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I guess Kev didn't hear Romer, obama's "uniquely qualified" economic advisor, who said the stimulus is done stimulating (of course, we all know that it never did in the first place).
Perhaps he didn't hear her say that because that isn't what she said. What she actually said was this...
Fiscal stimulus has its greatest impact on growth around the quarters when it is increasing most strongly. When spending and tax cuts reach their maximum and level off, the contribution to growth returns to roughly zero. This does not mean that stimulus is no longer having an effect. Rather, it means that the effect is to keep GDP above the level it would be at in the absence of stimulus, not to raise growth further. Most analysts predict that the fiscal stimulus will have its greatest impact on growth in the second and third quarters of 2009. By mid-2010, fiscal stimulus will likely be contributing little to growth.
-- Christina Romer, Recession to Recovery (PDF)
I can of course understand why right-wingers take that last sentence out of the context carefully set for it, and then twist and distort it around into something that's quite different but at least a little more useful to them. They do it because that's what they always do.
Perhaps he didn't hear her say that because that isn't what she said. What she actually said was this...
Fiscal stimulus has its greatest impact on growth around the quarters when it is increasing most strongly. When spending and tax cuts reach their maximum and level off, the contribution to growth returns to roughly zero. This does not mean that stimulus is no longer having an effect. Rather, it means that the effect is to keep GDP above the level it would be at in the absence of stimulus, not to raise growth further. Most analysts predict that the fiscal stimulus will have its greatest impact on growth in the second and third quarters of 2009. By mid-2010, fiscal stimulus will likely be contributing little to growth.
I can of course understand why right-wingers take that last sentence out of the context carefully set for it, and then twist and distort it around into something that's quite different but at least a little more useful to them. They do it because that's what they always do.
Most of the aid went to aid the state governments and food stamps and unemployment benefits. The tax cuts she speaks of were the $8,000 first time buyer give-aways and the cash for clunkers. They did absolutely nothing to stimulate job growth. What we are seeing is the economy trying to crawl out of the gutter in spite of record deficit spending and trillions in bailouts to the crooks that ruined the economy in the first place.
Quote:
Romer said the government has already spent $194 billion of the total stimulus package, most of it in tax cuts, aid to states and unemployment and food stamps. In addition, she said, $146 billion of spending had been already obligated
The economy is starting to pick up and the future looks bright! And we have not even spent half the stimulus money that the Republicans said would not do any good.
[URL="http://www.marketwatch.com/story/bernanke-declares-the-recession-over-2009-09-15"]'Recession is very likely over,' Bernanke says - MarketWatch[/URL]
Most of the aid went to aid the state governments and food stamps and unemployment benefits. The tax cuts she speaks of were the $8,000 first time buyer give-aways and the cash for clunkers.
Cash for Clunkers was not part of the stimulus bill. Direct state aid was about $13 billion, food stamps were $20 billion, and unemployment was $40 billion. Tax cuts for business were $51 billion. The Make Work Pay tax cut was $116 billion. The AMT patch was $70 billion. Maybe you aren't all that up on what the word "most" means.
Quote:
Originally Posted by Wapasha
They did absolutely nothing to stimulate job growth. What we are seeing is the economy trying to crawl out of the gutter in spite of record deficit spending and trillions in bailouts to the crooks that ruined the economy in the first place.
I'm sure this report is based on a detailed and thoughtful analysis.
Hey, nice rebuttal. Kind of right-wingish, though. If you don't think that what I quoted was accurate, go read Romer's testimony. I gave you the link. All you have to do is click on it. You'll find the quote on page 12...
Every week we get another pundit claiming "the recession is over". Are they just going to keep claiming its over until it really is?
You didn't like GDP growth of 3.5%? How many times did Bushie do better than that in a quarter in his 32 tries at it? [Hint: The answer is 5 out of 32...a .156 batting average.]
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