Wednesday, August 25, 2010
CBO Says Stimulus May Have Added 3.3 Million Jobs
According to The Washington Post, the Congressional Budget Office Report released Aug. 24, 2010, said that President Obama’s economic stimulus package added about 3.3 million jobs to the economy during the second quarter. The CBO further states that the stimulus money may be the primary reason for the GDP growth, which also occurred during the second quarter. Polls show that the public is skeptical of the stimulus money and its ability to help our economy in the long run. I agree with this skepticism and also wonder if the long-term negative effects of an increased national debt will outweigh the benefits of short-term relief from the stimulus plan. Expect to see republican slander directed at President Obama’s stimulus plan as republicans attempt to seize control of congress through November’s midterm elections.
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It would be interesting to see how they actually calculated these statistics, seeing as more jobs are expected to be cut in the next quarter and the economy is not precisely looking up at the moment. The CBO is likely right, but it would be nice if they had a more detailed report to explain their findings.
ReplyDeleteI agree with what Becky says. They do not go into detail whatsoever about what/why the stimulus plan might not be able to help the economy in the long run. I do agree that I think this is only going to help for a short period of time and eventually we will be back where we were before the stimulus plan. The stimulus money seems to only be able to cover the hole we are in for a little, but as the country keeps growing and the need for more arises, it will be hard for the country to get out of this slump if in fact there are more jobs expected to be cut and what not.
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