Extreme Liberal's Blog

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The Stimulus Stopped The Recession – We NEED MORE STIMULUS!

The issue of whether the stimulus package worked or not is really not up for debate or to be decided by a poll of Americans. It clearly worked at stopping the recession and limiting the damage that was about to happen to our economy. I know people on the right, mostly, but some haters on the left too, will try to confuse the issue with how many jobs were created. NOT ENOUGH for sure, but according to Mark Zandi, Moody’s chief economist and former adviser to John McCain, it clearly had a huge impact and he had this to say in response to Boehner “The Orange”…

Joining the backlash against House Minority leader John Boehner’s (R-Ohio) economic speech yesterday, Mark Zandi, Moody’s chief economist, said Boehner was “just wrong” to call the $787 billion stimulus spending “a failure.”

If there was no stimulus at all, Zandi said, unemployment would be at around 11.5% rather than 9.5%.

“I think if we had not had the stimulus, estimates put forward by the Congressional Budget Office are absolutely right: we’d have 2.5-3 million fewer jobs than we’d have today,” he said at a Christian Science Monitor breakfast briefing this morning.

What needs to change are people’s expectations, he said. “The stimulus did exactly what it was intended to do. It was intended to end the recession, jump-start the economy, and it did that,” said Zandi, who has advised both Obama and John McCain in the past.

Here is a link to a story on what I call the Fuckington Post, Hat Tip to Staci, where they show you projects that were funded by the stimulus and asks the question below in bold…

On Tuesday, the nonpartisan Congressional Budget Office estimated that the act added from 1.4 million to 3.3 million jobs during the second quarter of 2010.

In addition to $288 billion in tax cuts, the Recovery Act funded all sorts of worthy projects that created jobs, backstopped a number of safety-net programs, and made huge investments in infrastructure, energy independence, mass transit and other public goods.

Here are 11 projects that got stimulus money. Do you think they deserved your tax money?

With the economy apparently slowing down because of the winding down of the stimulus, we democrats have to join together and start helping the President create a ground swell for more stimulus. We can’t just sit back and expect him to do it without our help, we have to be vocal about it. We have to push hard and I would also add that as long as the “professional left” keeps up their doom and gloom blogging and chipping away at Obama’s popularity, they are helping the Republicans stop any more stimulus.

I would also add that if the corporate Republicans would get up off some of those record profits and invest in American jobs like the patriots they claim to be, we might not need the government to come to the rescue again. But since the Republicans have made a conscious effort to stop ANYTHING President Obama does for their own political gain, we don’t have many choices.

WPA 2010 – Saving American Jobs

Go read this piece by Steve Benen, he sums it all up better than anyone, as usual. Here is just a snippet…

And finally, by way of a reminder as to how truly nonsensical our politics can be, also note that the economy could use another boost to prevent it from slipping even further backwards. The CBO makes abundantly clear that the stimulus worked in generating growth and creating jobs. So, does that mean we’ll get another stimulus to generate more growth and create more jobs? Of course not — Republicans choose not to believe the data, want less of what worked, and won’t allow a vote on the most effective elements of the policy. Voters say they want less spending — even though more spending would improve the economy — and congressional Democrats are unlikely to even try to push for more recovery efforts, fearing a public backlash against sound policies that work.

The stimulus worked, and we need more. The country is convinced it failed, and demands less.

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August 27, 2010 - Posted by | Economy, Politics, President Barack Obama

9 Comments »

  1. Zandi’s either an idiot or a liar then. Most of Porkulus’ funds haven’t even been spent yet, so it couldn’t have had a material positive effect on the economy.

    In any case, the “it would have worse” argument is pathetic. It’d be just a valid to say that without Bush’s tax cuts the recession would have been much worse because the corporations would have been that much weaker going into the collapse.

    Comment by jonolan | August 27, 2010 | Reply

    • So I went and did some research for you and according to what I found, the administration is on track to meet the goal of spending 70% of the stimulus money by September 30 of 2010. Here is a link for you http://www.propublica.org/article/stimulus-spending-likely-to-make-administrations-goal
      I don’t expect you to actually go and read it, it would create cognitive dissonance in you brain and that probably hurts you, right?
      In my research, I found all sorts of stuff from 2009, some of them months after the bill was signed claiming the stimulus failed and the propaganda machines have done an excellent job of just continuing that false idea.

      Now if you look beyond the propaganda, what you find is every single economist says the stimulus worked at pulling us out of the recession, you find me one who says otherwise…but once again, I don’t expect you to actually present any citations or real evidence, that is what denial is all about. The one obsession and the way the propagandists have changed the discussion is by focusing on the estimates of 8% unemployment rate that was put out even before Obama was sworn in, based on numbers given by the Bush people….pretty fucking sneaky of those Repugs huh? They set up the administration by giving them bad numbers. I remember in January or February, that the Obama administration revised those estimates after they got a chance to look at the real numbers, not what Bush and Co. were telling them during the transition. But what estimate has everyone stuck to, the Bush provided ones…..funny how those who want to hate this president conveniently stick to those numbers. And it’s also funny, in a sick kind of way, that the new definition of a recession is wrapped up in job creation, not what it has always been, GDP growth. Funny shit man, just change the definition that makes the president look bad.

      I don’t expect you to actually provide any facts, that would be work and wouldn’t fit with your narrative.

      Comment by ExtremeLiberal | August 28, 2010 | Reply

  2. Just ignore all the facts Jonolan, that’s what being in denial is all about. You do it well.

    And you are probably right, the chief economist for Moody’s and an advisor to presidents is an idiot…which school of economics did you graduate from?

    Comment by ExtremeLiberal | August 27, 2010 | Reply

  3. Fact? Perhaps you should look some up and describe what percent of Porkulus funds have been spent to-date and what they’ve been spent on before agreeing with Zandi so blindly.

    You might also want to research how Zandi stuck his neck out last year saying that Porkulus would work. He needs to keep reinforcing that in order to not look like a fool.

    As for my degree in Economics or lack there of, who cares? It’s largely all voodoo anyway – closer to a fine arts degree than a scientific or engineering one.

    Comment by jonolan | August 27, 2010 | Reply

  4. If any of this is true, why do the figures keep changing. First this administration said without the massive “stimulus” bill unemployment will go to 9%, with it below 8%. Now it’s 11.5 and 9.5. There is no such thing as a nonpartisan CBO because the administrator changes with each administration. Their track record is not good, look at the takeover of healthcare. First it was 900 billion than after it passed it was over a trillion.

    Reagan turned around the disaster left to him by JC in 18 months, with a leftist congress. The leftists have had a majority for 3 1/2 years and absolute control for 1 3/4 years and things are not turning around, according to the lack of non-government jobs and rising foreclosures. The only thing they can say it that it is Bush’s fault and the minority party is holding them back.

    Most people can read into the truth, this administration has no clue what they are doing, except playing golf and taking vacations. Elections have consequences and the last one was a doozy.

    Comment by atlanta ralph | August 27, 2010 | Reply

    • There ya go again…unemployment predictions are the only thing you all have to cling to. It’s a desperate attempt to cling to the notion that Keynesian economics doesn’t work when all the evidence is to the contrary. I know there are a whole lot of people with there hands over their ears saying “nah nah nah nah…I can’t hear you” and living in denial. But the economy isn’t the only thing these people are in denial about…..shit, the morons have come out of the woodwork in the last few years. Yeeee haaaaa, let’s put the crazy people in charge. Palin, Beck, Limbaugh, Bachmann, Rand Paul, Sharon Angle….giddy up, ya’ll, let’s string us up some democrats and muslims and latinos and gays and anyone else that don’t agree with us. Yeeee fuckinn haaaaa.

      Comment by ExtremeLiberal | August 28, 2010 | Reply

  5. Dear Jonolan:

    It’s not Zandi who looks like a fool.

    Regards

    staci

    Comment by staci | August 28, 2010 | Reply

  6. Jonolan you are clearly an idiot. It’s not all voodoo or guess work retard and just the way you say that makes you look like a stupid hillbilly that should just go live on a farm and marry his sister. Frankly I’m sorry but you guys have zero credibility.

    Comment by Jeff | August 29, 2010 | Reply

  7. I guess you will believe what you want but the facts are.

    Unemployment is high and staying there
    Home sales are the worst in history
    Foreclosures are up
    The GDP is very weak
    The deficit is at unprecedented levels
    The federal budget is the highest on record

    Guess you are right, the “stimulus” package did a lot to end the recession because Obama and Obiden said it did.

    Comment by atlanta ralph | August 30, 2010 | Reply


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