Administration Says Stimulus Has Saved Millions of Jobs

[onehandle]

Source: New York Times

WASHINGTON — White House economists praised the government’s $787 billion stimulus program as a success on Wednesday, saying it had saved or created 2.5 million to 3.6 million jobs since it was signed a year ago.

The new report by the Council of Economic Advisers showed that the pace of fiscal stimulus had accelerated, with spending growing to $116 billion in the second quarter, from $108 billion in the first quarter and $80 billion in the final three months of 2009.

The White House also estimated that gross domestic product, a measure of overall economic output, was 2.7 to 3.2 percent higher than it would have been without the stimulus. The new estimate is in line with projections by the nonpartisan Congressional Budget Office.

Shortly after the administration lauded the program, the House Republican leader, Representative John A. Boehner of Ohio, reiterated his criticisms. The program, he said, had expanded the government without adequately stimulating the private sector.

Read more: http://www.nytimes.com/2010/07/15/business/economy/15econ.html

[dmallind]

1. No doubt smarter people than I calculated this, but one of the hardest things

to do is to prove what would have been had we not done X, when there is by definition no control group.

Especially when X is $800B or so.

[Oregone]

2. Then just imagine what an appropriate stimulus would of done

All that unnecessary pain in the meantime could of been adverted if some people took a stand

[sailor65]

3. Yup, the Telescreen said so

right in between bouts of "Oceania, 'tis for thee....."

[Joe Chi Minh]

4. Would these be full-time or part-time jobs? In the UK the figures showing an increase

in jobs, just announced, apparently include part-time jobs. Well, who'd a thunk...?