Tag Archives: cbo

CBO weighs in on the stimulus reports

CBO says that only 100 billion of the 787 billion stimulus has been spent.
Which is inline with their original projections.

the CBO estimates that between 600,000 and 1.6 million people were employed in the third quarter of 2009 who otherwise would not have been. The spending and tax cuts raised the Gross Domestic Product by somewhere between 1.2 and 3.2 percent, it found, and reduced unemployment by 0.3 to 0.9 percent.

Reduced unemployment by 0.3% and 0.9%.
As a result of roughly 1/4th of the total (includes $90 billion in tax cuts).

But of course, facts such as these will not prevent conservatives from spinning the opposite picture, with claims that the stimulus has ‘failed’, lol.
They are so full of crap, its hilarious that people believe our conservative politicians.

Shortly after the stimulus was passed, the GOP began declaring it a failure, a conclusion the party has stuck to since – even if some officials take credit for what it’s accomplishing when they’re back at home

You’ll hear republicans crowing about a “promise” the white house made about unemployment not rising past 8% if the stimulus was passed.
As if that was a big selling point, lol – I was paying close attention and didn’t hear that until months later, as conservative nerds no doubt hunted down a phrase they could point at and scream “false”.

However, the white house projections matched the projections at the CBO, for the most part.

the reason the CBO failed to predict the rise in unemployment that has taken place since February is that the model it uses doesn’t take into account the fact that the banking system collapsed.