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dagwud
Senior Contributor

Re: Another half-truth from Kraft

Don: Since the Bush tax cuts, How many jobs have you created with your continued flush of ready cash! As near as I can tell the job creation during the Bush administration was almost nonexistant. At the end we were losing jobs by the thousands and we still have 8.8% unemployment.

 

 

Well some folks actually think that lower taxes create jobs but then they would be wrong, wouldn't they?

 

 

Don, can not one ask the same question on just how many jobs the billions of dollars of stimulus money spent by Obama and Bush created?

 

 

I have always believe the government does not create jobs although government policies can curtail or hinder the creation of jobs.

 

 

I don't think taxes matter that much when it comes jobs when there is something major in the works like the Dot-com bubble collapse in 2000 or the more recent housing collapse coupled with the fraud and collapse in the financial sector.  

 

 

Government officials always like to say they will create jobs but history has shown they have a very poor track record of fulfilling those promises.

schnurrbart
Veteran Advisor

Re: Another half-truth from Kraft

"Earlier this month, Zandi and co-author Alan Blinder, former vice chairman of the Federal Reserve, released the most detailed assessment of the government's efforts to combat the so-called Great Recession. Neither economist is regarded as a partisan firebrand. Zandi, for example, backed John McCain in the 2008 presidential campaign and has advised members of both parties.

Their conclusion: The fiscal stimulus created 2.7 million jobs and added $460 billion to gross domestic product. Unemployment would be 11% today if the stimulus hadn't been passed and 16.5% if neither the fiscal stimulus nor the banks' rescue had been enacted, according to Zandi and Blinder. "It's pretty hard to deny that it had a measurable impact," Zandi said."

 

http://www.usatoday.com/money/economy/2010-08-30-stimulus30_CV_N.htm

GreaTOne_65
Senior Contributor

Re: Another half-truth from Kraft

Just to fortify your post,Brian. The stimulus did creat/save jobs, something the Republicans can't say any of their programs have done.  

http://www.factcheck.org/2010/09/did-the-stimulus-create-jobs/

kraft-t
Senior Advisor

Re: Another half-truth from Kraft

One might ask how many jobs the stimulas saved. How many teachers firemen and policemen are on the job today because of the stimulas package. They would have been layed off much sooner and you would have loved that.

 

I see nothing wrong with rewarding the job creators. But I see nothing beneficials in rewarding alleged job creators before they create a job. A company or an individual may earn more income after the layoffs and the repubs want to reward them with tax breaks on the assumption that higher income folks will create more jobs if only they are allowed to pay less taxes. It's a ripe load of bull crap dumped on lower income folks to justify giving high income folks a tax break.

r3020
Senior Advisor

Re: Another half-truth from Kraft


@kraft-t wrote:

One might ask how many jobs the stimulas saved. How many teachers firemen and policemen are on the job today because of the stimulas package. They would have been layed off much sooner and you would have loved that.

 

I see nothing wrong with rewarding the job creators. But I see nothing beneficials in rewarding alleged job creators before they create a job. A company or an individual may earn more income after the layoffs and the repubs want to reward them with tax breaks on the assumption that higher income folks will create more jobs if only they are allowed to pay less taxes. It's a ripe load of bull crap dumped on lower income folks to justify giving high income folks a tax break.


It is not the function of the government to reward any body.

dagwud
Senior Contributor

Re: Another half-truth from Kraft

The stimulus program was a band aid for many states and now that the stimulus money is gone the states are scrambling to find ways to make ends meet and some how replace the now gone stimulus money.  Kind of like when Clinton put more cops on the streets using federal dollars that only lasted for a short time forcing cities to then lay off the cops hired a year or so earlier or figure out a way to come up the money to keep them on.

 

 

My question is why some banks were to big to let fail so we had to bail them out from their own bad behavior yet Lehman Brothers, the fourth largest bank in the country was allowed to go belly up and gobbled up by competitors?  Something always smelled fishy to me about that.

 

 

As far as the stimulus money helping create or keep jobs one has to ask at what price.  I have seen all kinds of figures given on the jobs to stimulus money spent ratio but decided to go with a CBS News report instead of some web site that may have political leanings or connection to one of the political parties.

 

 

CBS News

Stimulus Math: $533,000 Per Job Saved or Created?

 

 

Let's start with the 30,000 jobs themselves. The federal contracts in question represented $16 billion in stimulus spending. Assuming the number of created or saved jobs reported by each contract recipient was accurate—which, as we've reported before, is still an open question—that breaks down to $533,000 for each job. That's more than five times the projection of the president's own Council of Economic Advisers , which estimated in May that every $92,136 in government spending would create one job for one year.

schnurrbart
Veteran Advisor

Re: Another half-truth from Kraft

I guess it depends on which "new" math you wish to believe.  BTW, only about 63% of the stimulus money has ever been spent.