Sunday, September 16, 2012

NYT: Don’t Tell Anyone, but the Stimulus Worked

The reputation of the stimulus is meticulously restored from shabby to skillful in Michael Grunwald’s important new book, “The New New Deal.” His findings will come as a jolt to those who think the law “failed,” the typical Republican assessment, or was too small and sloppy to have any effect.

On the most basic level, the American Recovery and Reinvestment Act is responsible for saving and creating 2.5 million jobs. The majority of economists agree that it helped the economy grow by as much as 3.8 percent, and kept the unemployment rate from reaching 12 percent.

The stimulus is the reason, in fact, that most Americans are better off than they were four years ago, when the economy was in serious danger of shutting down.

But the stimulus did far more than stimulate: it protected the most vulnerable from the recession’s heavy winds. Of the act’s $840 billion final cost, $1.5 billion went to rent subsidies and emergency housing that kept 1.2 million people under roofs. (That’s why the recession didn’t produce rampant homelessness.) It increased spending on food stamps, unemployment benefits and Medicaid, keeping at least seven million Americans from falling below the poverty line.  -end of clip-

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Monday, September 10, 2012

42 Million Jobs Created Versus 24 million, Yet Another Democratic Economic Success Story

And remember in November, Willard Romney wants to re-institute the George W. Bush economic policies that produced the worst job creation numbers since Herbert Hoover, the second deepest economic downturn since the Republican gifted Great Depression and the worst accumulation of national debt since Ronald Reagan.

Romney is doubling down on the most disastrous economic policy in 70 years. That seems like a bad idea to me.

see also, JOB GROWTH:
               NATIONAL DEBT:


Wednesday, September 5, 2012

"Are We Better Off Today Than 4 Years Ago?" YES! But who you gonna believe Lying Paul Ryan and Mitt Romney or your lying eyes? -graphs-

Once again I will state: this is the historical norm of the last 80 years, Democrats cleaning up after Republican messes. President Obama is doing FAR better than George W. Bush, just as every Democratic president for the last 80 years has done far better than his Republican predecessor.
(see sidebar page links on job creation, national debt, economic record and history of recession.)