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  • Stimulus jobs: Is the recovery act working?

    Seems like the stimulus just stop the bleeding, what would happen once the money dries up?...


    http://finance.yahoo.com/news/Stimul...54380.html?x=0

    Stimulus jobs: Is the recovery act working?

    By Tami Luhby, CNNMoney.com senior writer
    On 9:32 am EDT, Tuesday October 13, 2009

    Is the largest one-time economic recovery effort in U.S. history creating jobs?

    According to new reports from governors across the country, it is. Republicans in Congress say it's not, and the debate is getting louder.

    States and other recipients of stimulus funding have handed in their first assessments of the $787 billion recovery act in recent days. While the Obama administration plans to make these reports public by month's end, some governors have released their initial evaluations.

    In California, stimulus funds have created or saved more than 100,000 jobs through the end of September, according to Gov. Arnold Schwarzenegger. The nation's most populous state -- the world's eighth largest economy -- has been awarded $12.7 billion in recovery money and has spent $5.3 billion so far.

    "The funding will not only save and create jobs, but it will also help stimulate our overall economy, improve our transportation infrastructure and help us reach our environmental goals," said Schwarzenegger, adding that the state submitted 5,747 reports from agencies and others who received funds from the state.

    Minnesota said that 11,800 jobs -- including 5,900 in education, 1,200 in public safety and 900 in transportation -- were created or saved. The state has spent more than $1.6 billion in stimulus funds so far.

    In Tennessee, which has spent $215 million, the tally is more than 7,700 jobs.

    And in Oregon, more than 8,000 jobs have been saved or created. The recovery act provided the state "a much needed parachute for what was a free falling economy," said Gov. Ted Kulongoski, adding that the state has spent $1 billion of its stimulus funds.

    Overall, the federal government has so far made available $256.3 billion, while $110.7 billion has been spent.

    Exact job creation numbers elusive

    Exactly how many jobs are being created or saved with stimulus funds is a difficult figure to pin down, however.

    The White House last month said the recovery act is responsible for more than 1 million jobs. This estimate includes jobs funded directly with stimulus money, as well as those that exist indirectly, such as the deli workers who supply lunch to contractors on stimulus construction jobs.

    The states' reports, however, include only direct jobs, so the figures are likely to be even smaller.

    On top of that, governors are required to report jobs by hours of employment rather than by the number of people working. So someone hired for a short-term gig might only be counted as a fraction of a job.

    Pennsylvania officials, meanwhile, say that more than 7,000 people are working on transportation and water infrastructure projects funded by stimulus dollars. But under the federal rules, the state will report that 1,000 jobs were created, said Gov. Edward Rendell.

    Also, the impact of tax incentives, increased unemployment benefits and funding for programs such as Medicaid are not included in the assessments.

    Still, the recently filed reports -- which also include data from companies, organizations, cities and counties -- will offer the first hard figures of jobs created. They will likely be scrutinized by both sides of the political aisle.

    'Where are the jobs?'

    House Republican leaders last week stepped up their attacks on the administration, claiming its stimulus initiative has been a failure. Instead of creating jobs, they contend, the nation has lost nearly 3 million private-sector positions and the unemployment rate is nearing 10%.

    "It is now evident that the massive 'stimulus' spending bill enacted months ago has been unsuccessful," GOP leaders wrote to the White House. "The American people are right to ask: Where are the jobs?"

    The rising unemployment rate has prompted calls for the Obama administration to do more to encourage businesses to step up their hiring. The Republicans want to stimulate small business job creation with a variety of measures, including allowing firms to take a tax deduction equal to 20% of their income.

    Republicans are not alone in their call to do more to promote job creation. The Economic Policy Institute, a labor-oriented research group, last week called on the administration to institute a refundable tax credit for employers of up to 15% of wages for each new hire over the next two years. The organization also called for pumping more money into states to create jobs.

    The White House, however, maintains that the stimulus package has stopped the hemorrhaging of jobs and has turned around the economy's direction.

    Last month, the president's top economic advisers said the recovery act helped turn around the economy. They pointed to the fact that the number of jobs lost in the third quarter averaged 256,000 per month, two-thirds less than the country sustained at the beginning of the year.

    "Thanks largely to the Recovery Act ... we have walked a substantial distance back from the economic abyss and are on the path toward economic recovery," Larry Summers, director of the National Economic Council, wrote Monday in response to the Republican leaders' letter. "Most importantly, we have seen a substantial change in the trend of job loss."
    Last edited by Southflaguy; 10-14-2009, 11:44 PM.
    sigpic

  • #2
    If all these jobs are being created by stimulus, why does the national unemployment figures continue to rise and rise?
    Originally posted by kontemplerande
    Without Germany, you would not have won World War 2.

    Comment


    • #3
      Well at the end of Sept. 252,000 additional jobs were lost for the 3rd quarter.
      Thats not counting the Millions of job that were lost previously.

      It will be a long time before we are going again.

      Maybe we can do another cash for clunkers ..rolls eyes
      MDRDEP:

      There are no stupid questions, but there sure are a lot of inquisitive idiots.

      Comment


      • #4
        The article is useless. Nobody can figure out how many jobs were saved. There is no tracking system for how many jobs were going to be lost and there is no tracking system for how many jobs were saved. Think about it, the only way the government can track how many people have lost their jobs is from the number of people who have filed for unemployment and that is an unreliable method to say the least. It is a political trick started by Obama that seems to have a lot of people happy.
        But when a long train of abuses and usurpations, pursuing invariably the same object, evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new guards for their future security.

        For the intelectually challenged: If the government screws the people enough, it is the right and responsibility of the people to revolt and form a new government.

        Comment


        • #5
          The article is useless. Nobody can figure out how many jobs were saved. There is no tracking system for how many jobs were going to be lost and there is no tracking system for how many jobs were saved. Think about it, the only way the government can track how many people have lost their jobs is from the number of people who have filed for unemployment and that is an unreliable method to say the least. It is a political trick started by Obama that seems to have a lot of people happy.
          +1

          Unemployment will not correctly factor the individuals who have maxed out unemployment vs the individuals that are back to work. This can be a very misleading statistic, in regards to job, etc.
          MDRDEP:

          There are no stupid questions, but there sure are a lot of inquisitive idiots.

          Comment


          • #6
            Originally posted by jcioccke View Post
            +1

            Unemployment will not correctly factor the individuals who have maxed out unemployment vs the individuals that are back to work. This can be a very misleading statistic, in regards to job, etc.
            Exaclty, the more realistic figure is supposed to be around 16%
            A Veteran is someone who at one point in their life wrote a blank check made payable to The United States of America, for an amount up to, and including their life. That is honor, and there are way too many people in this country today, who no longer understand that fact!

            Comment


            • #7
              Originally posted by Southflaguy View Post
              Seems like the stimulus just stop the bleeding, what would happen once the money dries up?...
              It looks like Social Security has slowed to a drip.

              Social Security makes it official: No COLA in 2010

              WASHINGTON – There will be no cost-of-living increase for more than 50 million Social Security recipients next year, the first year without a raise since automatic adjustments were adopted in 1975.

              Blame falling consumer prices. By law, cost-of-living adjustments are pegged to inflation, which is negative this year because of lower energy costs. Social Security payments, however, do not go down even when prices drop.

              The Obama administration, meanwhile, is pursuing a different way to boost recipients' income. On Wednesday, President Barack Obama called for a second round of $250 stimulus payments for seniors, veterans, retired railroad workers and people with disabilities.

              The payments would match the ones issued to seniors earlier this year as part of the government's economic recovery package. The payments would be equal to about a 2 percent increase for the average Social Security recipient.

              The White House put the cost of the payments at $13 billion. Obama didn't say how the payments should be financed, leaving that up to Congress. The president is open to borrowing the money, which would increase the federal budget deficit, just like Congress did with the first round of stimulus payments.

              Social Security payments increased by 5.8 percent in January, the largest bump up since 1982. The big increase was largely because of a spike in energy costs in 2008.
              sigpic

              " 'Blessed are the Peacemakers', is, I suppose, to be understood in the other world, for in this one they are frequently cursed." - Benjamin Franklin

              Comment


              • #8
                Hopey changey isn't working here in Ohio.

                Comment


                • #9
                  The stimulus helps out ONLY if your the government and refuse to do what Americans have had to do since the government got us into this recession.

                  Comment


                  • #10
                    Hey, in my position in IT I saved 500 jobs.

                    Comment


                    • #11
                      Liberals don't know how to create jobs. All they know how to do is take from one and give to another.

                      Comment


                      • #12
                        Not working. Not even close. But since there is no way to officially track the "would have been" numbers, Obama can make it sound like it saved all sorts of things. Smoke and mirrors. At least he has a promising job after the presidency.... that is if he doesn't become our perpetual president.


                        Jasper you are correct. Dems don't know how to make jobs, they never have. But they do know how to spend our money like there's no tomorrow. They sure know how to raise our taxes and it appears they are all on board and ready to take control of and ruin our health care system.
                        "Rulers are not a cause of fear for good behavior but for evil behavior. Do you want to have no fear of authority? Do what is good and you will have praise from the same." ~~ God

                        Comment


                        • #13
                          I never discuss economics with anyone who doesn't have at least a Bachelors degree in the field.

                          Comment


                          • #14
                            Originally posted by FredFlash View Post
                            I never discuss economics with anyone who doesn't have at least a Bachelors degree in the field.
                            Good. The last thing we need is more lawyers (or wanna-be lawyers) trying to discuss economics, the law, doctors, energy needs, or anything else for that matter.



                            What do you call 1000 lawyers at the bottom of the sea?











                            A slow start.
                            Last edited by kc12; 10-16-2009, 06:27 PM.
                            But when a long train of abuses and usurpations, pursuing invariably the same object, evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new guards for their future security.

                            For the intelectually challenged: If the government screws the people enough, it is the right and responsibility of the people to revolt and form a new government.

                            Comment


                            • #15
                              Not working. Not even close. But since there is no way to officially track the "would have been" numbers, Obama can make it sound like it saved all sorts of things. Smoke and mirrors. At least he has a promising job after the presidency.... that is if he doesn't become our perpetual president.


                              Jasper you are correct. Dems don't know how to make jobs, they never have. But they do know how to spend our money like there's no tomorrow. They sure know how to raise our taxes and it appears they are all on board and ready to take control of and ruin our health care system.
                              +1

                              The only part I would correct would be;
                              They are spending Our Granchildrens money at this point.
                              MDRDEP:

                              There are no stupid questions, but there sure are a lot of inquisitive idiots.

                              Comment

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