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As he runs for re-election, Mr. Obama is trying to campaign as an incumbent who is striving to help the economy but has been stymied at every turn by Congress. Not even MSNBC can believe this. For two years he had the largest Democratic majorities in Congress since the 1970s and achieved nearly everything he wanted.

The New Yorker magazine this week has posted on its website a 57-page memo that economic adviser Larry Summers wrote to Mr. Obama in December 2008. It lays out nearly his entire agenda for the "stimulus," reviving housing, the auto bailout and saving the financial industry. If anything, the memo overstates what would be needed to stabilize the financial panic, but nearly all of the stimulus spending priorities that the memo deemed "feasible" made it into law. They simply didn't work as promised.

The Pelosi Congress also passed ObamaCare, Dodd-Frank, cash for clunkers, the housing tax credit, and much more. The only Obama priority it didn't pass was cap-and-trade, which was killed by Senate Democrats.



http://online.wsj.com/article/SB10001424052970203718


Jan 25, 2012 - 08:41 am
bigluke23
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You really fall for those lies, Luke?

The facts say otherwise.

Jan 25, 2012 - 09:34 am
joepyeweed
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joepyeweed writes:
You really fall for those lies, Luke?

The facts say otherwise.



What in that article is factually incorrect?


Jan 25, 2012 - 09:38 am
bigluke23
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"They simply didn't work as promised."

Jan 25, 2012 - 10:08 am
joepyeweed
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joepyeweed writes:
"They simply didn't work as promised."



You think the stimulus package worked as we were led to believe it would?


Jan 25, 2012 - 10:21 am
bigluke23
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Here's the memo, by the way...

http://www.newyorker.com/online/blogs/newsdesk/2012/

Summers says unemployment will rise above 9% without a stimulus...we could have saved a trillion dollars and gotten the same result, per the administrations own words.

Jan 25, 2012 - 10:24 am
bigluke23
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It doesn't matter what I think. What does matter is that six out of nine studies done by economists confirms that the stimulus did work.

http://www.washingtonpost.com/blogs/ezra-klein/post/

Jan 25, 2012 - 10:28 am
joepyeweed
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Half of the cost of stimulus was tax cuts, so if you believe the stimulus failed, then does that mean cutting taxes does nothing to stimulate economy?

Jan 25, 2012 - 10:36 am
joepyeweed
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The key to the quote tho is "as promised"

Here's a projection done by the incoming chariman of the Council of Economic Advisers.

According to their projections, unumployment with the stimulus should be just below 6% right now, without, it would be around 7%.

The bottom line is, it's impossible to tell what would have happened without the stimulus, and it would be impossible to tell what would have happneed with it, had it not passed.

http://otrans.3cdn.net/ee40602f9a7d8172b8_ozm6bt5oi.


Jan 25, 2012 - 10:40 am
bigluke23
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The right claims the stimulus failed because it didnít bring unemployment down to 8 percent in its first year, as predicted by Obamaís transition economic team. Instead, it peaked at 10.2 percent. But the 8 percent prediction was made before Obama took office and was wrong solely because it relied on statistics that guessed the economy was only shrinking by around 4 percent, not 9. Remove that statistical miscalculation (made by government and private-sector economists alike) and the stimulus did exactly what it was supposed to do. It put a bottom under the free fall. It is not an exaggeration to say it prevented a spiral downward that could have led to the Second Great Depression.



http://www.thedailybeast.com/newsweek/2012/01/15/and


Jan 25, 2012 - 10:56 am
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Like I said, it is impossible to say with certainty if it worked or not...there's absolutely no way to tell. We very well may have been at the same point we are now had there been no stimulus, and you can't prove otherwise, nor can I prove we wouldn't be worse.

Jan 25, 2012 - 11:10 am
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joepyeweed writes:
Half of the cost of stimulus was tax cuts, so if you believe the stimulus failed, then does that mean cutting taxes does nothing to stimulate economy?



I'd love to see any statistically honest study showing that cutting taxes stimulates anything.


Jan 25, 2012 - 11:28 am
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You can keep saying something, but it doesn't make it true.

From the CBO to university studies, the stimulus created jobs and helped change the direction of employment - from job losses to jobs gained. We still have a long way to go, but we aren't going to climb out of the pit overnight.

Jan 25, 2012 - 11:32 am
joepyeweed
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joepyeweed writes:
You can keep saying something, but it doesn't make it true.

From the CBO to university studies, the stimulus created jobs and helped change the direction of employment - from job losses to jobs gained. We still have a long way to go, but we aren't going to climb out of the pit overnight.



I'm not denying that...but what I said is it is impossible to prove what would have happened without it. We might be in the same situation with or without it...nobody knows.


Jan 25, 2012 - 11:40 am
bigluke23
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Its not really IMPOSSIBLE to prove.

But its really dumb to say it had no effect or it had a negative effect...

http://www.cbo.gov/ftpdocs/117xx/doc11706/08-24-ARRA


Jan 25, 2012 - 11:54 am
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It is impossible to prove...you can't prove what would have happened in the absence of an event.

If Jay Cutler doesn't get injured, do the Bears make the playoffs? Probably, highly likely, but impossible to prove.

If Bush's tax cuts don't pass in 2001 and 2003, does the economy spiral start earlier? Who knows...nobody does.

Jan 25, 2012 - 11:59 am
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