$787 billion jolt to economy falls flat
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A sign announces a section of road work funded by the American ...Source: Reuters -
Christina Romer, the chair of the Council of Economic Advisers, ...Source: Reuters -
U.S. Council of Economic Advisors Director Romer talks with Treasury ...Source: Reuters -
U.S. Treasury Secretary Timothy Geithner talks with Council of ...Source: Reuters
The $787 billion stimulus package the country could not survive without in February fell flat as President Obama’s top economic aide said the package has already seen its biggest impact on the economy.
Christina Romer, chair of the Council of Economic Advisors explained, the $194 billion spent in the second and third quarters of this year provided the largest bang and any additional money infused into the economy would not contribute to any significant growth in the economy next year.
In other words, the stimulus failed.
In a meeting with a congressional panel, Romer said the impact of the stimulus will continue to level off.
Romer also pointed out the $787 billion saved or created 600,000 to 1.5 million jobs. She also warned the congressional panel that unemployment would hover around the 10 percent mark through the end of 2010.
The grim unemployment numbers will further dampen economic recovery and slow growth for the average American looking for the light at the end of the tunnel.
For more stories; http://www.examiner.com/x-10317-San-Dieg
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- Blog Source: www.unitedliberty.orgChristina Romer, the chair of President Barack Obama's Council of Economic Advisers, said Thursday that the $194 billion already spent gave a jolt to the economy that contributed to growth in the second and third quarters of the year. ...
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- Blog Source: theeprovocateur.blogspot.comRomer … said Thursday that the $194 billion already spent gave a jolt to the economy that contributed to growth in the second and third quarters of the year. She told a congressional panel that by the middle of next year, the impact of the stimulus
- Blog Source: hotair.comThe Labor Department said Thursday that new jobless claims rose to a seasonally adjusted 531000 last week, from an upwardly revised 520000 the previous week. Wall Street economists had expected only a slight increase, according to ...
- Blog Source: www.cristyli.comCristina Romer, the Obama Administration Chair of Council on Economic Advisers told a Congressional Panal that the nearly $1 Trillion Dollar Economic Stimulus, has already had its biggest jolt to the economy and will not contribute to ...
- Blog Source: cafehayek.comA top White House economist says spending from the $787 billion economic stimulus has already had its biggest impact on economic growth and will likely not contribute to significant expansion next year.Christina Romer, the chair of ...
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Th WH is putting this out there now because they know that the 2010 elections are looming and unemployment will still be around the 10% mark around that time. They want to soften the blow and say, "We told you unemployment would still be in the 10% mark back in October of 2009".
Anyone you spin this news, the Stimulus has been a failure. The monies were basically used to pay of political favors and landed in the hands of mostly Blue states.
People should use their voting right and enact some accountability by sending some of these Congressmen and Senators that signed on for this Stimulus Package, to the unemployment line as well.
I think they should have pumped twice as much money into the stimulus to really give the economy the jolt it needed, but there was too much opposition to spending money so we got some stimulus, but a somewhat watered-down one. It's still working, though.
China really did it right, and they're getting faster and more profound results from it. They pumped slightly less money into their stimulus program, but considering their GDP is so much lower than ours it would be comparable to us having spent 2-3 times as much.
That's one advantage they had to being a Communist country- they didn't have Congress and opposition parties to contend with. They just decided it was necessary, decided to do it and BAM- it was done immediately.
This plan in the U.S. was hastily done, but considering the way our legislators work, to get a more perfect plan passed would have taken 6 months, and we didn't have 6 months to spare.
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