Stimulus Bill Worked, Added 2.5 Million Jobs, Economic Research Firms Say

nytimes.com:

Imagine if, one year ago, Congress had passed a stimulus bill that really worked.

Let's say this bill had started spending money within a matter of weeks and had rapidly helped the economy. Let's also imagine it was large enough to have had a huge impact on jobs -- employing something like two million people who would otherwise be unemployed right now.

If that had happened, what would the economy look like today?

Well, it would look almost exactly as it does now. Because those nice descriptions of the stimulus that I just gave aren't hypothetical. They are descriptions of the actual bill.

Read the whole story: nytimes.com

Comments

[romavictor]

07:18 AM on 02/18/2010

I won't believe it until our lord and savior glen beck says it I'd true ;-)

[StillAmused]

06:15 AM on 02/18/2010

Why should we take the word of objective economic analysts when we can get the REAL skinny from FixedNoise and the GOP clown college?

[tompoe]

05:17 PM on 02/18/2010

You're right. After all, these are the same economists that brought us Wall Street and their "too big to fail" policies. Way to go, economists. Keep feeding the NYT more Fox TV fodder.

[StillAmused]

07:47 PM on 02/18/2010

Uh, there's a difference between economic research ANALYSTS and the investment BANKERS who ran their institutions off the rails.

... or do you think the research analysts are fabricating the job numbers? That's more a specialty of Republickers, who keep claiming -- for example -- that most Americans disapprove of health care reform, while Gallup reports about 70 percent WANT it.

[jcwtts1]

03:56 AM on 02/18/2010

How is there any other story anywhere. The White House needs to send people out and the only subject they need to talk about is this. He saved the economy. And he got crushed for it. Paul Enron Krugman spent an entire year saying the President had no idea what he was doing. Robert I hate Obama Reich spent a year saying the President was dooming us. I want someone on HP to ask those two prolific Obama haters wtf they have been talking about to the last year. All the hatred and I do mean hatred poured onto Obama by the left this last year has been insane. He saved the economy of the US and through us the western world. Was it pretty? Absolutely not. But he did the hard governing things and because of political weasels like Krugman and Reich progressive hate the President. It has been an insane year, he accomplished more in one year than most presidents do in a term. How about a little fing love.

J

[funkyirishdem]

03:02 AM on 02/18/2010

THE WORLD IS WATCHING
.
WE SEE YOU ARE TRYING AND SEE THE PROGRESS....
WITH A UNANIMOUS VOTE OF FIVE (5)
BARACK OBAMA - 2009 NOBEL PEACE PRIZE WINNER CONGRATULATIONS !!!

Note from Ireland:
Maith thú (well done )

People here support you and your country
and are immensely happy with the decision to continue the fight ...

continue the fight for PEACE .. .

for a nuclear FREE world

and that ALL people should be considered equal and FREE...all men ..all women ...all different creeds , races , colors ...sexual orientations , people of different political views ..

TO CONSIDER ACCESS TO QUALITY ,AFFORDABLE HEALTH CARE AS A BASIC HUMAN RIGHT !

YES WE CAN ...work ALL together ... WE are behind you MR: President ...WE believe in you and the Amercian people to lead the way ...to keep us all safe ...for us to ALL prosper ...

YES WE CAN ! FIRED UP! READY TO GO!

AND ONE LAST THING ...do NOT let down ..do NOT give up...do NOT stop the pressure ...talk to thy neighbour ...do not slip by the person on the street ...look them in the eye ...smile ...as if we are ALL in the know ...NOVEMBER...VOTE ....the JOB is NOT finished ...finally SHOUT OVER the shouters ...do not walk away in disgust ...FIGHT ...

YES WE CAN!

[CaptainVideo]

02:16 AM on 02/18/2010

What Obama did when he took over the Presidency was almost like taking command of the Titanic after it hit the iceberg. The bottom was falling out of the economy. Output (real GDP) was falling at about 6%. By the third quarter this was turned around and output was growing again. This was due to 1. The bailouts, because they prevented a total meltdown of the financial system bringing us another Great Depression. 2. The Stimulus Package, which gave the economy the fiscal push it needed to stop its decline and put it on an upward trajectory. 3. Last, but certainly not least, the bold innovative actions of the Federal Reserve System under Bernanke in carrying out its most basic function as lender of last resort, in giving the economy a strong monetary stimulus and getting financial markets working again. As far as getting the economy growing again, it's MISSION ACCOMPLISHED!

But, and there is a but, in order for the unemployment rate to come down at an acceptable rate, the economy not only has to grow, it has to grow at a brisk rate, and that is not happening so far. In order for that to happen, the economy needs a second fiscal stimulus and the Fed has to be pursuing a more agressively expansionary monetary policy than it is currently following. As long as the unemployment rate is not coming down at an acceptable rate, the public is justifiabably going to be angry and vote against the incumbents.

[CaptainVideo]

02:25 AM on 02/18/2010

In order go to increase the rate of growth in the economy to a level that will bring the unemployment rate down at an acceptable pace Obama needs to do the following: (This is not intended to be a complete list.)

1. Fill the two vacant positions on the Board of Governors of the Federal Reserve System with employment hawks, who understand that unemployment is the most serious short-run problem currently facing the United States, and the the Fed needs to provide a stonger monetary stimulus than it is currently providing in order to bring the unemployment rate down. Use recess appointments if needed.

2. Speed up the rate at which government expenditures that have already been authorized are spent to give the economy an additional fiscal stimulus.

3. Postpone trying to redude the deficit until AFTER unemployment is coming down at a brisk rate. Instead use reconciliation to pass the strongest fiscal stimulus that can get 51 votes in the Senate.

4. Install a much more agressive and successful program to reduce the number of foreclosures.

[ThruSpaceAndTime]

01:35 AM on 02/18/2010

Salute to Mr. Obama, the Congress, and the financial advisors (Geithner , Romer, Goolsbee, Summers, Bernstein, Volker, et al) of the cabinet for any real relief (beyond data points) provided by the Recovery Act and all other measures implemented thus far towards – stemming the tide. The numbers are impressive and we know that a large element of dissent finds root in the vacuity resident in individual minds. I say this not as putdown but as wakeup call to those who are sleeping. Those who hem and haw concerning the validity, the lure and the draw…of the lurid oozing and creeping…“just say no” meme of no merit, no point, no reason…no purpose – except maybe to hurt us, as a nation, via the inflation…of bloated ego causing spastic contortionism of virtue and high principle, leading to the gymnastics of the need to satisfy political libido…and ideological myth lie and flawed supposition emanating from toxic and perverted credos and ethos.

However, some dissent is not based on a hater paradigm but a fierce urgency of now and the fire this time paradigm. The numbers are impressive, but the suffering cited, witnessed, and stated is most distressing. May the president, the cabinet, and the Congress continue down the path, wiser for the lessons, thankful for the blessing, and lighter and therefore made and ready for speed due to the abandonment of useless bipartisan and political window dressing.

[sherwoodforest]

12:02 AM on 02/18/2010

Finally some information on huffpost that is not bashing Obama!
Anyone who was watching financial markets has known this was coming- for 30 years we have been barreling down a road with no long term plan of responsibility.
We have a corporate media that is willing us to be no-nothings and tea-baggers.
Check out http://thinkprogress.org/
for more excellent facts for progressives to share with others

[eirlymeyer]

11:20 PM on 02/17/2010

Let's be clear on one thing -- http://my.barackobama.com/page/content/recoveryanniversary/ - The graph & stats don't lie.

The stimulus was Signed on February 17, 2009 -American Recovery and Reinvestment Act.
The unemployment rate was ALREADY at 8.2 % at the end of February. From Jan. to February was a lost of 1,500,000 jobs. Companies were saying they were doing mass layoffs & we had the issue with the banks and auto industry. If we let both of those fail, you can add at least another 1 million to the already 1.5 million in the first 2 months of the Presidency.

Therefore, to all the Republicans & Teabaggers, I challenge you to go to the Auto Industry & the Banking Institutions and say you want them all to lose their jobs because you want limited government.

Next, it took 3 months to get the stimulus really starting to work. In May of 09, job loss was HALF of what it was going into every month. 1/3 of the stimulus was tax cuts & unemployment benefits to help out not only the people who lost their jobs but also those that lost theirs during Bush's watch.

In November, jobs were positive & growing. The economy grew 6%, which was a 12 % turnaround.

So, to all those who hate, better look again & look at the facts. I'd rather be on the winning side of things, and that is with Pres. Barack Obama.

[gmb007]

09:54 PM on 02/17/2010

Well, isn't this just another bright, sunshiny ray of good news.

"For the first time in modern history, the developing world—particularly China, India and Brazil—has supplanted the U.S. in leading the world out of recession." *

You think it could be because ALL our friggin JOBS are over there in China and India??!!!

We, the American People are systematically being SOLD OUT. WE are nothing more than a commodity, cogs in the grinding Profit-Driven Global Wheels. Keep the machine going with the cheapest parts (at least till the wheels fall off).

Do I think businesses should make a profit? Yes.

Do I think they should make obscene, unholy profits on the backs of their desperate countrymen and/or starving men, women and children halfway around the world in sweatshops? NO.

Do I think Big Business has the right to screw over fellow Americans in the name of maximizing profit for shareholders? NO.

Dammit, there comes a point where PEOPLE come before property and profit, I don't care what the rules are or what the law says!!

I consider it nothing less than the worst kind of avaricious treason for a rich, already profitable company to ship American jobs to other countries. Yes, TREASON!! It is wrong on so many different levels, some of them very dangerous.

TRAITORS. Mercenaries. Loyal to none. Blackwater has more honor.

* http://www.economy.com/dismal/article_free.asp?cid=121129&src=dismal-advert-a&tid=098264A2-DEA7-4A66-85CA-B70E998693B8

[eirlymeyer]

11:24 PM on 02/17/2010

China, India & Brail, even Africa are creating or already have high speed rail.

Americans rather sit on their butt & complain because they are not getting paid enough.

Americans are lazy, complainers & not willing to work hard.

However, Pres. Obama is getting the job done -- Results dont' lie:

Let's be clear on one thing -- http://my.barackobama.com/page/content/recoveryanniversary/ -

In November, jobs were positive & growing. The economy grew 6%, which was a 12 % turnaround.

So, to all those who hate, better look again & look at the facts. I'd rather be on the winning side of things, and that is with Pres. Barack Obama.

[mummblemouth]

03:52 AM on 02/18/2010

I agree, at least generally speaking, but I do take issue with pts 2 and 3 as the last time I checked Americans put in the 2nd most working hours in the whole world - after Japan, I believe. Furthermore, the work ethic that I've experienced anywhere else in the world pales in comparison to what we have in the States, or at least in the midwest. The problem is not so much that we are lazy, but that so many of us have been deluded into thinking that we're stronger alone than together. Take health care for instance, if we pooled our resources, everyone could have access to an at least \adequate level of care, but we'd rather fight one another and let a third party collect the fallout (in this instance the ins. cos). So, the trick is to turn of the Fox 'news' which only seeks to divide and to start dealing solely in facts and reason. If we did this, and worked together to solve our problems instead of shutting down the government because one side lost, we'd get out of this just fine. Unfortunately, the right thinks it's in their best interest to not cooperate. The best way forward is likely Obama's level headed persistence in seeking bipartisanship until there is no feasible option but to go it alone. It makes me sick watching it, but medicine isn't supposed to taste good, is it?

[Deninor]

08:34 PM on 02/17/2010

The current adminsiration is doubling down on "The Big Lie." There are no long term jobs created nor will there be as long as people don't have money to create them. Did oyu ever get a job from a poor man? Government sponsored jobs, you know those "shovel ready" hope and changey jobs thingy, what happened to that? Last month's propaganda. We've got to ratchet up even more to convince the public we're not out just for ourselves and thaty it's not baout power and control. The bogger the lie, the more the lemmings will be fearful of challenging it.

[eolufemi]

09:13 PM on 02/17/2010

No evidence, just tone and bluster. Quit lying.

[PatrickJ08]

12:37 AM on 02/18/2010

Its not a lie.

You just have trouble with comprehension.

[gmb007]

06:57 PM on 02/17/2010

Ooops, Moody’s**, one of the economic “experts” cited in the article, reports the labor hole is even “deeper”:

“Jobs Report Contains Some Unwelcome Twists”
http://www.economy.com/dismal/article_free.asp?cid=121279&src=dismal-advert-a&tid=098264A2-DEA7-4A66-85CA-B70E998693B8

** Gee, isn’t MOODY’S one of the giant credit rating agencies directly involved in the sub-prime housing market-Wall Street financial meltdown? And we should trust them for an unbiased jobs creation report?

Fox, meet henhouse.

http://en.wikipedia.org/wiki/Moody%27s_Investors_Service
http://en.wikipedia.org/wiki/Credit_rating_agencies_and_the_subprime_crisis

[Solja]

07:38 PM on 02/17/2010

Teabaggers only believe the world is coming to an end. Just jump.

[GoogleMaster]

06:55 PM on 02/17/2010

How come you can't even find the "stimulus worked" story? I wonder what their headline would be if the independent sources had shown the stimulus to NOT have worked. I don't think the Fox machine can handle independent source verification too well. Instead, they'll divert the topic to,

"Well .. what about Jobs? The unemployment rate when Bush was in office was nowhere NEAR the .. yada yada and .. yada".

[eirlymeyer]

11:21 PM on 02/17/2010

Let's be clear on one thing -- http://my.barackobama.com/page/content/recoveryanniversary/ - The graph & stats don't lie.

In November, jobs were positive & growing. The economy grew 6%, which was a 12 % turnaround.

So, to all those who hate, better look again & look at the facts. I'd rather be on the winning side of things, and that is with Pres. Barack Obama.

[Paul Peete]

06:47 PM on 02/17/2010

The Stimulus failed.
Global Warming is a myth.
Tax cuts are the way to save the economy.
Obama is a socialist.
We were safer under Bush.
The Teabaggers are the true voice of America.

Did I leave any of the Right wing lies out?

[Waltb31]

06:50 PM on 02/17/2010

You hit them all, except Acorn/Ayers/Soros/Marxist. "Take my country back". etc. etc.

[freethinkergirl]

07:02 PM on 02/17/2010

Pretty much got them all Paul......I'll write them in the palm of my hand for my next Democratic party meeting......

Fanned, even though that's not a tough list to come up with...:-))

[Paul Peete]

07:38 PM on 02/17/2010

I know, they try the death by a thousand cuts tactic, same as with Clinton. A lot of folks buy it.

[AngryOhioan]

06:40 PM on 02/17/2010

"And unlike tax cuts, state and local aid never languishes in a household’s savings account."

We wouldn't want people to save. Without all the debt slaves where would the corporations find their low wage worker drones. Without all those cc interest payments that get counted as personal consumption Washington would have to admit the economy is not getting better for working people.

[PatrickJ08]

12:40 AM on 02/18/2010

the point of an economic stimulus isn't to help people save

[Terrence0258]

06:35 PM on 02/17/2010

Only Democrats could make the largest job creation program ever a losing campaign issue.

[PatrickJ08]

12:41 AM on 02/18/2010

Republicans have been lying about it for a year.

Now that we have a year's worth of data refuting repub lies, I expect that we'll see more democrats calling them out.