The stimulus worked
Submitted by James on Tue, 02/16/2010 - 9:21pm
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.”
So what now?
The last year has shown — just as economists have long said — that aid to states and cities may be the single most effective form of stimulus. Unlike road- or bridge-building, it can happen in a matter of weeks. And unlike tax cuts, state and local aid never languishes in a household’s savings account.
The ideal follow-up stimulus would start with that aid. It would then add on extended jobless benefits, which also tend to be spent, as well as tax credits carefully drafted to get businesses to hire and households to spend, like the cash-for-clunkers program.
By this yardstick, the $154 billion bill that the House passed in December is decent. It includes $27 billion in state and local aid, $79 billion for jobless benefits and other safety nets, and $48 billion in infrastructure spending.
The smaller bills being considered by the Senate are worse. They may end up with no state aid at all, and their tax credits sound better — with promises to help the long-term unemployed and small businesses — than they are. “The economic impact of the Senate bill, at this point, is starting to look very small,” Mr. Behravesh says.
Just don't expect Republican flat-earthers to acknowledge that the government can do something right. They're too busy trying to prove their ideological purity, even as they take credit for the very stimulus spending they were against. That's why they're called a$$holes.
- James's blog
- 1960 reads
David Plouffe wants to know if you've seen this
Never count your Stimulus Eggs until they Rot?
The stimulus worked
And is still working.* James
That's like the Pope paying off Attila the Hun with Western Rome's Gold Treasury and calling it a Miracle that he went away for good!
You cannot create wealth out of nothing but created more paper currency and debt that no future generation will be able to retired in a million years.
Posting
I wished I will have think of that but created it and retire after that.
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“Discussion is an exchange of knowledge; argument is an exchange of ignorance" __ Robert Quillen
Looking ahead to Retire Uh Foxtrot?
Do what the insiders are doing to prepare for the Art Pope Tea Party coming Chaos
http://www.marketwatch.com/story/story/print?guid=C3A7C2B5-89BD-4D1D-B30...
actually yes
Rachel Maddow has been on fire in exposing Republican hypocrisy on the Recovery Act (AKA Stimulus Bill)
And she's been doing a terrific job too.
I'm so glad she's on our side, that woman can hold her own.
absolutely
She is amazing! I read an interesting piece on the demise of Air America, which actually did a great thing by giving a start to folks like Rachel Maddow and Ed Schultz. These progressive cable hosts are starting to break through and give our side a voice in the debate.
That part of the Stimulus plan is correct, but....
the other part is what is leaving a bad taste behind. The part that was started by Paulsen during the waning days of the Bush fiasco. If you might recall, Paulsen was in a panic and wanted authorization for a 700 billion dollar stimulus with no oversight. Congress did reject it a little, but eventually caved, and let it happen. To this day, Congress hasn't been able to get any exact accounting from the Federal Reserve on who received what, and no accounting on how the money was spent or disbursed. So when we see the huge bonuses, and lobby payoffs, we know that's the taxpayers money that's being disposed of, and the close of the biggest heist job any country has seen. And now that Bernanke has been given a new term, we know it's all over folks! Once again, thanks to our one-term president Obama, we're not looking back, and we can let the Att'y General Holder go back to chasing those pot growers in California.
Not so fast
.
I dunno, denno. I'm not ready to give up the ship just yet. As Jake said on another thread, the political winds might not be blowing our direction right at this particular moment, but we can help to change that and truth is, the political weather vane doesn't always point in one direction.
I saw the fat lady at WalMart yesterday, but she wasn't singing.
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“Discussion is an exchange of knowledge; argument is an exchange of ignorance" __ Robert Quillen
A big problem for , not just Obama, but the Dem leadership...
is that they looked at this financial crisis in a "political" way. But, even your basic blue collar guy, like myself, knows money comes down to basic mathematics. We all account for what we spend, or face bankruptcy. Congress, both Repukes and the Dems, thought they can just continue to not account for what has happened, but John Q. Public thinks otherwise. They don't like seeing these Wall St parasites getting away with swindling us, while being bankrolled with the Treasury money. And, although Obama is a likable guy, he hasn't been as forceful as we expected a president to be. As a result, the 'winds of change' are pointing in many directions, still waiting for Moses to lead us out of the morass. But, you're right about the fat lady in Walmart, of which I've seen many, but none have been singing!
I see where you are coming from
I doubt anyone could legitimately argue with you on most of what you have said, especially "We all account for what we spend, or face bankruptcy". Time our government, regardless which party is in control, starts doing just that.
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“Discussion is an exchange of knowledge; argument is an exchange of ignorance" __ Robert Quillen
the stimulus
I'm sure that North Carolina students will be trying to answer the question of whether or not the stimulus worked in the new and revised history courses the DPI is putting together.
Scholars will probably be able to answer the question for sure in 50 years or so. They might be able to answer the question sooner depending on whether or not they got a chunk of that stimulus money for the study.
Let us wait it out
Until the entire "stimulus" is spent, taken its affect, let us wait it out, let us hold off on how we determine what it has done.
Geeeezzzz....
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“Discussion is an exchange of knowledge; argument is an exchange of ignorance" __ Robert Quillen
Devil's Ad, Madame
n/t :)
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“Discussion is an exchange of knowledge; argument is an exchange of ignorance" __ Robert Quillen