Obama Appeals to Congress for $50 Billion in Emergency Aid

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Stimulus Raised GDP, Lowered Unemployment


ABC's Z. Byron Wolf reports: In a counterpoint to our earlier post on the skyrocketing debt: the nonpartisan Congressional Budget Office has a new report out on the now-more-than $800 billion off-budget stimulus program that Congress passed last year. Republicans have criticized that law ad-nauseum, pointing to the near-10 percent unemployment rate to argue that the stimulus did not work. But today’s CBO report confirms that things could have been much worse without the stimulus. For instance, the report guesstimates that the bill created 1.8 million to 4.1 million (a huge spread!) jobs that wouldn’t have existed otherwise and the unemployment rate would have been between .7 to 1.5 percent higher without the stimulus.
The effects of the stimulus, according to the report, will continue to increase through part of 2010, before subsiding.
From the report:
Looking at recorded spending to date as well as estimates of the other effects of ARRA on spending and revenues, CBO has estimated the law’s impact on employment and economic output using evidence about the effects of previous similar policies on the economy and using various mathematical models that represent the workings of the economy. On that basis, CBO estimates that in the first quarter of calendar year 2010, ARRA’s policies:
• Raised the level of real (inflation-adjusted) gross domestic product (GDP) by between 1.7 percent and 4.2 percent,
• Lowered the unemployment rate by between 0.7 percentage points and 1.5 percentage points,
• Increased the number of people employed by between 1.2 million and 2.8 million, and
• Increased the number of full-time-equivalent (FTE) jobs by 1.8 million to 4.1 million compared with what those amounts would have been otherwise. (Increases in FTE jobs include shifts from part-time to full-time work or overtime and are thus generally larger than increases in the number of employed workers.)
The effects of ARRA on output and employment are expected to increase further during calendar year 2010 but then diminish in 2011 and fade away by the end of 2012.

http://blogs.abcnews.com/thenote/201...mployment.html
 
The only people more batshit crazy than Mormons are the Scientologists. Bank on it.

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I no rite.

McCain ran his campaign based on nothing but truth and powered by the love of Jesus Christ.

Shut the fuck up.
 
Stimulus Raised GDP, Lowered Unemployment


ABC's Z. Byron Wolf reports: In a counterpoint to our earlier post on the skyrocketing debt: the nonpartisan Congressional Budget Office has a new report out on the now-more-than $800 billion off-budget stimulus program that Congress passed last year. Republicans have criticized that law ad-nauseum, pointing to the near-10 percent unemployment rate to argue that the stimulus did not work. But today
 
There you have it folks, someone please send this plan to the White House immediately.
 
basically left wingers would be happy to see the country literally go to shit as long as they could still rub it in everyone's face that their guy won
 
Holy shit I laughed my ass off when I read this. It's funny because it's true.
 
Palin will never get elected or win the republican nomination. She's getting a lot of attention but won't get taken seriously in the primaries if she runs. If she did win the the nomination then the republicans should just packnit in and close up shop forever. She's 100x worse than obama
 
This is all well intentioned but damnit, its making our long term problems worse
 
I don't know many that would dispute the fact that it helped create or save jobs, but the numbers thrown around are not accurate. The most important question is how/where the money was used and will it pay us back in the future? Unfortunately, the answer is no, much of the money was spent on keeping city and local and state governments afloat and sending money to politically convenient groups. There were also some targeted tax cuts that may or may not have done much good. The administration should have focused solely on infrastructure investment IMO.
 
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