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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 08:57 AM
Original message
Exclusive: Obama stimulus reduced our pain, experts say
Exclusive: Obama stimulus reduced our pain, experts say

By Paul Wiseman and Barbara Hansen, USA TODAY


President Obama's stimulus package saved jobs but the government still needs to do more to breathe life into the economy, according to USA TODAY's quarterly survey of 50 economists.

Unemployment would have hit 10.8% higher than December's 10% rate without Obama's $787 billion stimulus program, according to the economists' median estimate. The difference would translate into another 1.2 million lost jobs.

But almost two-thirds of the economists said the government should do more to spur job growth. Suggestions included suspending payroll taxes for Social Security and Medicare, increasing spending on infrastructure, enacting a flat tax on income and extending jobless benefits.

The economists expect the jobless rate to remain in double digits until the third quarter.

David Berson, chief economist at PMI Group, worries that the housing market and the economy will suffer when the government's tax credit to first-time home buyers expires in April and the Fed stops supporting the housing market by purchasing mortgage-backed securities by March 31.

Bill Cheney, chief economist at John Hancock Financial Services, is relatively optimistic. He sees unemployment falling to 8.9% by the fourth quarter of this year. Cheney says other economists are "nervous Nellies," shell-shocked by the length and depth of this downturn. They've forgotten that "the deeper the recession, the faster you come out of it."

more...

http://www.usatoday.com/money/economy/2010-01-25-usa-to...
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cleveramerican Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 08:59 AM
Response to Original message
1. and almost nobody knows it.
because we have done a piss poor job of getting this point across.

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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 09:11 AM
Response to Reply #1
6. You're right; Dems can be their own worst enemies. They stink
at getting important info into the media, though the media plays a big part in not bringing good points up.
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cleveramerican Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 09:15 AM
Response to Reply #6
7. we spend so much time and energy answering back the other side
we forget to stridently defend and explain ourselves.

Its THE thing we need to get a hold of.
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Rosa Luxemburg Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 10:49 AM
Response to Reply #6
11. who is our media man (or woman?)
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ShortnFiery Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 09:00 AM
Response to Original message
2. Oooh, EXPERTS tell us that? ... We must believe Big Brother Experts or no Chocolate Rations
next month, aye? :silly:
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Gin Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 09:05 AM
Response to Reply #2
3. I got extended unemployment...so it helped me..and I know
there were many jobs SAVED because of it.
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ShortnFiery Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 09:06 AM
Response to Reply #3
5. A long term job ... bringing back jobs from China would help all of us more.
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Rosa Luxemburg Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 10:52 AM
Response to Reply #5
13. yes and we need to EXPORT goods
our trade deficit is awful
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Zynx Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:23 PM
Response to Reply #13
18. We actually export a fair amount. The problem is that we consume way too much.
Edited on Mon Jan-25-10 07:23 PM by Zynx
We would be exporting more if other countries didn't manipulate their currencies. It's entirely possible that if everyone had free floating exchange rates that we would be in balance.
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phleshdef Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 09:18 AM
Response to Reply #2
8. Dismissing those who are more educated than yourself is a right wing hallmark.
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ShortnFiery Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 09:20 AM
Response to Reply #8
9. So is simplistic labeling.
:crazy:
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Hello_Kitty Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 11:02 AM
Response to Reply #8
14. Milton Friedman was a highly educated man and GWB has a graduate degree from Harvard. eom
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Zynx Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:22 PM
Response to Reply #14
17. I suppose you dismiss people with PhDs in Physics, Chemistry, and Biology as well.
Screw expertise and knowledge because there are some examples of educated idiots.
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ShortnFiery Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 09:05 AM
Response to Original message
4. Wow! Experts do say?
Edited on Mon Jan-25-10 09:08 AM by ShortnFiery
Oh my, that's TALENT. :evilgrin:
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paulk Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 10:48 AM
Response to Original message
10. that's kind of like the doctor telling his patient
that instead of amputating his leg he'll only need to amputate his foot...

Obama was handed the opportunity to affect real change - instead he went with Wall Street instead of Main Street -

Now that the political price for that is becoming clearer, it seems he is taking a new tack - listening to folks like Volker and Warren instead of the Goldman Sachs team. Let's hope this is more than just window dressing -

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Rosa Luxemburg Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 10:51 AM
Response to Reply #10
12. the Chinese are doing a similar thing
and seem to have come through. I agree more information should have been put out on the stimulus and jobs.
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Clio the Leo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:19 PM
Response to Original message
15. Kick for the evening crowd! NT
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Cha Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 07:21 PM
Response to Original message
16. Thanks for some reality..instead
the internet posters' version.
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Arkana Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-25-10 08:11 PM
Response to Original message
19. You won't hear about this in the media, no you won't.
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