Posted on 09/09/2011 7:56:07 PM PDT by MinorityRepublican
President Obama laying out his proposed jobs plan to Congress Thursday night.
NEW YORK (CNNMoney) -- Economists gave generally positive reviews to President Obama's jobs plan Friday, with some estimating that at least 1 million jobs could be added in the next year if Congress passes the package.
The payroll tax holiday for workers and small businesses was cited specifically for having a relatively good "bang for the buck." And that part of the plan may have the most bipartisan support.
"This additional spending capacity in the hands of consumers should continue to foster improvements in aggregate domestic demand. And ultimately, it is demand and demand alone that will lead to more business hiring," said Russell Price, senior economist for Ameriprise Financial Services.
Price estimates the increased payroll tax holiday for workers by itself is likely to add between 750,000 to 1 million jobs, and that the new break on payroll taxes for employers could add an additional 100,000 to 200,000 jobs.
He added that gross domestic product, the broadest measure of the nation's economic activity, could get a 1.5 percentage point boost as well.
Macroeconomic Advisors, a St. Louis research firm, estimates that payrolls would grow by 1.3 million by the end of 2012 and another 800,000 by the end of 2013, if the package passed as proposed. It is looking for a 1.3% rise in GDP.
Joel Prakken, chairman of Macroeconomic Advisors, said even if the impact to the economy is short lived, the jobs plan should be passed.
"Given the elevated risk of recession the U.S. faces today, additional near-term stimulus reduces that risk," said Prakken. "Given the deleterious effects of long-term unemployment on an individual's skills and long-term employment prospects, speeding a return to employment is both individually and socially beneficial."
(Excerpt) Read more at money.cnn.com ...
Give one million people $40,000 per year for ten years.
...but that would mean less control.
Unless I am mistaken, most of this is already implemented with zero results, and is being discussed as a renewal for another one year period. I guess doing more of what does not work will somehow produce miracle results.
Or that QE1 would work?
Or QE2?
Hard to tell - sooooooooo many programs, so many failures, so many lying economists....
$450,000,000,000 to create 1 million jobs? I cannot believe anybody is stupid enough to invest money with these idiots.
It is bullshit they are shoveling.
Yep, they are only make work, temporary jobs. But look on the bright side, it will pay the salaries of the teacher’s union thugs, who will pass on the cash to the Rats.
we need to start saying
HELL NO!
Bull Shiite Muslims.
Dems, Libs, Socialists do. :)
(Note tagline since 2004)
Would one of these “economists” happen to be Paul Krugman?
He added that gross domestic product, the broadest measure of the nation's economic activity, could get a 1.5 percentage point boost as well.
Excuse the smell folks, but I reached up my grommet and found the following economic data. At the end of the payroll tax holiday the 750,000 to 1 million jobs created will end along with another 600,000 currently existing jobs to boot, and that the end of the new break on payroll taxes for employers will cause those additional 100,000 to 200,000 jobs to end along with another 150,000 jobs that currently exist. And my data is just as good as this economist's data as it is from a similar source.
“It didn’t work last time but it’ll work this time. Trust us!” - Obama’s “economists”. LOL!
I saw on our local news that there is $67 million in Obama’s new “jobs plan” for the local city school district (Buffalo NY)
Here is a typical, dysfunctional, blue-state/city district, that already spends $23,000 per student, is in a stranglehold of the teacher’s unions, and can barely graduate half of their students. Obama has made them eligible for this $67 million because they are “disadvantaged.”
I knew it before - but now I have proof. This “stimulus” is yet another bailout for Obama’s friends in unions and state Govt.
Even if this crapola were true, 1,000,000 is still not enough just to cover the population growth. Sheesh.
I hear that 750,000 of them are going to be created by continuing the payroll tax cut that already exists.
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