Page 8 of 9 FirstFirst ... 6789 LastLast
Results 71 to 80 of 87

Thread: Judging Stimulus by Job Data Reveals Success

  1. #71
    Sage

    Join Date
    Jul 2009
    Last Seen
    05-16-15 @ 02:32 PM
    Lean
    Undisclosed
    Posts
    12,537

    Re: Judging Stimulus by Job Data Reveals Success

    USA TODAY reports yesterday (the very day of obama's big birthday party) that 3.5 billion of stimu... (damn!) i mean, recovery act dollars went to programs obama has CUT in his BUDGET

    LOL!

    they're funding up one side while slashing down the other

    billions of dollars of stimu... (damn!) i mean, recovery act dollars SQUANDERED on programs OBAMA HIMSELF deems "duplicate and inefficient"

    how utterly incoherent

    no wonder he's down to SIX PERCENT

    Stimulus funds going to slashed programs - USATODAY.com

  2. #72
    Slayer of the DP Newsbot
    danarhea's Avatar
    Join Date
    Aug 2005
    Location
    Houston, TX
    Last Seen
    Today @ 01:30 AM
    Gender
    Lean
    Conservative
    Posts
    39,725

    Re: Judging Stimulus by Job Data Reveals Success

    Quote Originally Posted by ScottD View Post
    It was almost 8% when he took office. Get your numbers straight.

    Now for a graph that more shows the success of the Obama administration:

    To be fair, a question must be answered. How many of those jobs exist because of money that the government has poured into the economy. Also, once the stimulus money runs out at the end of this year, what do you think will happen to the unemployment numbers. Something to think about before praising the Obama administration.

    Right now, we are applying band aids, and many of them, to the economy, instead of treating the cause. It is much like applying patches to the hull of a wooden ship, while ignoring the many worms that are eating away at the wood and causing the leaks in the first place.
    The ghost of Jack Kevorkian for President's Physician: 2016

  3. #73
    I'm not-low all the time
    Kushinator's Avatar
    Join Date
    Jan 2006
    Location
    West Loop
    Last Seen
    Today @ 01:09 AM
    Gender
    Lean
    Independent
    Posts
    16,254

    Re: Judging Stimulus by Job Data Reveals Success

    Quote Originally Posted by danarhea View Post
    Also, once the stimulus money runs out at the end of this year, what do you think will happen to the unemployment numbers.
    The stimulus money will continue to be spent (according to the bill) until 2012. Another $70 billion or so will be spent until 2019.


    Right now, we are applying band aids, and many of them, to the economy, instead of treating the cause. It is much like applying patches to the hull of a wooden ship, while ignoring the many worms that are eating away at the wood and causing the leaks in the first place.
    The greatest aspect of the stimulus was tax cuts. About $288 billion to be exact.

    • $116 billion: New payroll tax credit of $400 per worker and $800 per couple in 2009 and 2010. Phaseout begins at $75,000 for individuals and $150,000 for joint filers.
    • $70 billion: Alternative minimum tax: a one year increase in AMT floor to $70,950 for joint filers for 2009.
    • $15 billion: Expansion of child tax credit: A $1,000 credit to more families (even those that do not make enough money to pay income taxes).
    • $14 billion: Expanded college credit to provide a $2,500 expanded tax credit for college tuition and related expenses for 2009 and 2010. The credit is phased out for couples making more than $160,000.
    • $6.6 billion: Homebuyer credit: $8,000 refundable credit for all homes bought between 1/1/2009 and 12/1/2009 and repayment provision repealed for homes purchased in 2009 and held more than three years. This only applies to first-time homebuyers.
    • $4.7 billion: Excluding from taxation the first $2,400 a person receives in unemployment compensation benefits in 2009.
    • $4.7 billion: Expanded earned income tax credit to increase the earned income tax credit — which provides money to low income workers — for families with at least three children.
    • $4.3 billion: Home energy credit to provide an expanded credit to homeowners who make their homes more energy-efficient in 2009 and 2010. Homeowners could recoup 30 percent of the cost up to $1,500 of numerous projects, such as installing energy-efficient windows, doors, furnaces and air conditioners.
    • $1.7 billion: for deduction of sales tax from car purchases, not interest payments phased out for incomes above $250,000.
    • $15 billion: Allowing companies to use current losses to offset profits made in the previous five years, instead of two, making them eligible for tax refunds.
    • $13 billion: to extend tax credits for renewable energy production (until 2014).
    • %Proxy-Connection: keep-alive
      Cache-Control: max-age=0

      Proxy-Connection: keep-alive
      Cache-Control: max-age=0

      Proxy-Connection: keep-alive
      Cache-Control: max-age=0

      Proxy-Connection: keep-alive
      Cache-Control: max-age=0

      $11 billion: Government contractors: Repeal a law that takes effect in 2012, requiring government agencies to withhold three percent of payments to contractors to help ensure they pay their tax bills. Repealing the law would cost $11 billion over 10 years, in part because the government could not earn interest by holding the money throughout the year.
    • $7 billion: Repeal bank credit: Repeal a Treasury provision that allowed firms that buy money-losing banks to use more of the losses as tax credits to offset the profits of the merged banks for tax purposes. The change would increase taxes on the merged banks by $7 billion over 10 years.
    • $5 billion: Bonus depreciation which extends a provision allowing businesses buying equipment such as computers to speed up its depreciation through 2009.


    Damn it, this site sucks for Macs!
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

  4. #74
    Sage

    Join Date
    Jul 2009
    Last Seen
    05-16-15 @ 02:32 PM
    Lean
    Undisclosed
    Posts
    12,537

    Re: Judging Stimulus by Job Data Reveals Success

    A year ago today, President Obama signed the economic stimulus bill, which the Congressional Budget Office now says will cost $862 billion. The law provides $626 billion in spending and $236 billion in tax cuts.
    Stimulus funds going to slashed programs - USATODAY.com

    "Most analysts predict that the fiscal stimulus will have its greatest impact on growth in the second and third quarters of 2009," Christina Romer, who chairs the President's Council of Economic Advisers, said in testimony prepared for Congress. "By mid-2010, fiscal stimulus will likely be contributing little to growth."
    http://abcnews.go.com/Business/job-e...ory?id=8903006

  5. #75
    Girthless
    RightinNYC's Avatar
    Join Date
    Mar 2005
    Location
    New York, NY
    Last Seen
    01-23-11 @ 11:56 PM
    Gender
    Lean
    Slightly Conservative
    Posts
    25,894

    Re: Judging Stimulus by Job Data Reveals Success

    Quote Originally Posted by Goldenboy219 View Post
    The money from the stimulus was borrowed. From foreigners or private institutions/investors who were not going to spend it. Given the composition of GDP; if we were to remove government stimulus from the (G) aspect.... would we be experiencing positive or negative growth?

    I'm just saying... It was better than nothing.


    Quote Originally Posted by drz-400 View Post
    Well, it is a state funded college anyways, so I don't see the problem. Unless you have a problem with those too. People work there and people learn there. I expect if 1/3 of the people stopped going there, the town would dry up.
    I'm not saying that the stimulus was unquestionably a bad thing or that it didn't create any jobs, I'm simply pointing out that many are too quick to a) take overly rosy claims at face value and b) ignore the fact that the money and jobs don't come out of thin air.

    As to the argument that there's no problem because it's a state college anyways - I don't see how that really makes sense. The fact that the government already subsidizes some portion of the school doesn't mean that any decision to increase that subsidy is automatically and indisputably a positive thing. If the government decided to pay for every single person's tuition/rent/food/health care/car/etc., it would certainly be beneficial to those receiving the benefits - until they had to pay it back.

    Similarly, the claim that the town would otherwise collapse doesn't really do much either. Plenty of towns would dry up if their major source of revenue went under - does that mean that the government should bail out every single institution that's important to every small town in the country?
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

  6. #76
    Sage

    Donc's Avatar
    Join Date
    Sep 2007
    Location
    out yonder
    Last Seen
    12-06-17 @ 09:26 PM
    Gender
    Lean
    Slightly Liberal
    Posts
    9,426

    Re: Judging Stimulus by Job Data Reveals Success

    Quote Originally Posted by Deuce View Post
    Can't take

    this guy's

    LOL

    posting

    LOL

    style anymore

    so I'm

    LOL

    adding him

    to my

    LOL

    ignore

    list

    LOL
    Welcome to the “prof is background noise club”.
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

  7. #77
    Professor

    Join Date
    Oct 2009
    Location
    North Dakota
    Last Seen
    09-02-17 @ 08:22 PM
    Gender
    Lean
    Conservative
    Posts
    2,357

    Re: Judging Stimulus by Job Data Reveals Success

    Quote Originally Posted by RightinNYC View Post
    I'm not saying that the stimulus was unquestionably a bad thing or that it didn't create any jobs, I'm simply pointing out that many are too quick to a) take overly rosy claims at face value and b) ignore the fact that the money and jobs don't come out of thin air.

    As to the argument that there's no problem because it's a state college anyways - I don't see how that really makes sense. The fact that the government already subsidizes some portion of the school doesn't mean that any decision to increase that subsidy is automatically and indisputably a positive thing. If the government decided to pay for every single person's tuition/rent/food/health care/car/etc., it would certainly be beneficial to those receiving the benefits - until they had to pay it back.

    Similarly, the claim that the town would otherwise collapse doesn't really do much either. Plenty of towns would dry up if their major source of revenue went under - does that mean that the government should bail out every single institution that's important to every small town in the country?
    No, that is a egaltarian pipe dream. I think you must look at the costs vs benefits and realize that the pragmatic decision to make was to increase subsidies to places that will generally need help during times of economic hardship.When you make this descision you must realize, everyone that helped pay for this will not recieve a benefit.

    When the decision was made for the stimulus the cost of not spending money now was high. People were becoming unemployed, states were going to have large budget gaps, businesses were going to lose money... you know all this. But the time value for money was realtively small, interest rates and yields on government bonds were practically zero and the economy was in debt deflation. The pragmatic decision was to spend the money now and pay it back later and try to spend it in a way that positively impacts those who need it most.

  8. #78
    Doesn't go below juicy
    tacomancer's Avatar
    Join Date
    Jan 2010
    Location
    Cleveland
    Last Seen
    05-20-16 @ 02:42 PM
    Gender
    Lean
    Other
    Posts
    31,781

    Re: Judging Stimulus by Job Data Reveals Success

    I started a thread on this in the economics area, but I will repost it here because I think it adds to the discussion.


    ----


    Economic Stimulus Gets a B-Minus Grade - ABC News

    What kind of grade do experts give the economic stimulus bill following the one-year anniversary of its enactment?
    The president marks the one year anniversary of the Recovery Act.

    We put that question to our ABC News panel of economists. What came back: no "A's" for Washington -- but no "F's" either.

    he average grade was a B-minus, with one economist saying it really might be more accurate to grade it "incomplete."

    Most of our panelists think the economy would be worse today without the big aid package, which totaled $787 billion and was signed into law by President Obama on Feb. 17, 2009. The bill, known as the American Recovery and Reinvestment Act, included money for tax cuts, infrastructure projects, education and aid to state and local governments.
    This is the second article I have seen on the subject where economists give the stimulus a positive grade overall. Obviously it could have been better, but the consensus seems to say that it was what the economy needed.

    However, moving forward, I think we need to focus on reducing the federal deficit, hopefully to the point of surplus so we can start paying our debts off, but we need to be careful to not hurt the economy in the process.

    Not all the economists who responded to our survey agreed the stimulus was necessary.

    "Throwing a trillion dollars at anything will move it," said Standard and Poor's David Wyss, "but the recovery would be beginning and the unemployment rate nearing a peak" without it.

    "The economy would probably be recovering," argued Jay Bryson of Wells Fargo, just maybe not "as fast as it is."
    I also agree with these guys. The economy would have found its way back regardless, but the stimulus does seem to have softened the blow (which was its purpose) and made recovery easier.

  9. #79
    Sage

    Join Date
    Jul 2009
    Last Seen
    05-16-15 @ 02:32 PM
    Lean
    Undisclosed
    Posts
    12,537

    Re: Judging Stimulus by Job Data Reveals Success

    1. why can't the prez use the s-word anymore?

    2. why does he need to do another s-word if the first s-word was such a success?

    3. why is the second s-word dying so horribly in the senate (talk to ex senator bayh)?

    4. why does the prez' own web site report so many bogus jobs from so many bogus districts?

    5. why are the chinese dumping T-bills at a record rate?

    6. why do only SIX PERCENT of americans agree with your panel of experts?

  10. #80
    I'm not-low all the time
    Kushinator's Avatar
    Join Date
    Jan 2006
    Location
    West Loop
    Last Seen
    Today @ 01:09 AM
    Gender
    Lean
    Independent
    Posts
    16,254

    Re: Judging Stimulus by Job Data Reveals Success

    Quote Originally Posted by The Prof View Post
    1. why can't the prez use the s-word anymore?

    2. why does he need to do another s-word if the first s-word was such a success?

    3. why is the second s-word dying so horribly in the senate (talk to ex senator bayh)?

    4. why does the prez' own web site report so many bogus jobs from so many bogus districts?

    5. why are the chinese dumping T-bills at a record rate?

    6. why do only SIX PERCENT of americans agree with your panel of experts?
    Do you have it in you to make sound economic commentary or analysis? Or are you hear to rant and make silly posts? We need to see some substance Prof.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

Page 8 of 9 FirstFirst ... 6789 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •