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What I want to know is where they are hiding all the jobs from the other one?
60% of it was tax breaks which are a long term rather then short term stimulus of the remaining 40% about a third is currently allocated and released but Congress wanted tight controls over how the money was spent with built in verification. Sure, that's the responsible thing to do and most voters want Congress to take such actions but the red tape does slow down disbursements.
Make light of the situation if you want. But the fact remains that the GOP firmly stated that the First Stimulus would not pull us out of the doldrums, as Obama asserted, and it didn't. In fact, it barely made an impact, and certainly didn't do what Obama and Democrats expected. There is nothing to debate about this.
Almost exactly a year ago, Obama was warning that we confronted the stark possibility of double-digit unemployment rates, and Republicans were poo-pooing it, accusing him of using scare tactics to drum up support for a stimulus bill. Your alleged facts concerning the origins and history of ARRA have so far all been simple fabrications.
I expected nothing less than this from you Saganista. Full of hype. and absent of any substance. When the economy isn’t growing on its own but is being propped up at a higher level than it otherwise would have been, GDP growth is basically nil. The real test will be sustained growth of GDP, not GDP propped up by a three-legged stool. So far, there is no evidence that the First Stimulus will have this sustaining effect; evenmoreso as it goes offline and becomes a drag on the economy. Which is precisely why there is talk of another stimulus - because the other stimulus was misjudged, miscalculated, and misspent.
GDP is nil, when you factor in the value of the dollar.
Take a dollar and cut it in half, calling each half a new dollar, yet it is going to take both halves to buy a full dollars worth.
Smoke and mirrors.
Take into account the tanking dollar, and our GDP is the same as 1999.
Who says it isn't up around 20-25% when you add it ALL up, including those that work as subcontractors, not employees, that have no work and those that have fallen off the unemployment list, just because their benefit time has run out? What about the small business owners? Are they counted, too? Our national unemployment rate is much higher than statistics show.
Just a quick note that the unemployment rates published monthly by BLS have absolutely nothing to do with who either is or is not receiving unemployment insurance benefits. There are of course separate data produced and published concerning unemployment insurance, but those data are not a part of the employment and unemployment calculations at all.
Almost exactly a year ago, Obama was warning that we confronted the stark possibility of double-digit unemployment rates, and Republicans were poo-pooing it, accusing him of using scare tactics to drum up support for a stimulus bill. Your alleged facts concerning the origins and history of ARRA have so far all been simple fabrications.
Almost a year ago, 0bama was busy fabricating data and drumming up support for his stimulus bill by claiming if passed, it would create 4 million jobs and keep unemployment below 8%, and if his bill was not passed it would hit 9%.Of course, that was when over half the country thought he walked on water.
So far, nearly $3 trillion has been committed, with another $8 trillion to be released on a continuing basis. As a matter of fact, the Stimulus (ARRA) is very small compared to some of the other bailouts and spending bills. And for the record, the stimulus bill already had a son (ESA), but soon it seems comparing the original to Octomom would be more accurate.
Sorry but it was just a fact. The GOP is banking on unemployment stay high because they know the worse the economy is come election time the more likely people will vote for them as the opposition. Now, the Dems did the same thing when the Repubs were in control but the Republicans have really ramped up the obstructionism which is a new development.
So far, nearly $3 trillion has been committed, with another $8 trillion to be released on a continuing basis. As a matter of fact, the Stimulus (ARRA) is very small compared to some of the other bailouts and spending bills. And for the record, the stimulus bill already had a son (ESA), but soon it seems comparing the original to Octomom would be more accurate.
Most of that money was covering the massive losses banks had from the property bubble and it simply went over seas.
I expected nothing less than this from you Saganista. Full of hype. and absent of any substance.
Speaking of substance, if you'd bothered to look at the first quarter ARRA report, you would have known how wrong you were. At this point, it's pretty much you against CEA, CBO, and almost every major private sector analysis shop out there (Moody's, Goldman Sachs, Global Insight, Macroeconomic Advisers, etc.)
Quote:
Originally Posted by AeroGuyDC
When the economy isn’t growing on its own but is being propped up at a higher level than it otherwise would have been, GDP growth is basically nil. The real test will be sustained growth of GDP, not GDP propped up by a three-legged stool. So far, there is no evidence that the First Stimulus will have this sustaining effect; evenmoreso as it goes offline and becomes a drag on the economy. Which is precisely why there is talk of another stimulus - because the other stimulus was misjudged, miscalculated, and misspent.
LOL. Nothing but hot air. ARRA is not meant to "become" the economy. It is meant to be a bridge over waters troubled by the hapless errors of a bunch of inept Republicans. As about everyone but you seems now to have noticed, the depths of those troubles were indeed greater than what even pessimistic people thought would be the case at the time that ARRA was passed. While ARRA itself is right on its projected schedule, the more serious nature of the situation it attempts to address makes the idea of bringing additional ammo to bear a sensible one. At least among sensible people.
GDP is nil, when you factor in the value of the dollar. Take a dollar and cut it in half, calling each half a new dollar, yet it is going to take both halves to buy a full dollars worth. Smoke and mirrors. Take into account the tanking dollar, and our GDP is the same as 1999. The micro chip bubble created in the 90's popped.
Try again, right-winger. You're not even close.
Real GDP in Billions of Chained 2005 Dollars
1999 = 10,780
2008 = 13,312
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Our national unemployment rate is much higher than statistics show.
