Armads said:
Kasz216 said:
Armads said:
And the Fed hasn't been wrong about everything it's done. The stimulus created lots of jobs, just not nearly enough, largely because it was half as big as it was designed to be... http://www.usatoday.com/money/economy/2010-08-30-stimulus30_CV_N.htm
Now I don't have much education in the area of economics but the from what I can tell we've been on an economic recovery for sometime now, most people are just complaining because the job growth is too slow (jobs have always been the hardest part of the economy to boost growth in from what I've read.)
Also it seems like a lot of other countries are criticizing this move because it would impact their economies. But if it improves ours in the long run I don't know if we as Americans should really care if we are no longer the money sink hole of the world.
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3 million jobs.
With.... trillions spent? It would of been more effective to just give those trillions to 3 million people.
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Overall 8 million jobs were lost during the recession. So a bill which was cut almost in half in the amount spent created 2.5 to 3.6 million. Optimistically speaking that means that nearly half of all jobs lost were compensated for. Pessimistically over a quarter. If the bill had been passed it might have saved nearly all the jobs lost, but we'll never know. I'm assuming that what the democrats allowed to be stripped out of the bill were the projects that would create the least amount of jobs, ie the weakest parts of the bill.
But let's see $785 billion divided by 313 million equals $2507.99 per american citizen. That's not really that much dough to throw around. You could argue it would have stimulated the economy more but at the least I think it would have simply prolonged the oncoming forclosures for many families.
Bush tried a similar approach in which he gave anyone above eighteen years old a check for 500 dollars. I believe you also had to have been employed though so it was much less money spent, but it had no stimulating effect on the economy. Granted it's one fifth of the size of Obamas bill, but do you really think it would have made much of a difference?
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Why are you dividing it per American citizen?
I said divide it among the 3 million jobs created.
Because said jobs no doubt pay less.
Unless the average pay per job was $262,000.
My point isn't that the bill had no effect. It's that for the amount of money spent... the effect was pitiful... and pointless and damaging in the longrun.
Also the FED using QE had nothing to do with the stimulus money to my knowledge. The FED doesn't require congressional support. So really, it's more like $500,000 per person.
They're planning yet another 500B of quantitive easing for november.
Spending Trillions of dollars to save millions of jobs... is just a bad idea.
