Wednesday, February 17, 2010

Stimulus Creates 1.6 to 1.8M Jobs

Firms like IHS Global Insight, and Macroeconomic Advisers exist to provide (sell)independent non-political economic analysis to the private sector that require that information to manage their businesses, make investment and expansion decisions, etc.

David Leonhardt in today's NY Times takes a look at analysis by these firms and Moody's Economy all of whom have called the much maligned stimulus bill a success:
Just look at the outside evaluations of the stimulus. Perhaps the best-known economic research firms are IHS Global Insight, Macroeconomic Advisers and Moody’s They all estimate that the bill has added 1.6 million to 1.8 million jobs so far and that its ultimate impact will be roughly 2.5 million jobs. The Congressional Budget Office, an independent agency, considers these estimates to be conservative.
That this information runs counter-factual to daily media reports speaks volumes about the Obama Administrations abysmal message machine which is Obama's biggest failure of leadership. The President has the bully pulpit which gives him a megaphone the opposition does not have, and yet their meme of "a failed stimulus" carries the day.

Of course, until the economy starts creating jobs on a monthly basis instead of losing jobs, there is a limit to what even the best message machine can do, but still,....

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