Editore"s Note
Tilting at Windmills

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December 1, 2009

STIMULUS JOBS.... The White House has done its own reporting on how many jobs have been created or saved by the economic recovery package, but the Congressional Budget Office believes it has a more comprehensive tally. The CBO's analysis, I suspect, will be welcome news in the West Wing.

The Congressional Budget Office late Monday said it estimates that the federal stimulus package sustained between 600,000 and 1.6 million jobs in the third quarter, and raised gross domestic product by 1.2 to 3.2 percentage points higher than it would have been without the program.

The CBO said the figures were estimates made "using evidence about how previous similar policies have affected the economy and various mathematical models that represent the workings of the economy."

There's obviously a big difference between 600,000 and 1.6 million -- a million jobs, to be exact -- but either way, the CBO results bolster the administration's argument. The recovery efforts have created jobs, generated economic growth, and prevented unemployment from becoming much worse.

What's more, as Ryan Grim noted, the CBO count "could be a tremendous underestimate," because its analysis "doesn't take into account the possibility that the economy might have fallen off a cliff if the stimulus hadn't been passed, with world markets panicking and employers continuing to eliminate jobs at an eye-popping pace."

Update: The House Committee on Education & Labor added, "The report also reinforces that the estimates only capture jobs created by direct spending -- they do not measure the 'spillover effect' of jobs created or saved indirectly due to higher incomes or increased demand for goods and services."

Steve Benen 10:45 AM Permalink | Trackbacks | Comments (8)

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Put this in your trumpet and blow it...

Question to White House:
How many jobs have been saved by bailing out the car companies?

Posted by: koreyel on December 1, 2009 at 10:52 AM | PERMALINK

lotta hungry, near-homeless, but definitely and completely jobless folks in this country will not, uh, join in the applause and back-patting ceremonies at the white house in the near future RE jobs...

Posted by: neill on December 1, 2009 at 10:53 AM | PERMALINK

If there had been no stimulus, all of the worthless pundits who are now criticizing Obama for "spending too much" would instead be criticizing him for "not doing anything".

The take-away is this: There are just people out there who will trash Obama no matter what he does. They can't be appeased or reasoned with. The best thing to do is just ignore them.

Posted by: Moonlight on December 1, 2009 at 10:54 AM | PERMALINK

The HuffPo has a story up which claims only $100 Billion of the stimulus has been spent. If so there should be no trumpeting from this WH.

On the ground, my mortgage brokers, I am in construction, reliably report that NO bank is loaning any money for residential remodeling, none. Further, small business cannot get loans for inventory. Result, a small shopping center less than a mile from me, seven spaces, now has only ONE tenant. If what is happening to the economy now is not 'falling off a cliff' I would hate to see just what that is.

Posted by: A.Citizen on December 1, 2009 at 10:57 AM | PERMALINK

Of course, this is good news for John McCain.

Posted by: terraformer on December 1, 2009 at 11:02 AM | PERMALINK

Ok, this is good news, as far as it goes. But the danger is that this will be "happy talk" that masks the need for a second stimulus/jobs bill. With his mistaken idea about bipartisanship, Obama fucked up (or let himself get fucked) on the stimulus, as, for example, reader A. Citizen, describes above. We progressives can't forget that and can't let today's announcement cloud our memory.

Posted by: sjw on December 1, 2009 at 11:28 AM | PERMALINK

Thanks for the post and for sharing the very resourceful information here, great post.

Posted by: Tag44 on December 2, 2009 at 1:34 AM | PERMALINK

So in the Uk could it be best to give food to different birds all year round? If that's the case are we meant to alter the type of feed with seasons? Cheers for any article and keep on birding!

Posted by: Shanita Gores on January 14, 2011 at 8:30 AM | PERMALINK



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