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The Stimulus May Be Working
Yes, it seems that despite extreme skepticism from conservatives, the stimulus could be having a positive impact on the economy. Jobs reports have come in for the month of November and to everybody's surprise, the US lost only 11,000 jobs in a time frame where most economists were projecting around 130,000 jobs to be gone. Indeed, it turns out that over the last previous three months, our indicators were off by 130,000 jobs perceived as lost, but actually remain. These numbers bring the unemployment rate down from 10.2 percent to 10 percent.
These are meager gains but possibly hopeful ones. Even as fiscal deficit spending increases, conservative cynics admit that the promising fiscal third quarters are mostly due to government spending. As reported by conservative writer Niall Ferguson in Newsweek, half to two-thirds of real growth in Gross Domestic Product can be attributed to government programs, such as Cash for Clunkers and subsidies for first-time home buyers. These programs make up only 4 percent of the GDP, but account for 2.8 percent of growth in the third quarter which has led many economists to say we may be starting a slow economic recovery in the next fiscal year. And despite the lack of apparent accuracy in the government's recovery.gov, the more reliable and nonpartisan Congressional Budget Office reported on Dec. 1 that the stimulus created or saved 600,000 to 1.6 million jobs in 2009 that would otherwise not exist.
So, perhaps all the criticism of government expenditure, the stimulus that is modeled modestly after aspects of Franklin Delano Roosevelt's New Deal, may actually be having success, if only also modestly. This may inform the desire for a smaller "Jobs Bill," i.e. extra stimulus, being passed next year.
Thoughts?
These are meager gains but possibly hopeful ones. Even as fiscal deficit spending increases, conservative cynics admit that the promising fiscal third quarters are mostly due to government spending. As reported by conservative writer Niall Ferguson in Newsweek, half to two-thirds of real growth in Gross Domestic Product can be attributed to government programs, such as Cash for Clunkers and subsidies for first-time home buyers. These programs make up only 4 percent of the GDP, but account for 2.8 percent of growth in the third quarter which has led many economists to say we may be starting a slow economic recovery in the next fiscal year. And despite the lack of apparent accuracy in the government's recovery.gov, the more reliable and nonpartisan Congressional Budget Office reported on Dec. 1 that the stimulus created or saved 600,000 to 1.6 million jobs in 2009 that would otherwise not exist.
So, perhaps all the criticism of government expenditure, the stimulus that is modeled modestly after aspects of Franklin Delano Roosevelt's New Deal, may actually be having success, if only also modestly. This may inform the desire for a smaller "Jobs Bill," i.e. extra stimulus, being passed next year.
Thoughts?
Replies to This Discussion
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Permalink Reply by Iron Tigers Vet on -
You answered your own statement... COMMON SENSE!
Right now there is not common sense in the WH. Those two words do not go together in DC. It's an oxymoron.
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Permalink Reply by robert prather on -
my ass at what cost higher taxes that ant good for nothen i say againe my ass
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Permalink Reply by Ron Frazier on -
ARE YOU KIDDING ME?? Only thing Stimulus did was 1) bought off votes...and save a California Nancy Polosi RAT..Or maybe there is something for you in that Stimulus too...I know it created bigger Govt..Mind you...If you aren't working...I hear Washington is Hiring...if you have a criminal record...thats fine...No vetting process...so don't worry...Only qualification...YOU HAVE TO HAVE CHEATED ON YOUR TAXES....Thats all Obama ask..might be a whitehouse State dinner in it for you,..Just walk up there and tell them you support the stimulus...They will let you in..But all kidding aside...787 billion...poof...up in smoke.What a waste...I could have bought me a Bridge to know where and set it up in my backyard.....But according to Obama...Its working...Now who would you believe...Obama...or your lying eyes...??
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Permalink Reply by Laura Eide on -
Hahaha! Now tell us how you REALLY feel dear Ron!! :-D
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Permalink Reply by Jim Robinson on -
Yeah, Ron - don't hold back on us!!! :D
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Permalink Reply by lisa mincey on -
oh my GOSH...ron has turned into a male version of ME?!!!?...yikes...lol...love ya brother
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Permalink Reply by Jim Robinson on
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Lisa and Ron - does this mean the rest of us have to start calling you guys the Wonder Twins?!! :D
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Permalink Reply by Mike Mott on -
A Raine: As a taxpayer, I ask not who the stimulus works for as it doesn't work for me.
Baloney. Please read "I, Pencil" to gain your bearings. Then study "The Broken Window Fallacy". Finally, get a copy of Adam Smith's "The Wealth of Nations" and read about feudal societies in Book 3. What you will learn and what is proven by the actions of the Obama Administration is that economies operate even in the presence of unfriendly government actions.
Extra credit. See http://workforall.net/EN_Tax_policy_for_growth_and_jobs.html and predict the GDP growth under Obama.
For Dave "Cheeks" Grant, I thought the stimulus (both of them) were horrid ideas and have seen nothing to shake my faith that government can really muck up an economy. It is astounding to me that anyone can think the government can take money from the productive part of the economy, drop it into the unproductive part of the economy, and do any good. Come on. We are talking about Timmy the Tax Cheat Geithner here.
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