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"A new study by Alan Blinder, the distinguished economist and former Fed vice chairman, and Mark Zandi, chief economist of Moody's Analytics, finds that the federal response to the Great Recession almost certainly averted a second Great Depression. They write:"
"The U.S. economy has made enormous progress since the dark days of early 2009. Eighteen months ago, the global financial system was on the brink of collapse and the U.S. was suffering its worst economic down- turn since the 1930s. Real GDP was falling at about a 6% annual rate, and monthly job losses averaged close to 750,000. Today, the financial system is operating much more normally, real GDP is advancing at a nearly 3% pace, and job growth has resumed, albeit at an insufficient pace."
For about 5 months now. The problem is the number of jobs being created so far is not large enough to make a real dent in the unemployment numbers but it is going up.
Nonetheless, the effects of the fiscal stimulus alone appear very substantial, raising 2010 real GDP by about 3.4%, holding the unemployment rate about 1½ percentage points lower, and adding almost 2.7 million jobs to U.S. payrolls.
That's a real economist saying that government spending (mainly the stimulus and unemployment benefits) added almost 2.7 million jobs to U.S. payrolls. I'm sure our wing nut friends won't let those facts get in the way of their "DUR! The Stimulus is a failure and nothing but pork!11111!1" rants though.
Another great quote:
Quote:
The stimulus has done what it was supposed to do: end the Great Recession and spur recovery. We do not believe it a coincidence that the turnaround from recession to recovery occurred last summer, just as the ARRA was providing its maximum economic benefit.
ARRA = American Recovery and Reinvestment Act which is popularly known as the Stimulus Bill. Suck it haters.
The near collapse of the domestic auto industry in late 2008 also threatened to exacerbate the recession. GM and Chrysler eventually went through bankruptcies, but TARP funds were used to make the process relatively orderly. GM is already on its way to being a publicly traded company again. Without financial help from the federal government, all three domestic vehicle producers and many of their suppliers might have had to liquidate many operations, with devastating effects on the broader economy, and especially on the Midwest.
It's refreshing to get an honest to go look at the economy for internationally recognized economics experts. If you notice just about all their conclusions are the exact opposite of Republican talking points over the last 18 months.
Bush and Obama = Dumb and Dumber. Only time will tell, Just when you thought no one coud be worse than Bush, a new and improved Idiot Obama arrives.
Bush has remained somewhat silent since he left office and Obama's story is constantly changing.
While both worked with Bernanke, Obama also has his Tax Cheater buddy Geithner with him and that should give you a clue about how honest this Administration is.
All the public will get from Obama is constant Data Manipulation,Spin and more false promises ( AKA LIES ).
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