The Effect of the Stimulus (From the CBO)

by Ben Hoffman

CBO estimates that ARRA’s policies had the following effects in the second quarter of calendar year 2010:

* They raised real (inflation-adjusted) gross domestic product (GDP) by between 1.7 percent and 4.5 percent,

* Lowered the unemployment rate by between 0.7 percentage points and 1.8 percentage points,

* Increased the number of people employed by between 1.4 million and 3.3 million, and

* Increased the number of full-time-equivalent jobs by 2.0 million to 4.8 million compared with what would have occurred otherwise (see Table 1). (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).

Read the report

Lying right-wingers have a different reality. Lindsey Graham called the stimulus an “absolute disaster” blamed job losses on the bill. He claims we need to retain the tax cuts for the upper 2%, even though corporations are sitting on massive stockpiles of cash.

If you increase taxes now at any level, it is going to make it harder to create jobs, and we’ve lost 2.5 million jobs since the stimulus package passed.

Lindsey Graham is just another lying right-winger trying to kill our economy for political purposes and to help the wealthy.

From December 2007 to July 2009 – the last year of the Bush second term and the first six months of the Obama presidency, before his policies could affect the economy – private sector employment crashed from 115,574,000 jobs to 107,778,000 jobs. Employment continued to fall, however, for the next six months, reaching a low of 107,107,000 jobs in December of 2009. So, out of 8,467,000 private sector jobs lost in this dismal cycle, 7,796,000 of those jobs or 92 percent were lost on the Republicans’ watch or under the sway of their policies. Some 671,000 additional jobs were lost as the stimulus and other moves by the administration kicked in, but 630,000 jobs then came back in the following six months. The tally, to date: Mr. Obama can be held accountable for the net loss of 41,000 jobs (671,000 – 630,000), while the Republicans should be held responsible for the net losses of 7,796,000 jobs.

Read more…

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7 Responses to “The Effect of the Stimulus (From the CBO)”

  1. You leftie socialist types just keep telling yourself (since most Americans can look around and see the failed policies despite the spin)that things are better. Keep telling Americans at 9.6% unemployment that Obama’s policies are working. Then come November…

    BTW, CBO said, “Increased the number of people employed by between 1.4 million and 3.3 million.” Well which is it? 1.4 or 3.3? Trust is the CBO had to use their bogus pre-stimulus estimates to make these statements. But keep singing the same song and see what happens.

  2. Republicans have plenty of ideas. You just choose not to acknowledge them because you disagree with them. Check out Paul Ryan’s Roadmap for starters.

    • I took a look at Paul Ryan’s plan. Tax cuts for the wealthy. Eliminating taxes for people like Warren Buffett who make their living investing, taxing consumption, which mainly affects the lower and middle classes, privatizing parts of Social Security, all which would increase the federal debt by 4 trillion dollars in ten years.

      He also lies about the Democratic efforts to stimulate the economy.

      Okay, Republicans have ideas… all bad.

  3. That’s a little better. You acknowledge the Rs DO have ideas. You just disagree with them. That’s a much better intellectual approach. You’re wrong, IMO, just as IYO the Rs are wrong. Calling everyone a liar who disagrees with you is quite juvenile and makes you look like a D hack.

    • [Calling everyone a liar who disagrees with you is quite juvenile and makes you look like a D hack.]

      I don’t do that, you liar. 🙂 But seriously, people have a right to their own opinions and I’ll never insult someone for that, no matter how much I disagree with them. People don’t have a right to their own facts, however, and that’s the only time I call people liars.

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