Stimulus? Not so much
March 11th 2009 22:07
From ABC.com:
That $787 billion -- more than $1 trillion with interest -- certainly is paying off, isn't it? The projected jobs created or "saved" (a term that provides a political, face-saving loophole for Obama) has been adjusted down. And we know that some percentage of the jobs that will be created will go to illegal aliens. What a great investment, America!
You know, we shake with fury at Bernie Madoff's swindling ways. His scam pales in comparison to the Ponzi scheme the government is perpetrating.
A group of economists including Mark Zandi of Moody's who has advised Democrats and Republicans just presented House Democrats with a report that says the recently enacted $787 billion stimulus package will fall far short of the goal of saving or creating 3.5 million to 4 million jobs.
In the group's briefing, two of the four economists said only 2.5 million jobs will be saved or created in the next two years.
In the group's briefing, two of the four economists said only 2.5 million jobs will be saved or created in the next two years.
That $787 billion -- more than $1 trillion with interest -- certainly is paying off, isn't it? The projected jobs created or "saved" (a term that provides a political, face-saving loophole for Obama) has been adjusted down. And we know that some percentage of the jobs that will be created will go to illegal aliens. What a great investment, America!
You know, we shake with fury at Bernie Madoff's swindling ways. His scam pales in comparison to the Ponzi scheme the government is perpetrating.
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Comment by S.L.
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I find this view of Mark Zandi quite interesting. He also said on January 23 that Government spending will boost the economy...
Source: Really Long Link
"Increased government spending provides a large economic bang for the buck and thus significantly boosts the economy. The benefits begin as soon as the money is disbursed and are less likely than tax cuts to be diluted by an increase in imports. The most effective proposals included in the House stimulus plan are extending unemployment insurance benefits, expanding the food stamp program, and increasing aid to Page 8
state and local governments. Increasing infrastructure spending will also greatly boost the economy, particularly as the current downturn is expected to last for an extended period. Most of the infrastructure money will be spent on hiring workers and on materials and equipment produced domestically.
Tax cuts generally provide less of an economic boost, particularly if they are temporary; on the other hand they can be implemented quickly. A particular plus for individual tax cuts included in the House stimulus plan such as the payroll tax and earned income tax credits is that they are targeted to benefit lower- and middle-income households that are more likely to spend the extra cash quickly. Investment and job tax benefits for businesses are less economically...."
Interesting how things have changed all of a sudden..the fact is that the economy continues to deteroirate...the malaise is ever more...foreclosures continues to rise...the cost of doing nothing will be even worst......
Comment by S.L.
The Political Brief
Sorry Mike, I think the economy would have righted itself without all the insane spending. Doing nothing would have been far better than the mess we're in now.
Comment by PopulistConservative
Angry Electorate
I do agree that government spending can boost the economy. That's been proven. However, I mostly disagree that tax cuts provide less of an economic boost. If they're short-term (like a rebate check), that may be somewhat true. But a permanent tax cut across the board puts more money in everyone's pockets for the long term. That provides stability and encourages investment and spending. The infrastructure projects are good. They do provide FINITE jobs. But when that road or building is built, that construction job is gone. Unless you produce an environment for long-term jobs to grow, the infrastructure projects just produce nice roads and bridges that use while driving yourself to the unemployment office.
Comment by PopulistConservative
Angry Electorate