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Thread: Stimulus Boosted Jobs in 2nd Quarter, CBO Says

  1. #11
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    Re: Stimulus Boosted Jobs in 2nd Quarter, CBO Says

    The report notes, however, that the Recovery Act's effect on output will gradually diminish during the second half of 2010. The law's effect on employment and unemployment will wane gradually in 2011 and beyond.

    Funny how that was left out of the OP.

    A temporary gain means nothing. Sustained growth is the key.

    We also need to remember the unemployment number is well over what Obama and his liberal allies promised it would be if the stimulus was passed.
    Last edited by texmaster; 08-25-10 at 02:54 PM.
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    Re: Stimulus Boosted Jobs in 2nd Quarter, CBO Says

    Quote Originally Posted by MrVicchio View Post
    How many of those were "Census" jobs?
    That, and what percentage were public sector and private sector jobs is the reason I read the report in the first place. To my disappointment no such figures were given, because obviously they were not requested to obtain that information.

    .
    Last edited by Grim17; 08-25-10 at 02:57 PM.

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    Re: Stimulus Boosted Jobs in 2nd Quarter, CBO Says

    Quote Originally Posted by Grim17 View Post
    That, and what percentage were public sector and private sector jobs is the reason I read the report in the first place. To my disappointment no such figures were given, because obviously that was excluded from the request they were issued.

    .
    We all know the stimulus was an abysmal failure. It did two things, prop up the economy with temporary jobs that are going away and included some of the biggest liberal pork barrel projects ever seen.
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    Re: Stimulus Boosted Jobs in 2nd Quarter, CBO Says

    Quote Originally Posted by donsutherland1 View Post
    Interestingly enough--and these numbers will probably ignite partisan passions--CBO also provided estimates as to the provisions that were most stimulative vs. those that were least stimulative. Higher multipliers = greater stimulative impact e.g., a multiplier of 1.5 means that every $1.00 of stimulus spending generated $1.50 of economic output. Hence, a 1.00 multiplier is neutral, as every $1.00 of stimulus spending would lead to a $1.00 increase in output.

    Mean Multiplier (average of the low and high estimate):
    Purchases of goods/services by the federal government: 1.75
    Transfer payments to state/local governments for infrastructure: 1.75
    Transfer payments to individuals: 1.45
    Transfer payments to state/local governments for other purposes: 1.25
    Two-year tax cuts for lower- and middle-income people: 1.05
    One-time payments to retirees: 0.65
    Extension of first-time homebuyer credit: 0.55
    One-year tax cut for higher income people: 0.40
    Corporate tax breaks: 0.20

    What does this mean?

    If the federal government chooses to pursue another stimulus package, something that cannot be ruled out, though I don't believe such a package is needed right now, it should focus on high multiplier items and completely avoid low multiplier ones. That way, each additional dollar of stimulus would have greater bang for the buck and a smaller package would be needed than if the stimulus package diverts funding to low- or even very low-multiplier items.
    oh boy.....seems what dems have been advocating makes sense.

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    Re: Stimulus Boosted Jobs in 2nd Quarter, CBO Says

    Quote Originally Posted by texmaster View Post
    We all know the stimulus was an abysmal failure. It did two things, prop up the economy with temporary jobs that are going away and included some of the biggest liberal pork barrel projects ever seen.
    like what?

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    Re: Stimulus Boosted Jobs in 2nd Quarter, CBO Says

    Quote Originally Posted by liblady View Post
    like what?
    Here's a list from an article on CNN.com:

    • $2 billion earmark to re-start FutureGen, a near-zero emissions coal power plant in Illinois that the Department of Energy defunded last year because it said the project was inefficient.

    • A $246 million tax break for Hollywood movie producers to buy motion picture film.

    • $650 million for the digital television converter box coupon program.

    • $88 million for the Coast Guard to design a new polar icebreaker (arctic ship).

    • $448 million for constructing the Department of Homeland Security headquarters.

    • $248 million for furniture at the new Homeland Security headquarters.

    • $600 million to buy hybrid vehicles for federal employees.

    • $400 million for the Centers for Disease Control to screen and prevent STD's.

    • $1.4 billion for rural waste disposal programs.

    • $125 million for the Washington sewer system.

    • $150 million for Smithsonian museum facilities.

    • $1 billion for the 2010 Census, which has a projected cost overrun of $3 billion.

    • $75 million for "smoking cessation activities."

    • $200 million for public computer centers at community colleges.

    • $75 million for salaries of employees at the FBI.

    • $25 million for tribal alcohol and substance abuse reduction.

    • $500 million for flood reduction projects on the Mississippi River.

    • $10 million to inspect canals in urban areas.

    • $6 billion to turn federal buildings into "green" buildings.

    • $500 million for state and local fire stations.

    • $650 million for wildland fire management on forest service lands.

    • $1.2 billion for "youth activities," including youth summer job programs.

    • $88 million for renovating the headquarters of the Public Health Service.

    • $412 million for CDC buildings and property.

    • $500 million for building and repairing National Institutes of Health facilities in Bethesda, Maryland.

    • $160 million for "paid volunteers" at the Corporation for National and Community Service.

    • $5.5 million for "energy efficiency initiatives" at the Department of Veterans Affairs National Cemetery Administration.

    • $850 million for Amtrak.

    • $100 million for reducing the hazard of lead-based paint.

    • $75 million to construct a "security training" facility for State Department Security officers when they can be trained at existing facilities of other agencies.

    • $110 million to the Farm Service Agency to upgrade computer systems.

    • $200 million in funding for the lease of alternative energy vehicles for use on military installations.
    What GOP Leaders deem wasteful in Senate stimulus bill - CNN.com

    Keep in mind that this list was compiled right after the stimulus was passed, and many more pork projects have been discovered since.
    Last edited by Grim17; 08-25-10 at 03:12 PM.

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    Re: Stimulus Boosted Jobs in 2nd Quarter, CBO Says

    Quote Originally Posted by donsutherland1 View Post
    Today, The Wall Street Journal reported:
    - The stimulus increased the number of employed persons by 1.4 million to 3.3 million
    - The stimulus increased the number of full-time equivalent jobs by 2.0 million to 4.8 million vs. what would otherwise have been the case
    this is a good thing! finally a substantial change is finally being noticed. although i do agree with some on this thread there are still too many who are unemployed... but this will change as time goes by. i predict that by next year things will be looking a lot better ;]

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    Re: Stimulus Boosted Jobs in 2nd Quarter, CBO Says

    Quote Originally Posted by donsutherland1 View Post
    Today, The Wall Street Journal reported:



    Stimulus Boosted Jobs in 2nd Quarter, CBO Says - WSJ.com

    For those who are interested, the full CBO report can be found at:

    http://www.cbo.gov/ftpdocs/117xx/doc...08-24-ARRA.pdf

    Note: One may have to cut and paste the CBO's URL in one's address bar in order to access the report.

    CBO's estimates of the stimulus plan's effects in 2010 Q2 were:

    - The stimulus raised real GDP by 1.7% to 4.5%
    - The stimulus lowered the unemployment rate by 0.7 percentage points to 1.8 percentage points
    - The stimulus increased the number of employed persons by 1.4 million to 3.3 million
    - The stimulus increased the number of full-time equivalent jobs by 2.0 million to 4.8 million vs. what would otherwise have been the case

    In any case, this latest assessment should provide ample ammunition for a continuation of the debate concerning what contribution the economic stimulus made.
    Are we sure it isn't just the spring stimulus that happens every year?

    AKA, tax refunds.
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    Re: Stimulus Boosted Jobs in 2nd Quarter, CBO Says

    Quote Originally Posted by Grim17 View Post
    That, and what percentage were public sector and private sector jobs is the reason I read the report in the first place. To my disappointment no such figures were given, because obviously they were not requested to obtain that information.

    .
    How is it obvious?

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Stimulus Boosted Jobs in 2nd Quarter, CBO Says

    As long as the CBO is only allowed to use Keyensian economists to formulate its conclusions it will always be skewed.

    I'd like to see a report with a more narrow window of what was supposedly created in jobs, as opposed to the aggregate number of unemployment claims for the same period. I bet it'd be a net loss.


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