Where is the evidence that spending $1 trillion created jobs?
The Labor Department says that overall, we've lost 2 million jobs since Jan 2009, and the labor force itself has shrunk and lost more.
Sorry, liberals, but 80% of Americans can do math, and numbers don't lie. Relying on people to be stupid enough to ignore the numbers and vote for "hope and change" just won't work again.
- Mr. WolfLv 79 years agoFavorite Answer
The stimulus, consisted of $288 billion in tax breaks to individuals and businesses.
$226 billion for projects such as new roads and high-speed rail.
$273 billion in payments to state governments.
It is unrealistic to say that out of the billions the states received that those states did not create any jobs. States do not have things like their own construction companies or asphalt companies. They take bids for private companies.
The Congressional Budget Office, as well three private-sector economic-analysis firms studied how many jobs were created.
CBO: Between 800,000 jobs and 2.4 million jobs.
IHS/Global Insight: 1.25 million jobs
Macroeconomic Advisers: 1.06 million jobs
Moody's economy.com: 1.59 million jobs
“While the ultimate success of the stimulus package will be debated for years, we believe that the general structure of the plan was constructive. The stimulus plan needed to be large because the economic problem was enormous; diversified because it is not clear exactly what would work, and relatively prolonged because the economy looked to be weakened for several years. The Obama administration acted quickly and boldly in combating the economic downturn with fiscal stimulus, sending a message that it would actively use policy to right the economy. The Administration deserves credit for getting the economic priorities right and for stimulus design.” The Brookings Institution
"The real economy also responded to the massive stimulus but remained heavily dependent on it. In the United States, growth during the second half of 2009 probably averaged about 3 percent. Absent temporary fiscal stimulus and inventory rebuilding, which taken together added about 4 percentage points to U.S. growth, the economy would have contracted at about a 1 percent annual rate during the second half of 2009." ~The American Enterprise Institute (AE)
If you are a Conservative you know what The American Enterprise Institute is.
Mark Zandi, chief economist for Moody’s Analytics and former adviser to John McCain’s presidential campaign, and Alan Blinder, a Princeton University economist and former economic adviser to President Bill Clinton, modeled the past and what might have happened without the much-derided government responses.
Their findings: “Effects on real Gross Domestic Product, jobs and inflation are huge, and probably averted what could have been called Great Depression 2.0. For example, we estimate that, without the government’s response, GDP in 2010 would be about 6.5 percent lower, payroll employment would be less by some 8.5 million jobs, and the nation would now be experiencing deflation.”
The report notes that the bailout and federal loans had a deeper effect than stimulus spending, but that the stimulus added 2.7 million jobs to a limping economy and raised GDP by a full 2 percent.
IS THAT ENOUGH?
- HobbitLv 79 years ago
Look o the website of the GAO (General Accounting Office) for the evidence.
Where is the evidence that giving $4 trillion in tax breaks to a few rich people has created any jobs? That's right -- $4 trillion over the last 10 years -- not counting hundreds of billions in interest pay the interest on the money the GOP borrowed to pay for this welfare for the rich.
BTW: also not counting the cost of a war started on the basis of lies, the $1 trillion it cost for Bush's "stimulus checks" an bailouts. Not counting the massive increases in corporate welfare in the form of subsidies ($1 billion plus t Exxon alone). And that's far from the whole list o conservative financial irresponsibility.
- bobLv 79 years ago
First off, I must point out that the $1 trillion is a right wing lie. The Stimulus package was $750 billion and 40% of that was in the form of tax breaks, making the stimulus package a half trillion dollar program. The evidence is that we were LOSING almost 800,,000 jobs a month and the rate was increasing rapidly when the stimulus package was passed. That trend reversed immediately upon its passage. You are right. Numbers don't lie, but conservatives certainly do. EVERY economist who is not the the payroll of the right wing propaganda machines agrees that the stimulus created jobs. The only disagreement among them is how many. BTW, Most of those jobs that were lost were GOVERNMENT jobs and the majority of new jobs created were in the private sector.
- SeanLv 79 years ago
China, India, Brazil
July 27, 2011. Beijing. Workers are celebrating in the streets and thanking America’s Jobs Czar for moving so many high-paying, high tech jobs to their communities today.
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- Anonymous9 years ago
Anytime the government dumps money into the economy, it creates jobs and those paychecks encourage business. If the money was not spent things would have been a lot worse. At least this money is being circulated in America and not wasted in Iraq.
- Guru HankLv 79 years ago
It wasn't to create jobs. That is what the political sloganeers told you, so you would shut up and stop asking them questions about economics.
Now they wish they hadn't told people that, because they believed it and remembered it.
It was to ease the money supply, and fend off a great depression.
All the other countries did it too.
Mostly, they weren't dumb enough to tell people it would create jobs. Nobody knows if it worked yet. My guess is probably not.
- Anonymous9 years ago
Everything required labour and if 1 trillion is spent buying something, jobs must be created. Cannot be hoarded, unlike tax cuts.
- 9 years ago
It's right there, next to the proof that cutting taxes on the rich creates jobs.
- Anonymous9 years ago
There is none. Fewer people are employed now than when Obama took office.
- ?Lv 59 years ago
The evidence is there, but it doesn't show that we created jobs.