CBO: Stimulus saved between 5 to 25 million jobs

[Chris]

US retail sales figures in the critical Thanksgiving weekend rose 16% versus a year ago to $52.4bn, the National Retail Federation (NRF) has said.

The figures include Black Friday, the first day after the Thanksgiving holiday, when stores reopen.

NRF estimated that 86 million customers shopped online and in-store on Black Friday - the day traders traditionally leave the red and make a profit.

Thanksgiving Day itself saw 29 million shoppers.

According to research by ShopperTrak, provider of retail and mall foot-traffic counting services, Black Friday sales increased 6.6% over the same day last year.

This is equal to $11.4bn in retail purchases, and the biggest dollar amount ever spent during the day.

Retail foot-traffic rose accordingly, by 5.1% over Black Friday 2010.

BBC News - US Thanksgiving weekend retail sales up 16%

 

[Wiseacre]

What about the fact that many stores opened earlier than last year? Might've skewed the data a bit.

The real question will be whether the trend continues; we got a nice bump to start the holiday retail season, but will we see a dropoff as we get closer to Xmas compared to last year?

And - what's going to happen in January when the bills come due?

 

[Toddsterpatriot]

That's a great chart. You can really tell when Obamacare passed.
We'll get decent job growth back after Obamacare is repealed, after Obama is gone.

The Affordable Healthcare Act has nothing to do with job creation.

And we are going to have more job growth now that consumer spending is up.

Nice try at trying to smear healthcare reform.

It's what you are good at.

It does have something to do with lower job creation. Clear as day on your chart.

 

[grunt11b]

President Barack Obama’s 2009 economic stimulus bill which was passed in Congress during the first month of his Administration and which received opposition from all but three Congressional Republicans has thus far resulted in the employment for 5 million or more Americans according to the Congressional Budget Office’s 2011 third quarter ARRA accounting report released on Tuesday.

“The American Recovery and Reinvestment Act” (ARRA) was passed and enacted in February of 2009 and contained approximately $800 billion in stimulus programs, tax cuts and tax incentives to help the economy, which at the time was losing almost one million jobs a month.

In the CBO report, “Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output from July 2011 Through September 2011,” a breakdown by year shows that the ARRA created or saved from 5 million to 25.4 million jobs from March 2009 through September 2011, as follows:

2009:a low estimate of .9 million jobs to a high estimate of 3.6 million jobs
2010:a low estimate of 2.6 million jobs to a high estimate of 13.2 million jobs
2011:a low estimate of 1.5 million jobs to a high estimate of 8.6 million jobs

In addition, according to the CBO, the stimulus is expected to help create or save another .3million to 2 million jobs in the fourth quarter of 2011, another .8 million to 4.6 million jobs in 2012.

CBO states Obama economic stimulus created or saved 5 million or more jobs - National liberal | Examiner.com

Created or saved was the term used before the stimulus, and when the stimulus failed they decided to go with "Saved" because there is no way to prove that it didn't save jobs, it's all semantics, and nobody is paying attention to the rhetoric anymore. So stop beating a dead horse already, it's old.

 

[likeabird03]

That number is absolutely INSANE!!!! It's probably based off of some ridiculous prediction that without the stimulus the economy would have gone back to the stone age in a matter of 2 years. Propaganda, that's all this is. Get a grip, stop feeding at the Rachel Maddow trough and wake up from your liberal wet-dream.

 

[Toddsterpatriot]

" The Affordable Healthcare Act has nothing to do with job creation. "


Are you sure? Coulda sworn Nancy Pelosi and other dems said it did.

And BTW, I wouldn't count on consumer spending staying up. Hope so, but I wouldn't count on it. Can't see any reason forit.

That is because you don't read enough.

Americans paid off $1 trillion dollars of personal debt this year.

Plenty of pent up demand.

And here it comes....

$1 trillion? You have a source?

 

[likeabird03]

" The Affordable Healthcare Act has nothing to do with job creation. "


Are you sure? Coulda sworn Nancy Pelosi and other dems said it did.

And BTW, I wouldn't count on consumer spending staying up. Hope so, but I wouldn't count on it. Can't see any reason forit.

That is because you don't read enough.

Americans paid off $1 trillion dollars of personal debt this year.

Plenty of pent up demand.

And here it comes....

$1 trillion? You have a source?

Most of that pay down was charge offs - so there's little chance that those people will be approved for any new store cards anytime soon. Spending will increase slowly, and that's the best case scenario.

 

[GWV5903]

President Barack Obama’s 2009 economic stimulus bill which was passed in Congress during the first month of his Administration and which received opposition from all but three Congressional Republicans has thus far resulted in the employment for 5 million or more Americans according to the Congressional Budget Office’s 2011 third quarter ARRA accounting report released on Tuesday.

“The American Recovery and Reinvestment Act” (ARRA) was passed and enacted in February of 2009 and contained approximately $800 billion in stimulus programs, tax cuts and tax incentives to help the economy, which at the time was losing almost one million jobs a month.

In the CBO report, “Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output from July 2011 Through September 2011,” a breakdown by year shows that the ARRA created or saved from 5 million to 25.4 million jobs from March 2009 through September 2011, as follows:

2009:a low estimate of .9 million jobs to a high estimate of 3.6 million jobs
2010:a low estimate of 2.6 million jobs to a high estimate of 13.2 million jobs
2011:a low estimate of 1.5 million jobs to a high estimate of 8.6 million jobs

In addition, according to the CBO, the stimulus is expected to help create or save another .3million to 2 million jobs in the fourth quarter of 2011, another .8 million to 4.6 million jobs in 2012.

CBO states Obama economic stimulus created or saved 5 million or more jobs - National liberal | Examiner.com

This only proves the CBO's numbers are pure bullshit, with a margin of error at 20MILL, lol...

This is so Chris...

 

[Chris]

" The Affordable Healthcare Act has nothing to do with job creation. "


Are you sure? Coulda sworn Nancy Pelosi and other dems said it did.

And BTW, I wouldn't count on consumer spending staying up. Hope so, but I wouldn't count on it. Can't see any reason forit.

That is because you don't read enough.

Americans paid off $1 trillion dollars of personal debt this year.

Plenty of pent up demand.

And here it comes....

$1 trillion? You have a source?

NEW YORK (CNNMoney.com) -- Americans have paid off nearly $1 trillion in debt over the past two years, although the pace of repayment has slowed, according to a regional Federal Reserve report released Monday.

Total consumer debt was $11.6 trillion as of Sept. 30; down 7.4%, or $922 billion, from the peak reached in the third quarter of 2008, according to the Federal Reserve Bank of New York. Consumer indebtedness fell another 0.3% in the third quarter, after a 3.3% decline in the prior quarter.

American households pay off debt - New York Fed - Nov. 8, 2010

 

[Chris]

What about the fact that many stores opened earlier than last year? Might've skewed the data a bit.

The real question will be whether the trend continues; we got a nice bump to start the holiday retail season, but will we see a dropoff as we get closer to Xmas compared to last year?

And - what's going to happen in January when the bills come due?

The trend will continue.

You can only hold back demand for so long.

 

[Listening]

What about the fact that many stores opened earlier than last year? Might've skewed the data a bit.

The real question will be whether the trend continues; we got a nice bump to start the holiday retail season, but will we see a dropoff as we get closer to Xmas compared to last year?

And - what's going to happen in January when the bills come due?

The trend will continue.

You can only hold back demand for so long.

In spite of the stimulus.

I hope you are not trying to make a case that this is somehow related.

That would be reaching for straws you can only see with a microscope.

The stimulus was a loser from the start.

 

[thereisnospoon]

That's a great chart. You can really tell when Obamacare passed.
We'll get decent job growth back after Obamacare is repealed, after Obama is gone.

The Affordable Healthcare Act has nothing to do with job creation.

And we are going to have more job growth now that consumer spending is up.

Nice try at trying to smear healthcare reform.

It's what you are good at.

Christopher?....Now I have told you before...Just because yo upost something and insist it is fact, does not make it true.
See, in this forum, when you post a statement, it had better be based on facts AND accompanied by a link. Otherwise, it's your OPINION.
The PPACA has everything to do with jobs and job creation. Because this law creates uncertainty in the business world, companies are not hiring. And if they do, they are being very careful. As long as business is in an 'enroute hold', the economy will remain as it is now. Truthfully another issue burying this economy is the Federal Reserve's refusal to raise interest rates to realistic levels.
There are so many things this Admin has done to stagnate this economy. It is an anti-business and pro bog government regulations administration.
You can crow all day and night and be a cheerleader for Obama. The bottom line is the results. And the results are poor. That's all the people see. Results.

 

[likeabird03]

That is because you don't read enough.

Americans paid off $1 trillion dollars of personal debt this year.

Plenty of pent up demand.

And here it comes....

$1 trillion? You have a source?

NEW YORK (CNNMoney.com) -- Americans have paid off nearly $1 trillion in debt over the past two years, although the pace of repayment has slowed, according to a regional Federal Reserve report released Monday.

Total consumer debt was $11.6 trillion as of Sept. 30; down 7.4%, or $922 billion, from the peak reached in the third quarter of 2008, according to the Federal Reserve Bank of New York. Consumer indebtedness fell another 0.3% in the third quarter, after a 3.3% decline in the prior quarter.

American households pay off debt - New York Fed - Nov. 8, 2010

So what is it? Down a trillion dollars THIS year like you posted or since 2008 like the article says?

 

[Chris]

 

[Chris]

 

[Full-Auto]

Your chart shows an artificial GDP. As in government manipulated.

Pump in a few more trillion and it will shine.

 

[Listening]

Oh look....more ink from octocrissy.

 

[Listening]

$1 trillion? You have a source?

NEW YORK (CNNMoney.com) -- Americans have paid off nearly $1 trillion in debt over the past two years, although the pace of repayment has slowed, according to a regional Federal Reserve report released Monday.

Total consumer debt was $11.6 trillion as of Sept. 30; down 7.4%, or $922 billion, from the peak reached in the third quarter of 2008, according to the Federal Reserve Bank of New York. Consumer indebtedness fell another 0.3% in the third quarter, after a 3.3% decline in the prior quarter.

American households pay off debt - New York Fed - Nov. 8, 2010

So what is it? Down a trillion dollars THIS year like you posted or since 2008 like the article says?

Well, you busted his lie.

 

[Lakhota]

 

[likeabird03]

Are you seriously going to argue that the stimulus program which wasn't passed until Feb 17, 2009 and which could not possibly have had much of an impact until later that year is responsible for the easing of job losses, which had already peaked long before in January?