11% in the absence of action.

Guess what that's from...

Hmmm.,...and please tell me who those private forecasters were.
Did they identify them...or are they "un-named sources".

Jeez...I give up.

The posted quote is directly from the Romer report that you claimed is unimpeachable irrefutable absolutely reliable proof that an 8% unemployment rate was promised.

Are you saying that report's information cannot be trusted as reliable?

I am saying that when a politician or a staff member sites "un-named" sources for the reason they should push a policy, I have reason to doubt the need for the policy.

 

[NYcarbineer]

no one....NO ONE...predicted the rate was going to 11%.

Not one economists on the left and not one on the right.

So I find that rationalization as a sign of "what the fuck did we do wrong"......

Well that proves you never actually read the Romer/Bernstein report.


1 Forecasts of the unemployment rate without the recovery plan vary substantially. Some private forecasters anticipate
unemployment rates as high as 11% in the absence of action.

Guess what that's from...

Hmmm.,...and please tell me who those private forecasters were.
Did they identify them...or are they "un-named sources".

Jeez...I give up.

The posted quote is directly from the Romer report that you claimed is unimpeachable irrefutable absolutely reliable proof that an 8% unemployment rate was promised.

Are you saying that report's information cannot be trusted as reliable?

 

[Truthmatters]

The only people who doubt the stimulus worked are right wing hacks.


The same ones who deny science to retain their historically failed ideas.

 

[Jarhead]

Well that proves you never actually read the Romer/Bernstein report.


1 Forecasts of the unemployment rate without the recovery plan vary substantially. Some private forecasters anticipate
unemployment rates as high as 11% in the absence of action.

Guess what that's from...

Hmmm.,...and please tell me who those private forecasters were.
Did they identify them...or are they "un-named sources".

Jeez...I give up.

The posted quote is directly from the Romer report that you claimed is unimpeachable irrefutable absolutely reliable proof that an 8% unemployment rate was promised.

Are you saying that report's information cannot be trusted as reliable?

I am saying that when a politician or a staff member sites "un-named" sources for the reason they should push a policy, I have reason to doubt the need for the policy.

FYI....posting it a second time will result in the exact same response you got from the first time

 

[bigrebnc1775]

If I have to say so myself I will BEST POST IN THIS THREAD.

 

[KissMy]

Democrats have done nothing but lost jobs since they took control in 2007.

Obama has & still is loosing jobs since he took over in 2009.

 

[Sallow]

Obama's 2009 stimulus is still boosting jobs

The $825 billion economic stimulus law signed by President Obama in February 2009 is still having a positive impact on the economy some 30 months later, according to the nonpartisan Congressional Budget Office.

In its latest quarterly report, the agency said the law's combination of aid to states and localities, public works projects, tax cuts and other spending increased the number of people with jobs by 1 million to 2.9 million between April and June of this year.

It said the law lowered the unemployment rate for that quarter by 0.5 to 1.6 percentage points -- meaning the rate could have been above 10% without the law's stimulative provisions. And it said the law boosted economic growth in that quarter by 0.8% to 2.5%.





And to think....EVERY Republican voted against the stimulus

Republicans are anti-job.

But you'll never see one voting against pork for themselves.

Especially when its real pork for their real selves.

Like Conservative heroine Michelle Bachmann.

Michele Bachmann disclosure includes farm receiving government subsidies - Los Angeles Times

 

[Jarhead]

Obama's 2009 stimulus is still boosting jobs

The $825 billion economic stimulus law signed by President Obama in February 2009 is still having a positive impact on the economy some 30 months later, according to the nonpartisan Congressional Budget Office.

In its latest quarterly report, the agency said the law's combination of aid to states and localities, public works projects, tax cuts and other spending increased the number of people with jobs by 1 million to 2.9 million between April and June of this year.

It said the law lowered the unemployment rate for that quarter by 0.5 to 1.6 percentage points -- meaning the rate could have been above 10% without the law's stimulative provisions. And it said the law boosted economic growth in that quarter by 0.8% to 2.5%.





And to think....EVERY Republican voted against the stimulus

Republicans are anti-job.

But you'll never see one voting against pork for themselves.

Especially when its real pork for their real selves.

Like Conservative heroine Michelle Bachmann.

Michele Bachmann disclosure includes farm receiving government subsidies - Los Angeles Times

you have an issue with bacon?

Bacon is a mans best friend.

Dont screw with my bacon.

 

[Soggy in NOLA]

The car industry is now one of the few areas in the economy doing well.

If Obama had not bailed them out where would we be?

Just think

EVERY Republican voted against saving our auto industry

No, they voted against rewarding bad business practices and unions.

 

[Truthmatters]

Did the stimulus work? A review of the nine best studies on the subject - Ezra Klein - The Washington Post




Here are the nine studies, organized by the conclusion and method used. Click on each one to see my summary of the study, how it reached its conclusions, and potential problems with its approach.


It worked (econometric):

Feyrer and Sacerdote.
Chodorow-Reich, Feiveson, Liscow, and Woolston.
Wilson.


It worked (modeling):

Congressional Budget Office.
Council of Economic Advisors.
Zandi and Blinder.

It worked a little bit (modeling):
Oh and Reis.

It didn’t work (econometric):
Conley and Dupor.
Taylor.

 

[Conservative]

Did the stimulus work? A review of the nine best studies on the subject - Ezra Klein - The Washington Post




Here are the nine studies, organized by the conclusion and method used. Click on each one to see my summary of the study, how it reached its conclusions, and potential problems with its approach.


It worked (econometric):

Feyrer and Sacerdote.
Chodorow-Reich, Feiveson, Liscow, and Woolston.
Wilson.


It worked (modeling):

Congressional Budget Office.
Council of Economic Advisors.
Zandi and Blinder.

It worked a little bit (modeling):
Oh and Reis.

It didn’t work (econometric):
Conley and Dupor.
Taylor.

again...

I guess that includes Christina Romer, huh...
Outgoing Obama Admin Economist admits Stimulus Failed

...and the current VP...
Slow Joe Biden Says Stimulus Failed Because Economy was Worse than Thought

...and Sen. Landrieu...
Sen. Mary Landrieu (D-LA) Admits That Obama’s Stimulus Has Fallen Short Of Expectations

Dip shit.

 

[Conservative]

again...

I guess that includes Christina Romer, huh...
Outgoing Obama Admin Economist admits Stimulus Failed

...and the current VP...
Slow Joe Biden Says Stimulus Failed Because Economy was Worse than Thought

...and Sen. Landrieu...
Sen. Mary Landrieu (D-LA) Admits That Obama’s Stimulus Has Fallen Short Of Expectations

Dip shit.

The only people who doubt the stimulus worked are right wing hacks.


The same ones who deny science to retain their historically failed ideas.

 

[hellofromwarsaw]

Thanks for the 2nd Great Pub Depression AND screwing up the recovery. This is The Obstruction and Fear Mongering non-Recovery at this point.

 

[PLYMCO_PILGRIM]

The only people who doubt the stimulus worked are right wing hacks.


The same ones who deny science to retain their historically failed ideas.

The ONLY people claiming the stimulus did not work are partisan hacks.

Every other unbiased source says they worked.

yeah thats why business, since the stimulus, is down 30%....because it worked so good?

Thats why unemployment is still at 9%

Thats also why the markets are so volitile.

Or was the intention of the administration and democrat congress to hurt the economy? That would be the only way you can say it worked.

 

[Flopper]

Well that proves you never actually read the Romer/Bernstein report.


1 Forecasts of the unemployment rate without the recovery plan vary substantially. Some private forecasters anticipate
unemployment rates as high as 11% in the absence of action.

Guess what that's from...

Hmmm.,...and please tell me who those private forecasters were.
Did they identify them...or are they "un-named sources".

Jeez...I give up.

The posted quote is directly from the Romer report that you claimed is unimpeachable irrefutable absolutely reliable proof that an 8% unemployment rate was promised.

Are you saying that report's information cannot be trusted as reliable?

There was no promise of an an unemployment rate of less than 8%. There was an economic projection, not a goal, nor a promise of anything.

The report projected that the stimulus plan proposed by Obama would create between three and four million jobs by the end of 2010. The report also includes a graphic predicting unemployment rates with and without the stimulus. Without the stimulus (the baseline), unemployment was projected to hit about 8.5 percent in 2009 and then continue rising to a peak of about 9 percent in 2010. With the stimulus, they predicted the unemployment rate would peak at just under 8 percent in 2009.

Look at the actual report.
http://www.thompson.com/images/thompson/nclb/openresources/obamaeconplanjan9.pdf