CBO reports stimulus package was a major economic success

The Congressional Budget Office has released its latest assessment of the 2009 stimulus package and the economic impact of its various components.

According to the CBO analysis of stimulus provisions:

– They raised real (inflation-adjusted) gross domestic product (GDP) by between 0.3 percent and 1.9 percent (see Table 1),
– They lowered the unemployment rate by between 0.2 percentage points and 1.3 percentage points,
– They increased the number of people employed by between 0.4 million and 2.4 million, and
– They increased the number of full-time-equivalent jobs by 0.5 million to 3.3 million. (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.)

gdpgrowth

Two other points:

– The CBO estimates that the impact of the stimulus will continue to be felt over the next year, increasing GDP by up to 0.8 percent next year and creating up to 1.1 million jobs over what it would have been.

– The longterm economic impacts of increased borrowing to fund the stimulus will be minimal or nonexistent. “In contrast to its positive near-term macroeconomic effects, ARRA will reduce output slightly in the long run, CBO estimates—by between zero and 0.2 percent after 2016,” its economists predict.

As opponents continue to point out, the stimulus did not keep unemployment below 8 percent, as initial projections by the Obama administration had suggested. In rational policy terms, there’s an easily understood and obvious explanation for that discrepancy:

At the time of those projections in early 2009, initial government reports estimated that economic output had declined 3.8 percent in the fourth quarter of 2008. That would have made it quite a serious setback, the deepest recession in 30 years.

As we learned later, in reality GDP had declined 8.9 percent in late 2008, which was much worse than anyone understood at the time. It also fell 6.7 percent in the first quarter of 2009. That’s the biggest two-quarter decline since 1947, when government statisticians started tracking quarterly numbers. In short, in early 2009 we thought the economy had fallen off a ladder. In reality, it had fallen off a six-story building.

Politically speaking, of course, such realities cannot be acknowledged, because they contradict a useful narrative. They remain realities nonetheless.

– Jay Bookman

522 comments Add your comment

stands for decibels

November 23rd, 2011
8:05 am

yebbut the CBO is socialist, the Fannie/Freddie historian told me so.

Peadawg

November 23rd, 2011
8:05 am

damn….stands beat me to it. 2nd

Mick

November 23rd, 2011
8:05 am

Alrighty then…let the debate (?) begin…

Peadawg

November 23rd, 2011
8:06 am

Jay, you may want to double check your articles before you post them…what’s with the random sentence fragment at the very end?

USinUK

November 23rd, 2011
8:06 am

ohnoes!!!!

not facts!!!

they’re like DAYLIGHT to VAMPIRES with the tightie righties in Bookmanland …

Jim

November 23rd, 2011
8:07 am

Elitest media contrived nonsense. Government is the problem as the high exalted Reagan bespoketh.

USinUK

November 23rd, 2011
8:07 am

(and jay … next time, really porn it up with some charts …. mmmmmmm … sexytime bar chars!!)

stands for decibels

November 23rd, 2011
8:07 am

what’s with the random sentence fragment at the very end?

dunno, but it’s deep, man.

Granny Godzilla

November 23rd, 2011
8:07 am

This is gonna be one of those popcorn and junior mint threads ain’t it?

stands for decibels

November 23rd, 2011
8:08 am

iTardcomment random generator reboot…

stands for decibels

November 23rd, 2011
8:09 am

As the Excrement in Broadcasting might put it:

Ronald Reagan is DEAD. His policies may live on, but we’re in the process of doing something about that as well.

USinUK

November 23rd, 2011
8:09 am

dB – 8:08 – as Depeche Mode once said … “enjoy the silence”

stands for decibels

November 23rd, 2011
8:10 am

Jm, your libertarian paradise of Somalia awaits. Maybe you can open a pirate franchise there?

anyway, gotta produce. Have fun, y’all.

Granny Godzilla

November 23rd, 2011
8:11 am

Jm

You could be King in Somalia.

USinUK

November 23rd, 2011
8:16 am

Somalia? I thought it was Singapore

(at least Somalia makes good coffee)

Armed Liberal

November 23rd, 2011
8:17 am

It is my sincere hope that after the elections and the Cons are routed, the Dems will push through another one of these at MUCH higher levels – say in the $1.0T to $1.5T range.

Granny Godzilla

November 23rd, 2011
8:20 am

USinUK

He wants to move to Singapore, but in Somalia he’d have more exciting
career opportunities.

Fedup

November 23rd, 2011
8:20 am

Jay treat today as Friday and put in a musical ending at the end of the day.

Call it like it is

November 23rd, 2011
8:20 am

Want be any graphs on this one, because they want look very pretty. You will see a big spike in 2010 then bottoms out to a complete flat line currently.

Jm

November 23rd, 2011
8:20 am

Obama polling 10 points behind Romney in bellweather NH

Jm

November 23rd, 2011
8:22 am

No more 4 years of bad unemployment

Romney 2012 for a job recovery

Adam

November 23rd, 2011
8:24 am

Are conservabot heads exploding over this one yet?

Oh hi Jm!

Finn McCool

November 23rd, 2011
8:25 am

Krugman was right! But he wanted a bigger stimulus.

Next time!

For the love of America

November 23rd, 2011
8:26 am

Adam

No ones heads are exploding because Jay has no credibility. He just needs posters to populate his blog so he can get paid.

Finn McCool

November 23rd, 2011
8:26 am

Kermit would have an easier time getting elected than Romney.

Jm

November 23rd, 2011
8:26 am

So we spent as much as 5% of out GDP in new debt and got 1.9% in additional growth max

That’s not a bargain where I come from

Mick

November 23rd, 2011
8:27 am

jm

Romney really takes a hit on his credibility with a blatently untrue ad – makes him look….desperate

Finn McCool

November 23rd, 2011
8:27 am

We don’t want their heads to ’splode until 11/6/12.

Gonna be knee deep in ’sploded noggin.

Jm

November 23rd, 2011
8:28 am

I got a bridge to sell bookman. It even rhymes with his name.

USinUK

November 23rd, 2011
8:28 am

GG – “in Somalia he’d have more exciting career opportunities.”

warlord??? only of the 101st chairborn

jconservative

November 23rd, 2011
8:29 am

This report will not sell. Numbers like “– They increased the number of people employed by between 0.4 million and 2.4 million,…” have to big a difference.

The Federal Government is a Joint Venture between Congress and the White House. The President does not spend it unless Congress approves it first. And Congress, for the last 31 years, has proven to be the largest “approver” of spending in the world’s history.

And except for one veto by Clinton, American presidents have approved every spending bill approved by Congress.

Must be something in the water in D.C.

Corey

November 23rd, 2011
8:30 am

In hindsight, 750B with one-fourth of that as tax cuts for American workers, certainly did not replace an 8.9% drop in GDP nor a 6.7% drop in GDP. The bulk of the stimulus plugged holes in state budgets especially those red states whose governors deplore Obama.

Adam

November 23rd, 2011
8:31 am

No ones heads are exploding because Jay has no credibility. He just needs posters to populate his blog so he can get paid.

HAHAHAHAHA. Well thank you for your, um, “contribution”

Jm

November 23rd, 2011
8:31 am

Jay can even rename it The Bookman Bridge. No one in NY will even notice. Much. :)

Peadawg

November 23rd, 2011
8:32 am

Romney really takes a hit on his credibility with a blatently untrue ad – makes him look…like a politician during a presidential campaign.

Fixed your typo.

Adam

November 23rd, 2011
8:32 am

jconservative: And except for one veto by Clinton, American presidents have approved every spending bill approved by Congress.

I would wager veto threats weighed heavily on that one, especially in the last 2 1/2 years with the “no earmarks” veto threat.

Not a Neal Boortz Redneck

November 23rd, 2011
8:32 am

A NEGATIVE 8.9% 4th quarter 2008 GDP.

That number is stunning. It might be the lowest official GDP number since the early 1930’s.

USinUK

November 23rd, 2011
8:33 am

P’dawg – :lol: – true, that … but isn’t that the same as looking desperate?

Rick in Grayson

November 23rd, 2011
8:33 am

How long did these jobs last?
How many trillions of $ will the US have to spend to drop and keep unemployment to %4?

We can’t afford the stimulus!

We don’t and will not have enough jobs to go around regardless of “stimulus”. The world has changed due to globalization and new technology that is making many jobs obsolete.

Yet we continue to grow our population with new legal and illegal immigration! Too many people and not enough “rich” to support them.

Jerome Horwitz

November 23rd, 2011
8:33 am

Way off topic early, however…. Who was in the Newt costume last night? Calling for a path to citizenship for illegal aliens who have been living here for some time, have jobs, raising families, etc. Most sensible thing I’ve heard from his mouth in some time. Maybe he just wanted to see Bachman’s head explode?

Granny Godzilla

November 23rd, 2011
8:33 am

Kermit would never run as a Republican.

For the love of America

November 23rd, 2011
8:33 am

Finn McCool

Yea. Obama winning would really show em. And four more years of failed policies, a crashing economy, jobs going offshore, horrible decisions and alienating our former allies would really show em, just as long as Obama wins. That’s all that matters.

Jm

November 23rd, 2011
8:33 am

So jay uses an estimate after acknowledging how bad projections and estimates are

Too funny

USinUK

November 23rd, 2011
8:34 am

Not Neil Boortz – welp, if you ask any of the numpties, they’ll tell you it’s Nancy Pelosi’s fault … the economy was JUST FINE until she became speaker …

Finn McCool

November 23rd, 2011
8:34 am

Lesson for conservatives #1: Illegal immigration

Whatever was said last night about illegal immigration was said to appease the base. None of those candidates will ever do anything to reform immigration or close the borders.

Peadawg

November 23rd, 2011
8:35 am

To add to my 8:32 am – it’s all about figuring out who lies the least. Which can be hard sometimes.

Bill Orvis White

November 23rd, 2011
8:37 am

Wrong. Hussein Obama’s stimulus drove the deficit way up and barely scratched the surface on long-term, quality jobs. Sure, the Communist Budget Organisation makes claims that there are more job$, but the reality is, they are part-time or temporary McJobs. Real job$ will only be created when a real president cut$ taxe$ and frees up the monies for the achievers to do some hiring. The fact is that this president is anti-business and I talk with business guys all day long and they know this fact. Hussein Obama hates entrepreneurs. He’s a Marxist community organizer who wishes to move America over to Euro-socialist model of operation. As we all see over there in Greece, the chickens come home to roost when you have a socialistic society filled with deadbeats who suck off of free health care. Over here, we have businessmen who are scared to invest and expand because they want to hold onto the ca$h to pay for higher taxes and regulations.
Amen,
Bill

Granny Godzilla

November 23rd, 2011
8:38 am

Finn

You are spot on at 8:43

If they actually solve the problem, they lose one of the tools they use regularly to scare their base into lockstep.

For the love of America

November 23rd, 2011
8:38 am

Not a Neal Boortz Redneck

And that was Bush’s fault with a Democratic Congress and Senate, but with a Republican Congress that can’t gat anything passed, with a few members that belong to the Tea Party, it is all about the far right wing of the Republicans that is causing all our troubles.

kayaker 71

November 23rd, 2011
8:38 am

Stimulus a success? Right. Take a look at some of these “cost saving measures” that the stimulus produced and the “jobs” that it created……
246M$ tax break for movie producers to buy film
650M for digital TV converter box program
248M for Home Land Security furniture
2B earmark for FutureGen, a coal powered plant which was defunded and went bankrupt.
88M for the Coast Guard to develop a new ice breaker
75M for smoking cessation programs
200M for computer centers in colleges
500M for flood reduction programs on the Miss River
1.2B for summer job programs
100M for volunteers at theNIH
5.5M for “energy effective initiatives” at Veterans Hospitals
850M for Amtrak
100M for computers at the Farm Administration

All in all for the “2.4 Million jobs” created, which is certainly up to some scrutiny, we spent 666 billion dollars. That figures out to be about 278K/job. Wow, what a success and what foresight. Sort of like Solyndra and that Cash for Clunkers debacle. What’s next? A tax increase to pay for all of this crap??

Amercian

November 23rd, 2011
8:38 am

Where are the jobs then???

NObama 2012

JohnnyReb

November 23rd, 2011
8:38 am

Well….I’m just really surprised! Newt makes a statement on not breaking up illegal immigrant families and Jay posts economics.

You guys have a good day.

USinUK

November 23rd, 2011
8:38 am

“Communist Budget Organisation”

:lol:

ladies and gentlemen, we have the winner of the internets …

Ben

November 23rd, 2011
8:39 am

In the interest of full disclosure, I dislike Bush and Obama equally. Now that we have that out of the way, this is complete economic nonsense. The two parts of the GDP equation that matter are NX and I. The two that turn the equation into a misleading joke are G and C. That’s the problem with conventional thinking in Washington. They presume that our economic woes are a result of us not spending enough money. If we can just borrow and spend in perpetuity everything will be okay.

George P. Burdell

November 23rd, 2011
8:39 am

So we spent $825 billion to create best case 1.1 million jobs and we are celebrating? At $750,000 per job, what the heck, lets just spend another $11 trillion and we can wipe out unemployment completely. Is that really our economic plan at this point? Spend $825 billion, raise GDP by $125 billion, repeat till broke.

Keep Up the Good Fight!

November 23rd, 2011
8:39 am

The CBO…. you can’t trust no stinkin CBO unless it supports what I want it to support which must be nothing that Obama has done. :roll:

Finn McCool

November 23rd, 2011
8:40 am

The fact is that this president is anti-business and I talk with business guys all day long and they know this fact.

So silly.

Conservatives still can’t comprehend that whole “demand creates jobs” thing. It makes their headshurt.

Granny Godzilla

November 23rd, 2011
8:40 am

Bill Orvis White

You must repent!

OedipusTax

November 23rd, 2011
8:41 am

Ridiculous! Preposterous! As if the CBO isn’t politicized and justifying their own existence! Remember that our President said the Stimulus was needed to keep unemployment under 8%. The solution is NOT more government spending. Government spending, State, local, and Federal, is 7 trillion dollars, $60,000 each for the 112 million privately employed, that pay for the party, but cannot pay enough. The idea that the Stimulus was good for the country? Only an Obamanite brainwashed liberal can make the assertion, but then cannot back up the assertion with anything else but propaganda and lies;. Typical of a Jay Bookman myrmidon and a Obama sycophant. Thus, the Occupy movement, that think $60,000 per private taxpayer represents selfishness and unfairness, and should be far more. They, like the brainwashed, spoiled, misinformed infantiles they are display childish temper tantrums in their cribs otherwise known as public parks, which they wish to occupy because they proclaim themselves victims. Yes, victims of their own self-fulfilling envy and anger.

John Galt

November 23rd, 2011
8:41 am

And the CBO has to be right because they ARE the government.

Marion

November 23rd, 2011
8:41 am

Hey… don’t be rude Jay… lemme’ have a hit off that bong your’re toke’n on !!! You must be some kind
of fool. Your ”Boy” is going down in 2012….. better plan that big ”cryin’ and weepin’ depression” party early…. cause’ Obummer is OUT OF THE PEOPLE’S HOUSE IN JAN 2013 !!! … you’re just to blind
to see it.

Peadawg

November 23rd, 2011
8:42 am

“The CBO…. you can’t trust no stinkin CBO unless it supports what I want it to support which must be nothing that Obama has done.”

You gotta admit though, this IS the same CBO that said Obamacare would actually save us money…..

josef

November 23rd, 2011
8:44 am

Jerome

That immigration plan is the one that has been the one being put forth by just about everybody as the most pragmatic and sensible and has gained enough traction already to be accepted by just about all concerned. The Dog T*rd was just getting in early to claim it was his idea to begin with…you know history in the making… :-)

Granny Godzilla

November 23rd, 2011
8:44 am

“The fact is that this president is anti-business and I talk with business guys all day long and they know this fact.”

Funny.

Had dinner with friends to celebrate my bonus last night(I picked up the check gleefully) and the conversation was about how we’ve all had a good year. There was some laughing about stuffing our pockets full of money while bitchin’ about the economy.

Not a Neal Boortz Redneck

November 23rd, 2011
8:44 am

As much as I hated Bush one has to admit that TARP was stimulus on steroids. Injecting $700 billion right into the banks involuntarily during a liquidity crisis when LIBOR was 5% (90 day) definitely saved Citi and Bank of America.

Bush/Paulson = same thing although Bush was clueless during this time according to Paulson’s book.

Joe Hussein Mama

November 23rd, 2011
8:44 am

Cue the high-pitched Republican SQUEEEEEEEEEEEEEEEEEEEEEEEEEE noise.

Keep Up the Good Fight!

November 23rd, 2011
8:44 am

You gotta admit though, this IS the same CBO that said Obamacare would actually save us money…..

Yep, so what is your problem Pea…. it will.

USinUK

November 23rd, 2011
8:45 am

“You gotta admit though, this IS the same CBO that said Obamacare would actually save us money…..”

of course, let’s not forget that the healthcare example is projections and the stimulus example of historical data … schmapples and schmoranges …

Redneck Convert (R--and proud of it)

November 23rd, 2011
8:45 am

Well, IMO what we needed was a depression, not a stimulus. All the banks flat busted. People fired left and right. States flat out of money and thousands of state workers let go. Cos. folding and going out of business. Sometimes you just got to blow everything up and start over. The stimulus never let us do that. That’s why we need to elect godly Republicans. You can’t have Free Innerprize without a depression or two. You can’t interfere with the Free Innerprize system.

I hope everybody watched the Republican debate on foreign policy last night. One thing’s for sure, we’ll be in another war no more than six months after a Republican lands in the White House. Lots of jobs then. Especially if you want to work for Xe or join the military. And I can’t hardly wait to see 12 million illegals rounded up and deported. All the solutions offered were so simple I set back and said, “Why didn’t I think of that?”

Have a good Wednesday everybody.

Mike

November 23rd, 2011
8:45 am

Tell all that bologna to the lady I had to layoff last week.

For the love of America

November 23rd, 2011
8:47 am

The Health Care Bill will save us money!! Is that a joke?

Maybe as soon as the Health Insurance Companies stop making record profits. I don’t know of anyone who has better Health Care Insurance than they had in 2008.

Joe Hussein Mama

November 23rd, 2011
8:47 am

Jm — “Obama polling 10 points behind Romney in bellweather NH”

Guess you better hope Romney gets the nomination, because Obama’s not running in the GOP primary.

Peadawg

November 23rd, 2011
8:47 am

The reason I don’t fully trust the CBO is b/c they give projections/analysis on the figures that are given to them. It could be right, it could wrong, it could be an exaggeration. You just never know.

But did the stimulus work? Yeah, it seems it did. It worked in the way that it prevented further melt down. I just wish Obama had come up w/ a way to pay for this and stick to his “I won’t sign a bill that adds to the deficit or the national debt.” campaign promise.

JB

November 23rd, 2011
8:47 am

A large chunck of the stimulas went towards propping up state and local governments. Now that stimulas $ has run out, we’re seeing public sector layoffs. Stimulus cushioned the recession’s blow for state & local governments, but our Repub. leaders will never acknowledge that.

Adam

November 23rd, 2011
8:47 am

John Galt: And the CBO has to be right because they ARE the government.

Can’t wait until you use a CBO example as support of some claim of yours.

Oh wait, you don’t make claims, you just come on here and attack. Way to be a maker, and not a taker, Galt.

EJ Moosa

November 23rd, 2011
8:48 am

So what is the cost of paying back all those dollars that were spent so inefficiently? And when will all those dollars be paid back?

How many hours of work will Americans have to put in to pay off the debt and interest incurred for this spending?

The CBO has NOT taken that into account in their analysis. They can’t. They do not know when the money will be paid back, the interest rates to be encountered over the decades to pay it back, or the impact to the economy as those dollars are taken out to pay off this debt.

This blog by Bookman fails in a critical way. It has not fully analyze all the costs that this program will leave us with.

But it is excellent cheerlearding for a failed approach to the crisis by Obama.

Jay G

November 23rd, 2011
8:48 am

Do the math folks. Even using the very highest end of their range $787 billion creates 3.3 million FTE’s. That means we paid $238,485 per job created. Oh you say that was for 2 years? Fine, we paid $119,243 annually. Now I have a very hard time believing that is the average salary of these 3.3M people. Where did the rest go? Was it truly productive? I highly doubt it.

It gets worse. What if the low end of their range is correct? 500,000 workers would mean we spent more than $1.5M per job created. Ouch.

Libertarian

November 23rd, 2011
8:48 am

Oh well you convinced me Jay. Obama is great. I’m voting for him again.

I’m surprised you’re not writing about what Santorum said last night….even if he is a loon.

Not a Neal Boortz Redneck

November 23rd, 2011
8:48 am

Obama anti-business? What a joke.

Highest earnings for the S&P 500 of all time ($102)

Highest US exports of all time last month ($180 billion).

Eleven different small business tax cuts/credits.

That comment is Boortz like stupid.

Peadawg

November 23rd, 2011
8:49 am

“Yep, so what is your problem Pea…. it will.” – Maybe in your world where unicorns and money-growing trees exist.

That’s been debunked many times by now.

BOB FROM ACCOUNT TEMPS

November 23rd, 2011
8:49 am

so i guess bush should get the credit as all the libs here have often stated that the stimulus was started by bush

dumb as a rock

November 23rd, 2011
8:50 am

Wow – and no mention of the CBO downgrading the effect of stimulus?

The Congressional Budget Office on Tuesday downgraded its estimate of the benefits of President Obama’s 2009 stimulus package, saying it may have sustained as few as 700,000 jobs at its peak last year and that over the long run it will actually be a net drag on the economy.

Jay

November 23rd, 2011
8:50 am

They complain about charts, and then they complain about NO charts.

Well, now we have a chart….

As any good accountant will tell you...

November 23rd, 2011
8:50 am

…you can cook the books to make the numbers say anything you want them to say – right on kayaker…

USinUK

November 23rd, 2011
8:51 am

to paraphrase a critically acclaimed book and movie, “We need to talk about New Hampsire”

Déjà vu for New Hampshire polling?
By Scott Clement

Something is amiss in Granite State polls…again. Last Tuesday, Bloomberg News released a poll whose analysis began “Mitt Romney holds a commanding lead in the New Hampshire Republican presidential primary, more than double the support for his nearest rival, Texas congressman Ron Paul.” Only three days later, the New Hampshire Journal declared “Romney and Gingrich in a statistical dead heat for the January 10th primary.”

Say what?

New Hampshire has long earned a reputation as the Bermuda Triangle for pollsters, most recently failing to forecast an impending victory by Hillary Rodham Clinton in the 2008 Democratic primary, an episode that prompted the American Association for Public Opinion Research to produce a 100-page report investigating the fiasco. So what’s happening this time around?

http://www.washingtonpost.com/blogs/behind-the-numbers/post/deja-vu-for-new-hampshire-polling/2011/11/01/gIQAdxaHkN_blog.html

so, yeah, Jm … you go on pinning your hopes on the Granite State …

kayaker 71

November 23rd, 2011
8:52 am

As any good accountant will tell you

Google is your friend.

USinUK

November 23rd, 2011
8:52 am

yay!!!! sexytime bar charts!!!

thanks, Jay!!!

(where’s Bosch when we need him)

Talking Head

November 23rd, 2011
8:52 am

Jay’s column: spin spin spin

“you spin me right round”

Joe Hussein Mama

November 23rd, 2011
8:53 am

K71 — “All in all for the “2.4 Million jobs” created, which is certainly up to some scrutiny, we spent 666 billion dollars. That figures out to be about 278K/job. Wow, what a success and what foresight.”

When you personally create a job, how much does it cost you?

Are you taking into account the capital investments you’ve made in your company to date? Are you counting the time and effort you put into developing more business that your larger company is now able to handle? How about equipment that the new worker will have to use — did you add that in? What about consumable supplies that the new worker will need? Those cost money too.

I think if you add up the cost of building, equipping and supplying that great big Kia plant down on I-85 and divide it by the number of workers inside, you might find that Kia spent an awful lot of money PER JOB to put that plant there.

Keep Up the Good Fight!

November 23rd, 2011
8:53 am

I don’t know of anyone who has better Health Care Insurance than they had in 2008.</I.

Well except for that those with preexisting conditions……but yea its all based on your personal experience as a way to judge things. :lol:

Not a Neal Boortz Redneck

November 23rd, 2011
8:53 am

Cooking the books in the corporate world is WAY down to almost nil – thank you Sarbanes-Oxley. This investor likes that GOP led regulation set.

USinUK

November 23rd, 2011
8:53 am

“That comment is Boortz like stupid.”

day-um … that had to smart …

Finn McCool

November 23rd, 2011
8:54 am

The armchair economist math being posted is too funny.

Jm

November 23rd, 2011
8:54 am

Ben. Mercantilism is fine. Up to a point. Consumption does matter but yes, the equation right now is currently unbalanced

George P. Burdell

November 23rd, 2011
8:55 am

EJ they do specifically say borrowing costs will not have a siginificant impact going forward. Even at 2.5% interest rate, that is over $20 billion per year or $18,750 per job created. They obviously understand that we will never pay that money back and are only concerned with the financing cost. I just hope they were high paying jobs so the taxes paid on the income can cover the $18k.

Keep Up the Good Fight!

November 23rd, 2011
8:55 am

Pea barks “its been debunked” but sounds like a whimper when it really hasn’t. Pea, you’re welcome to try.

josef

November 23rd, 2011
8:55 am

I wanted line graphs…I don’t like bar charts…

Straight Talk

November 23rd, 2011
8:56 am

Jay, if you really believe that the stimulus pork bill was successful in aiding our country and its citizens, please contact me right away. I have for sale a bridge that goes from Manhattan to Brooklyn and would be glad to offer it to you for a good price. Don’t wait. It will probably sell real soon.

Peadawg

November 23rd, 2011
8:56 am

“Well except for that those with preexisting conditions”

That’s one of a good…maybe 4-5 things that came out of Obamacare. I don’t understand why people want to repeal the entire thing. There are SOME goods things in it.

Markus Justice

November 23rd, 2011
8:56 am

Jay is smoking Obama’s cigarettes or something harder. Fraud has been exposed to the stimulus need I say Solyndra.