This is astonishing testimony from President Obama's Chair of the Council of Economic Advisers. Apparently we are not to expect much more benefit from the "stimulus". What is this, a preemptive attempt at damage control? Seriously, I never believed this so-called "stimulus" program was anything other than a partisan left wing goodie bag for Democratic special interest groups. But this admission is like letting go of the rope.
What exactly is surprising about the fact that the biggest impact is in the 2nd and 3rd quarters this year? The 1st quarter had a -5% growth rate. The third quarter is expected to come in around +3%. That's an 8% turnaround in annual growth. According to her testimony, the impact will lessen over the next several quarters - but still exist - and then fade by mid-2010. That's how the whole concept of a stimulus is supposed work, right? The unemployment isn't surprising at all - the goal of the stimulus was to stop a collapse and stabilize things, but unemployment always trails economic growth, and the unemployment rate doesn't directly correlate with jobs lost / gained due to quirks in how it's measured.
lol selective memory by the liberals, I guess... Obama promised 600,000 thousand jobs over the summer. The US lost 443,000 jobs in June. The US lost 247,000 jobs in July. The US lost 216,000 jobs in August. Instead of creating or saving 600,000 jobs this summer the US lost 935,000 instead. The unemployment rate is at 9.7%, the highest rate in 26 years. Thanks Barack. http://gatewaypundit.firstthings.co...s-summer-lost-nearly-1-million-instead-video/
9/11 happened 9 months into bush's term, but it was clintons fault. the economy is crappy 9 months into obama's term, but its obama's fault.
No, he didn't. He promised the stimulus would increase the job base by 600,000 over what it would have been otherwise. He didn't promise a net total creation of 600,000 jobs in the US economy. Basic understanding of both English and economics is helpful here.
selective memory by you http://blogs.ajc.com/jay-bookman-bl...rickets-chirp/?cxntfid=blogs_jay_bookman_blog your own criteria for evaluating him just shifts endlessly. it's kinda hilarious actually. I was trying to find the bit on how you said something about zero domestic attacks being another criteria, since you ominously predicted that Obama's policies would lead to a terrorist attack. though, to be fair, given that I haven't found it, that might have been someone else. That said... http://connect2utah.com/content/news/story?cid=56321 Things could have been MUCH worse.
Ok, fine, then show me the 600,000 jobs he DID create. I'd love to see where those are. Thanks in advance
I guess the Goldman boys haven't bought enough $40,000 shower curtains for the effects to have trickled down yet.
pfffft. yeah let's see where it comes in at. I can't wait. lolz "process of being collected." bwaaahahahahaha FAIL.
Why are all of your posts in the Nayh Nayh vein? The struggle to accomplish things with a positive intent are not reasons for glee on the part of any American. The republican party of corporatism, elitism and greed are not coming back into power ... the lobbyist are spending their money trying to take over the democratic party.
uh, if you read... Ok, elementary math and english here 62000*3/2=93000 total jobs saved in California 2600*3/2=3900 total jobs saved in Utah 8500 school jobs saved in Missouri 5900 school jobs saved in Minnesota 19500 total jobs saved in Michigan =130800 total jobs saved in 5 states. # of states in the US=50 50*130800/5=1.308 million jobs saved. Assuming all states fit into this average...1.308 million jobs have been saved.
look jorge, i agree that obama has been a huge disappointment and has gone back on his word on many things, has not been able to follow through on many of his promises and has lied/misled his constituents on a few things...but i just have to take issue w/ bush supporters like yourself who are only now getting upset at the state of our economy, defect spending and big government. you supported bush all the way when he tripled the size of the federal government, spent more than all previous presidents combined, allowed good jobs to be siphoned out of the country at record pace and generally ran this country into the ground so you will have to forgive me if i find your new found love of fiscal conservatism and small government less than genuine. honestly jorge, obama has done many things which i figured would please you - expanded warrantless wiretapping, allows evidence gained under torture to continue to be used against a defendant, continued bush's bailout/stimulus package plan, refuses to release millions of bush era-emails (what happened to all that 'government transparency' he campaigned on?). you supported bush when he did all this so why not now?
This report is not taking into consideration the thousands of jobs created through the increase in New Markets Tax Credits program through the stimulus. My company was an allocatee and it takes a LONG time to get these credits out the door. The deals are incredibly complex and you are given 2 years from the time you receive an allocation to have them done. We helped to bring a solar company here that so far has created 500 jobs. It projects to 2,000 jobs in a few years when they are really up and running. We're focused on job creating businesses but it has been really difficult because to make the program work you need a lender to leverage along with an investor. Most of the big players in this game either don't have the tax liability or are pulling back on lending. The program works like a damn charm though when you can get a lender in place. We act as the tax credit conduit, loan servicer, and compliance officer. The bank gets 7 years of interest only payments in addition to the note at the end. The investor gets paid off with just the tax credit (and a nice IRR), leaving in the equity they provided to us. We forgive half of this equity in exchange for meeting job creation benchmarks. The company gets low interest only payments for 7 years so they can cash flow better, at the end of 7 they get a huge portion forgiven creating an even more favorable longevity situation. We take our fees and the leftover equity to create a new lending program designed to continue to bring more businesses here. It's a win for all four parties involved. People don't have a damn clue what is even in the stimulus package and apparently the economic advisors are shortchanging it's benefits as well. The NMTC program I am referring to will take years to completely fund all of these projects. Thus there are years of construction and perm jobs still to come.
You do reralize that this testimony was given by President Obama's Chair of the Council of Economic Advisers, right? If she did not give adequate consideration to the critical factors that are expected to affect her conclusions, then that raises questions about her suitability for this position. She has a staff working for her to help her with the analysis, so it is not all on her. So, do you regard Dr. Christina Romer, an appointee of President Obama, and her report on this topic as trustworthy and reliable, or not?
I remember obama saying that if he got the stimulus he could keep unemployment below 8%. I think this ladies guess is as good as a guess by a bum on the street. Would anyone expect the market to be a 10k?
I don't care who she is, I work with these credits daily and see firsthand the jobs both construction and perm that are created. I've also been around long enough to know that the "experts" and "smartest people in the room" are just people not some infallible deity. The current financial crisis is proof enough of their inadequacies. I have to assume that these people know more than I and have taken the NMTC into consideration. So I must further assume that they feel the job creation, secondary, and tertiary benefits are not as great as I perceive. I suppose in a smaller community like where I am the impact is more easily recongized and therfore feels more significant. On a national scale I guess it's not as big of an impact. Problem is so many people utilize these credits as urban renewal projects rather than job creating businesses. I mainly went off on this diatribe because the idea that the stimulus' benefits are completely used up is ludicrous. These credits are nowhere close to all hitting the street and it will be YEARS before it's accomplished.
Wow, Mojoman, welcome to this forum. I am always happy when new people come and join us. I actually clicked through to the transcript of Romer's testimony, and I found this: basically, my question for you is this: is your analysis that of a very special episode of Diff'rnt Strokes? Cause to me it really looks like that. Anyway, what exactly is your argument? Please elaborate on this. Thank you en avance for your timely consideration of this matter.
