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Old 07-14-2010, 11:40 AM
 
Location: Charlotte
12,646 posts, read 13,898,138 times
Reputation: 1679

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Quote:
The Obama administration’s stimulus push has saved or created about three million jobs and is on track to save an additional 500,000 by the end of the year, according to a new report by President Barack Obama’s Council of Economic Advisers.
Source
REPORT

Quote:
The report,....shows that for every dollar spent under the Recovery Act for renewable energy and other projects the private sector is spending $3, according to a White House official.

“The Recovery Act appears to be stimulating private investment and job creation at a time when the economy needs it most,” Christina Romer, who chairs the Council of Economic Advisers
Interesting...
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Old 07-14-2010, 12:21 PM
 
66,242 posts, read 30,173,805 times
Reputation: 8607
Umm... No one believes that 3 million number except Obama's admin. Here's why:

Read the report. Romer and her colleagues didnít actually count how many people got a job or had their jobs saved. That 3 million number is a only a projection that relies on their assumption that a dollar of government spending creates up to 2.5 dollars of economic growth.

Unfortunately, that's just not valid. Harvard University's Robert Barro has found that each $1 of government spending will generate only between $0.40 and $0.70 of economic growth (best case scenario) which is much less than the amount of economic growth we would get if that dollar was invested in the private sector. And even more devastatingly, if that dollar has previously been taxed out the economy, the effect of that $1 of government spending is a destruction of $1.10 of economic growth.
http://mercatus.org/sites/default/fi...nd%20taxes.pdf
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Old 07-14-2010, 12:23 PM
 
Location: Tower of Heaven
4,023 posts, read 6,425,097 times
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3 millions ? It's exaggerated I think, many economists think this stimulus created between 500,000 and 1,500,000 jobs !
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Old 07-14-2010, 12:59 PM
 
10,543 posts, read 11,990,416 times
Reputation: 2798
"Saved or created" has been debunked before. There is no evidence of jobs saved because no data is ever collected on whether or not someone considered laying off an employee and didn't. On top of that, it certainly would not be clear how the stimulus factored into that decision.
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Old 07-14-2010, 01:04 PM
 
Location: Land of debt and Corruption
7,526 posts, read 7,198,975 times
Reputation: 2845
Quote:
Originally Posted by walidm View Post
Council of Economic Advisers Says Stimulus Saved or Created 3Million Jobs - WSJ
Only in the wet dreams of the Obama administration. No sane person actually believes their BS.
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Old 07-14-2010, 01:10 PM
 
66,242 posts, read 30,173,805 times
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As noted in my earlier post in this thread, that '3 million saved or created' is a projection based on a faulty assumption.
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Old 07-16-2010, 11:14 AM
 
Location: Charlotte
12,646 posts, read 13,898,138 times
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Default seems fairly clear and quite evident...

Quote:
Originally Posted by Rggr View Post
"Saved or created" has been debunked before. There is no evidence of jobs saved because no data is ever collected on whether or not someone considered laying off an employee and didn't. On top of that, it certainly would not be clear how the stimulus factored into that decision.

Ray Schofield was laid off by the Fall River Fire Department last year, but was brought back with federal stimulus money.

Quote:
He and 43 other firefighters were rehired after the Fall River Fire Department got $2.8 million in federal money.
Source
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Old 07-16-2010, 11:16 AM
 
10,543 posts, read 11,990,416 times
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Quote:
Originally Posted by walidm View Post
Ray Schofield was laid off by the Fall River Fire Department last year, but was brought back with federal stimulus money.
Sincerely glad to hear it. I have a lot of respect for firemen. That's one...
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Old 07-16-2010, 12:24 PM
 
Location: Great State of Texas
86,093 posts, read 72,332,775 times
Reputation: 27564
Of course they can say it because it cannot be proven either true or false.

Notice though that the unemployment number given a year ago by the administration is never mentioned anymore. You see that one CAN be proven false. Unemployment went over 8% WITH the stimulus.

Don't take credit for anything that can be proven false.
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Old 07-16-2010, 01:53 PM
 
Location: Charlotte
12,646 posts, read 13,898,138 times
Reputation: 1679
Default lol...

Quote:
Originally Posted by Rggr View Post
Sincerely glad to hear it. I have a lot of respect for firemen. That's one...
No, that's 44.
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