CBO: stimulus has created 3.7 million jobs

[Skjellyfetti]

CBO finds 3.7M jobs created by stimulus
By Jay Heflin - 05/26/10 09:30 AM ET

A report by the nonpartisan Congressional Budget Office shows the Recovery Act has increased the number of workers by between 1.2 million and 2.8 million. The CBO also projects that 3.7 million jobs could be attributed to the stimulus by the end of September.

The $787 billion measure included several tax cuts, including one for $400 ($800 per working couple) that showed up in workers' paychecks. It also created Build America Bonds, expanded unemployment insurance and funded several domestic spending programs.

Several of these provisions are now being expanded in legislation extending expiring measures that the House could vote on later Wednesday.

A rough estimate supplied by House Republicans shows the extender bill increases the cost of the stimulus by approximately $88 billion.

A Senate Democratic aide contends the extender bill does not increase the cost of the stimulus.

"According to Congress's nonpartisan scorekeeper, the Congressional Budget Office, this bill does not change the cost of the Recovery Act or any other legislation, and to say it does is purely political propaganda," the aide told The Hill.

The CBO told The Hill there was no calculation on how the extender bill will affect the cost of the stimulus.

Republicans say the extender bill boosts stimulus spending by increasing unemployment insurance by $47 billion; expanding the COBRA subsidy by $7.8 billion; increasing Medicaid payments to states by $24.1 billion; extending the welfare emergency fund by $2.5 billion; modifying Build America Bonds, which costs $4 billion; and by providing $1 billion for summer jobs.

http://thehill.com/blogs/on-the-money/8 ... job-growth" onclick="window.open(this.href);return false;

[Gil Dobie]

How many of these jobs are permanent once the stimulus money runs out?

cnn link

The recession killed off 7.9 million jobs. It's increasingly likely that many will never come back.

The government jobs report issued Friday shows that businesses have slowed their pace of hiring to a relative trickle.
"The job losses during the Great Recession were so off the chart, that even though we've gained about 600,000 private sector jobs back, we've got nearly 8 million jobs to go," said Lakshman Achuthan, managing director of Economic Cycle Research Institute.

[native]

CBO finds 3.7M jobs created by stimulus
By Jay Heflin - 05/26/10 09:30 AM ET

A report by the nonpartisan Congressional Budget Office shows the Recovery Act has increased the number of workers by between 1.2 million and 2.8 million. The CBO also projects that 3.7 million jobs could be attributed to the stimulus by the end of September.

The $787 billion measure included several tax cuts, including one for $400 ($800 per working couple) that showed up in workers' paychecks. It also created Build America Bonds, expanded unemployment insurance and funded several domestic spending programs.

Several of these provisions are now being expanded in legislation extending expiring measures that the House could vote on later Wednesday.

A rough estimate supplied by House Republicans shows the extender bill increases the cost of the stimulus by approximately $88 billion.

A Senate Democratic aide contends the extender bill does not increase the cost of the stimulus.

"According to Congress's nonpartisan scorekeeper, the Congressional Budget Office, this bill does not change the cost of the Recovery Act or any other legislation, and to say it does is purely political propaganda," the aide told The Hill.

The CBO told The Hill there was no calculation on how the extender bill will affect the cost of the stimulus.

Republicans say the extender bill boosts stimulus spending by increasing unemployment insurance by $47 billion; expanding the COBRA subsidy by $7.8 billion; increasing Medicaid payments to states by $24.1 billion; extending the welfare emergency fund by $2.5 billion; modifying Build America Bonds, which costs $4 billion; and by providing $1 billion for summer jobs.

http://thehill.com/blogs/on-the-money/8 ... job-growth" onclick="window.open(this.href);return false;

Thanks for the entertainment. Do you really believe that bullshat, skelly?

[ASUG8]

between 1.2 million and 2.8 million? Wow, those guys are deadly accurate. I'd bet it's a little closer to (1.2)M - kinda hard to say that we've created jobs when unemployment is at it's highest level in years.

[Skjellyfetti]

How many of these jobs are permanent once the stimulus money runs out?

I've said this a million times on here..... But, the stimulus wasn't to create permanent jobs. It was to create temporary jobs to keep people employed until the private sector begins hiring again. Sounds like it's working.

[Gil Dobie]

How many of these jobs are permanent once the stimulus money runs out?

I've said this a million times on here..... But, the stimulus wasn't to create permanent jobs. It was to create temporary jobs to keep people employed until the private sector begins hiring again. Sounds like it's working.

The private sector is hiring, in Mexico, China, India, etc. Target has their own IT company in India, Red Wing Shoes have shoe plants in China.

[Skjellyfetti]

kinda hard to say that we've created jobs when unemployment is at it's highest level in years.

Unemployment ISN'T at its "highest level in years"

It peaked at 10.6% in January of 2010. As of June 15 it's at 9.3%.
http://www.google.com/publicdata?ds=usu ... +in+the+us" onclick="window.open(this.href);return false;

It's dropping.

[Skjellyfetti]

Thanks for the entertainment. Do you really believe that bullshat, skelly?

If you have better numbers from a better source... feel free to post them.

CBO's numbers are the best and least biased that I'm aware of.

[ATrain]

71,500 jobs were added in Virginia, and that was apparently without the help of the stimulus package:

http://www2.newsadvance.com/lna/busines ... ion/28554/" onclick="window.open(this.href);return false;

[Ursus A. Horribilis]

Ok, I just want to make sure I get this right.

We have gained about 3.7 million temporary jobs correct? I'm guessing that this averages out to what...a year of work for each or so? Seriously, I have no idea?

But anyway, it only cost us 780 billion of our future?

Seems like a fuckin' bargain!

[Skjellyfetti]

71,500 jobs were added in Virginia, and that was apparently without the help of the stimulus package:

http://www2.newsadvance.com/lna/busines ... ion/28554/" onclick="window.open(this.href);return false;

Wrong.

Even McDonnell admitted it helped:

McDonnell estimated that perhaps 14,000 of the jobs could be linked to the economic jolt the federal stimulus package provided as a result of programs such as highway construction that spun off private sector employment.

"There certainly has been some short-term, salutary effect of the stimulus. How much? Hard to say," the Republican governor who was sworn in six months ago said of the economic recovery package adopted by a Democratic Congress and President Barack Obama.

[ASUG8]

kinda hard to say that we've created jobs when unemployment is at it's highest level in years.

Unemployment ISN'T at its "highest level in years"

It peaked at 10.6% in January of 2010. As of June 15 it's at 9.3%.
http://www.google.com/publicdata?ds=usu ... +in+the+us" onclick="window.open(this.href);return false;

It's dropping.

Except for the folks who stopped looking altogether....Google the "real" unemployment rate and let me know what you find. Looks to me like we got some repaved roads, repaired bridges, and a census for $787B.

[Skjellyfetti]

But anyway, it only cost us 780 billion of our future?

Seems like a ****' bargain!

It hasn't all been spent.................

[Baldy]

kinda hard to say that we've created jobs when unemployment is at it's highest level in years.

Unemployment ISN'T at its "highest level in years"

It peaked at 10.6% in January of 2010. As of June 15 it's at 9.3%.
http://www.google.com/publicdata?ds=usu ... +in+the+us" onclick="window.open(this.href);return false;

It's dropping.

It's only dropping because people (650,000 last month alone) have quit looking and dropped off the rolls.

[native]

Skelly, you are like a kid with a calculator who multiplies 10 x 10 but comes up with 10,000 and doesn't have either the common sense or sufficient understanding of the big picture to know that the calculator answer is wrong.

[Baldy]

http://thehill.com/blogs/on-the-money/8 ... job-growth" onclick="window.open(this.href);return false;

Thanks for the entertainment. Do you really believe that bullshat, skelly?

Unfortunately, he is that gullible. Remember this is the same CBO that 'estimated' Obamacare would only cost $940 billion back in March. It's only 4 months and we now know how wrong they were.

[Skjellyfetti]

ployment rate and let me know what you find. Looks to me like we got some repaved roads, repaired bridges, and a census for $787B.

Jesus fucking Christ. The Census is not part of the stimulus bill.............. it's mandated by the fucking Constitution.


And the stimulus does much more than repave roads and build bridges.
Here's some of the stuff being done in Greenville (just the first Greenville zip code I entered... 29601):
http://www.recovery.gov/Pages/TextViewP ... &zip=29601" onclick="window.open(this.href);return false;

[Gil Dobie]

From CNN-Money

CNN Link

In its latest stimulus report released Wednesday, the White House's Council of Economic Advisers said the Recovery Act has already saved or created about 3 million jobs.

But the administration's figures are highly criticized by some economists and Republicans in Congress who point out it's derived from mathematical formulas, not an actual headcount of people who've received jobs funded by stimulus money.

In January 2009, Romer predicted that the stimulus, if passed, would keep the unemployment rate around 7% at the end of 2010. Congress signed the act into law a month after Romer's report.

[Ursus A. Horribilis]

But anyway, it only cost us 780 billion of our future?

Seems like a ****' bargain!

It hasn't all been spent.................

Oh good. I assume that they'll probably not spend it then and get us off the hook for some of that debt right?

[Ursus A. Horribilis]

Skelly, I think I found a clip that relates well to this and your love fest with what this stimulus has done for us.

[youtube][/youtube]

[Skjellyfetti]

Skelly, I think I found a clip that relates well to this and your love fest with what this stimulus has done for us.

[youtube][/youtube]

Exactly! 70 mpg is nice!!! We need more efficiency... and hopefully the stimulus prods us in that direction.

[Ursus A. Horribilis]

Skelly, I think I found a clip that relates well to this and your love fest with what this stimulus has done for us.

[youtube][/youtube]

Exactly! 70 mpg is nice!!! We need more efficiency... and hopefully the stimulus prods us in that direction.

Yup.

[Chizzang]

Skelly, you are like a kid with a calculator who multiplies 10 x 10 but comes up with 10,000 and doesn't have either the common sense or sufficient understanding of the big picture to know that the calculator answer is wrong.

Interesting way to respond native...
I have no idea if the information is correct - and neither do you

Yet you act like "you know" everything about everything - and say the guy quoting the data lacks common sense and "sufficient" understanding

Why not just say that you disagree with the findings Skelly is obviously not dumb and you know that but because you have no way of providing counter data you simply belittle him

[ASUG8]

ployment rate and let me know what you find. Looks to me like we got some repaved roads, repaired bridges, and a census for $787B.

Jesus fucking Christ. The Census is not part of the stimulus bill.............. it's mandated by the fucking Constitution.


And the stimulus does much more than repave roads and build bridges.
Here's some of the stuff being done in Greenville (just the first Greenville zip code I entered... 29601):
http://www.recovery.gov/Pages/TextViewP ... &zip=29601" onclick="window.open(this.href);return false;

I realize that the constitution mandates a census, but it certainly gets factored into the employment numbers.

[youngterrier]

is this the same group of people who said the stimulus would keep unemployment at or below 8%....Skelly you should read some Hayek or something and quit drinking the kool-aid