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Latest CBO report on Stimulus Act has both good and bad news

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The nonpartisan Congressional Budget Office is out with a new report it calls  the “Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output From July 2010 Through September 2010.”

Overall, it’s a mixed bag of good and bad news.

The report says the Stimulus Act has “raised the GDP, lowered unemployment, and increased the number of people with jobs.”

But it also says the effects of the act “are now diminishing.”

The story is HERE.

UPDATE: If your taste for theories on the “dismal science” (Thomas Carlyle’s disparaging name for economics) runs to the arcane, you might enjoy THIS PIECE by Paul Krugman.

But I should warn you: Some of what Krugman says may not neatly fit your pre-conceived notions about him, especially if you’re a right-winger who thinks of him as some kind of Marxist.

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10 Comments

  1. Here’s some more bad news.

    While initial estimates put the stimulus associated increase in the federal deficit in 2009-2010 at 787 billion, the actual increase in the deficit related to stimulus is 814 billion dollars. What’s an extra 27 billion amongst friends anyway?

  2. As a point of reference, I believe the total Irish banking bailout is 125 billion dollars and the Greek bailout 40 billion dollars.

  3. Here’s some interesting deficit related holiday reading. Actually a pretty balanced article on the fiscal issues related to rising health care costs.

    http://www.washingtonpost.com/wp-dyn/content/article/2010/11/25/AR2010112503638.html

  4. expdoc: What’s with the non sequiturs about Ireland and Greece? What do their situations have to do with the topic at hand?

    Besides, the population of each of those countries is only a tiny fraction of the U.S. population. There are more people in Florida than in Ireland and Greece combined.

  5. Merely a point of reference. I’m just a dumb Republican and my head gets all fuzzy when we talk about millions, billions and trillions of dollars.

  6. That was a great ad, I watched it yesterday and it brought a tear to my eye. My corporatist, nationalistic, flag waving heart just couldn’t help but get all choked up.
    I’m surprised you weren’t immune to such sentiment Peanut. I know for sure you weren’t out shopping with the rest of the corporately controlled zombie populace today.

  7. It’s not a choice it’s a desire we’re born with. Don’t discriminate against Zombies or make them try to change who they are.

  8. Mark should have come to the free clinic I support in my home town or the shelter and food bank I support in Milwaukee. Help was available from the most generous country in the history of the world. Why would he not accept it?

  9. Spoken with the true compassion of a conservative — blame someone else and get off your ass and help yourself.

    Thanks guys.

  10. Jerry,

    Don’t be an idiot. What I said was, this letter, (which is likely a composite of multiple terrible stories) does nothing to highlight what good we are all doing for our fellow citizens (and non-citizens) who are in trouble. You may not support your local shelters, rescue missions and free clinics, but I do.

    We should all do more to help those who need help. Teaching people to be more dependent on the government is not my idea of help, that is more like dooming a person to a life of sadness.

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