In the discussion thread: Rmoney: "He said that by now we'd have unemployment at 5.4%." WTF? [View all]
Response to AtomicKitten (Original post)
Wed Oct 17, 2012, 07:14 PM
ProSense (116,464 posts)
12. Mitt is an idiot. First of all,
the projection was based on a high rate of nearly 8 percent, projecting that the figure would drop to below 6 percent by this time.
Secondly, the rate climbed to about 10 percent in mid 2009. It's down to 7.8 percent.
What Mittwit isn't going to mention is the despicable idiots in his party who, along with him, have been rooting for failure and sabotaging the recovery effort.
The Jobs Program That Wasn’t
Macroeconomic Advisers on the American Jobs Act, proposed a year ago:
We estimate that the American Jobs Act (AJA), if enacted, would give a significant boost to GDP and employment over the near-term.
Of course, it that had happened, Obama would be more or less a lock for reelection. Instead, having blocked the president’s economic plans, Republicans can point to weak job growth and claim that the president’s policies have failed.
In September 2011, Republicans blocked the American Jobs Act and up to 2 million jobs
Obstruct and Exploit
By PAUL KRUGMAN
Does anyone remember the American Jobs Act? A year ago President Obama proposed boosting the economy with a combination of tax cuts and spending increases, aimed in particular at sustaining state and local government employment. Independent analysts reacted favorably. For example, the consulting firm Macroeconomic Advisers estimated that the act would add 1.3 million jobs by the end of 2012.
There were good reasons for these positive assessments. Although you’d never know it from political debate, worldwide experience since the financial crisis struck in 2008 has overwhelmingly confirmed the proposition that fiscal policy “works,” that temporary increases in spending boost employment in a depressed economy (and that spending cuts increase unemployment). The Jobs Act would have been just what the doctor ordered.
But the bill went nowhere, of course, blocked by Republicans in Congress. And now, having prevented Mr. Obama from implementing any of his policies, those same Republicans are pointing to disappointing job numbers and declaring that the president’s policies have failed.
Think of it as a two-part strategy. First, obstruct any and all efforts to strengthen the economy, then exploit the economy’s weakness for political gain. If this strategy sounds cynical, that’s because it is. Yet it’s the G.O.P.’s best chance for victory in November.
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And once you take the effects of public spending on private employment into account, a rough estimate is that the unemployment rate would be 1.5 percentage points lower than it is, or below 7 percent — significantly better than the Reagan economy at this stage.
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Replies to this discussion thread
|liberal N proud||Oct 2012||#1|
|liberal N proud||Oct 2012||#3|
Mitt is an idiot. First of all,
|Rosa Luxemburg||Oct 2012||#14|
|Tom Rinaldo||Oct 2012||#26|
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