Liz Cheney contradicts economists, claims the stimulus has "not worked"
Liz Cheney spread the myth that the stimulus bill has "not worked" to mitigate job losses. In fact, many independent and private analysts have agreed that stimulus spending significantly raised employment over what would have happened without it.
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Cheney advances discredited claim that stimulus has "not worked"
Cheney suggests the stimulus didn't create employment. During the August 8 edition of Fox News Sunday, Juan Williams asked Cheney, "Where are there any Republican ideas for getting this economy back on track? All we get from Republicans is no, no, no, to everything from unemployment benefits to stimulus spending." Cheney said:
The Republicans are saying no to things that have not worked. We've lost 3.3 million jobs since the stimulus passed last year. And what is clear is that the private sector is not going to hire when they're traumatized. And I think they have been pretty well-traumatized by the policies of this administration. They don't know what coming next; more taxes, more regulation.
But independent and private analysts agree stimulus significantly raised employment
CEA: Recovery Act has raised employment "by between 2.5 and 3.6 million." In its fourth quarterly report on the American Recovery and Reinvestment Act of 2009, the Council of Economic Advisers (CEA) stated: "The CEA estimates that as of the second quarter of 2010, the ARRA has raised employment relative to what it otherwise would have been by between 2.5 and 3.6 million. These estimates are broadly consistent with the direct recipient reporting data available for 2010:Q1."
Independent analysts agree that recovery act significantly raised employment. In its quarterly report, the CEA included figures from independent analyses that also credited the recovery act with increasing employment:
Economists say stimulus helped economic recovery
Wall Street Journal: 70 percent of economists surveyed said stimulus helped. The Wall Street Journal reported on March 12 that 38 of the 54 economists it surveyed "said the American Recovery and Reinvestment Act boosted growth and mitigated job losses, while six said the legislation had a net negative effect."
ABC News: Most on panel of economists "think the economy would be worse" without the stimulus. ABC News reported on February 18 that "most" of the economists on its panel "think the economy would be worse today without the big aid package, which totaled $787 billion and was signed into law by President Obama on Feb. 17, 2009."
NABE: 83 percent say stimulus raised GDP. A February survey of 203 members of the National Association for Business Economics (NABE) found that "[e]ighty-three percent believe that GDP is currently higher than it would have been without the 2009 stimulus package (ARRA)."
USA Today: Surveyed economists said "stimulus package saved jobs." USA Today reported on January 25:
President Obama's stimulus package saved jobs -- but the government still needs to do more to breathe life into the economy, according to USA TODAY's quarterly survey of 50 economists.
Unemployment would have hit 10.8% -- higher than December's 10% rate -- without Obama's $787 billion stimulus program, according to the economists' median estimate. The difference would translate into another 1.2 million lost jobs.
It's just heart wrenching to hear how this child of privilege has suffered so and, according to her, will continue to suffer from the results of her blinding greed... er, ah, make that because of that Muslim socialist Kenyan.
Poor, poor Liz.
Then he and all his Marxist fundamentalist Islamic buddies from back in his Chicago days sat around the fire laughing...
Ignoring what would have happened without the economic stimulus package to assert that it didn't help is lying by omission, and something those on the right are very practiced at!
Thank you for causing a recession.
More rubbish from the East Bumcrack School of Economics and its dim witted alumni!
Yeah, I noted that corporate profits were a record $1.39 TRILLION for the Q1 2010. Yep, they're traumatized all right. I wish my startup was that traumatized.
Those new jobs may not be in the same part of the country, either. Witness the rebirth of states such as North Dakota.
The larger issue remains marketable skills. The jobs are out there. Unfortunately, many of the people seeking work are not qualified for the available positions.
Mealy mouthed lies!
Like father like daughter.... neither of them could come up with a direct answer to anything. She only said why the rethuglicans are against the Obama policies.... nothing on what the rethuglican ideas were.
As you very well know, no-one could know what was going to happen in this recession. WOuld you rather it be 20%? I'm sure that would be delightful for you and the "Obama is evil" crowd. But equating a prediction that was not accurate to out and out lies and distortions just to score cheap political points is...well cheap. Just a quick clarification, the economic experts cited in this piece appear to be independent, but I see you ignored that inconvenient truth.
The Obama Adminstration just didn't realize how badly the Bush Administration had F@#$%ed up the economy.
Chew on this:
Reagan was sworn into office in 1981 - and 22 months LATER the unemployment rate was 10.4%
How long did it take Reagan to reduce the unemployment rate to below 8%?
1/1981 - unemployment rate 7.5% .... Reagan sworn in.
8/1981 - 7.4% * Reagan CUTS taxes for top 1% & said unemployment would DROP to 6.9%
1/1983 - 10.4%
2/1984 - 7.8%
Took Reagan 28 MONTHS to get unemployment rate back down below 8%.