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Discussion Starter · #1 ·
Economists Timothy Conley and Bill Dupor are out with a study (PDF) on the impact of the $800 billion stimulus package passed in the early months of the Obama Administration:

Our benchmark results suggest that the ARRA created/saved approximately 450 thousand state and local government jobs and destroyed/forestalled roughly one million private sector jobs. State and local government jobs were saved because ARRA funds were largely used to offset state revenue shortfalls and Medicaid increases rather than boost private sector employment. The majority of destroyed/forestalled jobs were in growth industries including health, education, professional and business services. This suggests the possibility that, in absence of the ARRA, many government workers (on average relatively well-educated) would have found private-sector employment had their jobs not been saved. Searching across alternative model specifications, the best-case scenario for an actual ARRA has the Act creating/saving a net 659 thousand jobs, mainly in government.

Moreover, the study suggests that most of the funding from ARRA was used by states to avert their own budget crises rather than fund new projects:

A large fraction of the Federal ARRA dollars was channeled through and controlled by state and local governments.4 This is important for two reasons. First, it opens the possibility that states might receive direct ARRA allocations due in part to exogenous capacities to channel or attract Federal funding. Approximately two-thirds of all ARRA spending is formulary, of which there is substantial exogenous state-level variation in formula `parameters.’

Second, channeling through states creates an environment where Federal dollars might be used to replace state and local spending. The Act legislated ARRA funds to go to state and local governments for specific programs, such as schools in high poverty neighborhoods and highway construction. Importantly, as depicted in Table 1, states and local governments were already spending significant amounts of their own dollars on many of these programs before the ARRA.Often state spending was substantially higher than nominally targeted ARRA funding.

Upon acquisition of ARRA funds for a specific purpose, a state or local government could cut its own expenditure on that purpose. As a result, these governments could treat the ARRA dollars as general revenue, i.e. the dollars were effectively fungible.

Economists such as Paul Krugman have suggested that the problem with the stimulus is that it wasn’t big enough (even though there’s no record of Krugman criticizing the size of the package while it was being debated in Congress) but this suggest that the entire plan was fundamentally flawed in the manner that funds were allocated. It would have been better, it seems it would have been better to just give the money directly to the people. Or, you know, not spend it at all.

Finally, this chart shows the extent to which the manufacturing and goods-producing failed to benefit at all from the stimulus:

The authors defined “HELP Services” as health and education, leisure and hospitality and business and professional services and its no surprise they’ve done well, as has the government sector. But manufacturing? The lifeblood of the economy? It didn’t benefit at all and it is, as the unemployment figures can attest, still largely stagnant.

The stimulus was, in other words, a monumental failure.

http://www.outsidethebeltway.com/study-obama-stimulus-destroyed-million-private-sector-jobs/
 

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Those of us who already know this, Already know how much damage this has caused


For those who are in denial, think Obama has all the answers and this was totally justified in the guise of saving our economy when it was just a Bigg f'n vote getter:crazy:

How can any sane person want 4 more years of Barry and his big spending Democrates :surprised
 

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How can any sane person want 4 more years of Barry and his big spending Democrates :surprised
I agree. But as of today, Obama is at 51.6% approval vs. 43.1% disapproval. Apparently we are becoming a real version of the movie "Idiocracy". :thud:
 

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Discussion Starter · #4 ·
I absolutely disbelieve those numbers. Not you... the numbers. They are built upon an average that the AP and MCNBC is throwing way off. If you disregard those to and a few of the others the other way... his numbers are 47%.
 

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As a friend of a friend said to me "In the end of days a vail of stupor will be pulled over the eyes of people". The sad thing is this has become a reality. People see Obama as a god when in reality he's a ****ing disgrace to humanity.
 

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I absolutely disbelieve those numbers. Not you... the numbers. They are built upon an average that the AP and MCNBC is throwing way off. If you disregard those to and a few of the others the other way... his numbers are 47%.
It's hard to say for sure, but these are the RealClearPolitics average of the top ten polls. The number isn't as important as the trend. Before the bin Laden kill, those numbers were roughly 47% approve, 49% disapprove - a minus 2% for Obama as opposed to a plus 8% now. The numbers will drift down somewhat, but still....how could that many people believe he is doing a great job?:crazy:
 

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Discussion Starter · #8 ·
I believe it's the questioning. I believe his approval is much further down and closer to 40% then 50...
 

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I believe it's the questioning. I believe his approval is much further down and closer to 40% then 50...
:thumbsup:
It's all in how they ask the questions.

Either way, his little bump will be gone before long.
 

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bush sr had a 90%+ approval rating after desert storm....obamas popularity bump will pass
 

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"Obama" Stimulus? "Obama?" You mean the one pushed for and signed by Bush that was supported by the McCain/Palin ticket?

But it is Obama's?

Ya...

:rolleyes:
 

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Discussion Starter · #13 ·
Naaa... that was TARP. This is ARRA(American Recovery and Reinvestment Act)... and Obama did it twice for nearly two trillion to the Unions as payback. Remember me stating this when he announced it ? -probably not.
 

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"Obama" Stimulus? "Obama?" You mean the one pushed for and signed by Bush that was supported by the McCain/Palin ticket?

But it is Obama's?

Ya...

:rolleyes:
You can't pick and choose. :laughing:
 

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Discussion Starter · #15 ·
Wasn't Obama a law maker back then, also... ?
 

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Those of us who already know this, Already know how much damage this has caused


For those who are in denial, think Obama has all the answers and this was totally justified in the guise of saving our economy when it was just a Bigg f'n vote getter:crazy:

How can any sane person want 4 more years of Barry and his big spending Democrates :surprised

For those who are in denial? Who here even suggested that Obama has or had all the answers? Yeah, i'm sure McCain and Palin would have combined their vast intellectual knowledge and enlightened the rest of us with it. And big spending democrats? WTF do you think the Republicans do... **** a pot of gold, bank it, and live off the interest? You're in a dream world, man.
 

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For those who are in denial? Who here even suggested that Obama has or had all the answers? Yeah, i'm sure McCain and Palin would have combined their vast intellectual knowledge and enlightened the rest of us with it. And big spending democrats? WTF do you think the Republicans do... **** a pot of gold, bank it, and live off the interest? You're in a dream world, man.
Show us the genius behind $2 trillion for a few turtle tunnels and $5 trillion in new debt, and how the democrats have saved the republic because of it. :laughing:
 

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Show us the genius behind $2 trillion for a few turtle tunnels and $5 trillion in new debt, and how the democrats have saved the republic because of it. :laughing:
I never said the dems were genius, but it's not as if the pubs are the Frugal Gourmet.
 

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I never said the dems were genius, but it's not as if the pubs are the Frugal Gourmet.
Compared to the dems? They are a fart in a hurricane.
 
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