Extreme Liberal's Blog

Where Liberalism Is Alive and Well!

The Stimulus Worked Very Well!

Even though the right wing has had some success at sticking to message and brainwashing the “American People” and the media, the so called “Stimulus Bill” or the American Recovery and Reinvestment Act of 2009 has been extremely successful. From an article in the New York Times

Just look at the outside evaluations of the stimulus. Perhaps the best-known economic research firms are IHS Global Insight, Macroeconomic Advisers and Moody’s Economy.com. They all estimate that the bill has added 1.6 million to 1.8 million jobs so far and that its ultimate impact will be roughly 2.5 million jobs. The Congressional Budget Office, an independent agency, considers these estimates to be conservative.

I think it is proof that government can spur growth (5.7% in the last quarter), can you imagine how much more there could have been if the bill didn’t have so many tax cuts to placate the Republicans who didn’t freakin vote for it. The stimulus worked in a lot of ways…

In the early months of last year, spending by state and local governments was falling rapidly, as was tax revenue. In the spring, tax revenue continued to drop, yet spending jumped — during the very time when state and local officials were finding out roughly how much stimulus money they would be receiving. This is the money that has kept teachers, police officers, health care workers and firefighters employed.

Then there is corporate spending. It surged in the final months of last year. Mark Zandi of Economy.com (who has advised the McCain campaign and Congressional Democrats) says that the Dec. 31 expiration of a tax credit for corporate investment, which was part of the stimulus, is a big reason…

…For that, the stimulus package, flaws and all, deserves a big heaping of credit. “It prevented things from getting much worse than they otherwise would have been,” Nariman Behravesh, Global Insight’s chief economist, says. “I think everyone would have to acknowledge that’s a good thing.”

I guess in this “what have you done for me lately” country that we live in, memories are short, patience is short and the spin-meisters rule the world. Democrats tend to be more honorable people and won’t use the nasty tactics that the Republicans use. Blatant lying, manufactured stories, up is down, down is up and of course they have a syndicate of media to get their messages out, which the MSM then just repeats without correcting lies, errors or misleading interpretations. What the hell good is the MSM anyway?

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March 1, 2010 - Posted by | Economy, Jobs, Media, MSM, Politics |

3 Comments »

  1. I’ve seen this chart before Jim and at first glance it looks good. My question is where are they getting their numbers and how are they scaling it?

    Comment by Chicken Hammer | March 1, 2010 | Reply

  2. Those are actual growth numbers and except for the last bar, they’ve been adjusted. They use the same measures they’ve been using for years, the Bureau of Economic Analysis.

    Comment by ExtremeLiberal | March 2, 2010 | Reply

  3. Things are looking up here in Maine! Lots of road work being done, our housing sales have increased by 18% (10% higher than the national average!), and Mainers are shopping for goods and services (parking lots are way fuller than usual and I see carpentry happening all over the place)!

    It used to be, “As Maine goes so goes the nation”, but as we all know the right wingers ruined that in the 2000 election. That said, Maine is a bellwether state!

    Comment by KayInMaine | March 7, 2010 | Reply


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