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Jobs plan may create 1 million jobs - economists
CNN ^ | September 9, 2011 | Chris Isidore

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 ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: economy; obamadepression; obamanomics; predictions; recovery; stimulus; stimulus2
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1 posted on 09/09/2011 7:56:09 PM PDT by MinorityRepublican
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To: MinorityRepublican

This article is shovelready.


2 posted on 09/09/2011 7:58:54 PM PDT by Drango (NO-vember is payback for April 15th)
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To: MinorityRepublican

450,000,000,000 to create 1,000,000

Really.

How clever.


3 posted on 09/09/2011 7:59:03 PM PDT by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spiritui Sancto.)
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To: MinorityRepublican

Jobs plan may create 1 million jobs - economists.......

In China!


4 posted on 09/09/2011 7:59:10 PM PDT by OrioleFan (Republicans believe every day is the 4th of July, democrats believe every day is April 15.)
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To: MinorityRepublican

And it only costs $400,000 PER JOB to create $55,000 per year jobs!


5 posted on 09/09/2011 7:59:18 PM PDT by Blood of Tyrants (Islam is the religion of Satan and Mohammed was his minion.)
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To: MinorityRepublican

If $500B creates 1M jobs, then where’s the 2M jobs from the $1T stimulus? The plans are similar, coming from the same cabal, and August added zer0 jobs.


6 posted on 09/09/2011 8:00:44 PM PDT by C210N (0bama, Making the US safe for Global Marxism)
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To: MinorityRepublican

What a load. Somebody’s been hittin’ the happy smoke.


7 posted on 09/09/2011 8:01:17 PM PDT by FlingWingFlyer (Only two things come out of the DemocRAT Party. Fears and Smears.)
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To: MinorityRepublican

Wow....this, on top of all the jobs the stimulus bill created!!!!!!!!!!!!!!!!!!!

lolololololololol


8 posted on 09/09/2011 8:02:27 PM PDT by Psycho_Bunny (Public employee unions are the barbarian hordes of our time.)
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To: Blood of Tyrants
And it only costs $400,000 PER JOB to create $55,000 per year jobs!

And how long do these jobs last? A year or two?

The thing about private sector jobs, especially manufacturing jobs, is that they last, because they produce more than they cost. But, getting them is slow, because regulations have to be undone and debt has to be unwound.

9 posted on 09/09/2011 8:04:03 PM PDT by Pearls Before Swine
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To: MinorityRepublican

Did an of the morons at CNN whip out a calulator and do some quick math before they started lauding creating jobs at the cost of 450k each?


10 posted on 09/09/2011 8:04:48 PM PDT by Private_Sector_Does_It_Better (If you like the employees at the DMV, post office, SS office... you'll love government health care)
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To: Drango

What the House should do is pass the proposed tax cuts only and send the bill to the Senate for Harry Reid to kill or refuse to allow it to come up for a vote.


11 posted on 09/09/2011 8:05:00 PM PDT by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: Drango

That’s still nearly $500,000 in taxpayer money for each job. Just give me the money and I’ll let somebody else have my job. How’s that for a plan, 0bama?


12 posted on 09/09/2011 8:05:13 PM PDT by Post Toasties (Leftists give insanity a bad name.)
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To: MinorityRepublican
Did any of the morons at CNN whip out a calculator and do some quick math before they started lauding creating jobs at the cost of 450k each?
13 posted on 09/09/2011 8:05:27 PM PDT by Private_Sector_Does_It_Better (If you like the employees at the DMV, post office, SS office... you'll love government health care)
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To: MinorityRepublican

what a distortion of the truth!


14 posted on 09/09/2011 8:06:10 PM PDT by ken21 (ruling class dem + rino progressives -- destroying america for 150 years.)
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To: MinorityRepublican

Since Obama is big on the created or saved jobs number, how about:
1) Give Gibson guitars their legally imported rosewood and ebony back.
2) Let Boeing operate in South Carolina.
3) Back off EPA regulations that will shut down the coal industry.
4) Repeal Obamacare.
5) Let the oil companies exploit US and offshore finds.


15 posted on 09/09/2011 8:06:44 PM PDT by OrioleFan (Republicans believe every day is the 4th of July, democrats believe every day is April 15.)
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To: MinorityRepublican


16 posted on 09/09/2011 8:06:47 PM PDT by garjog
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To: MinorityRepublican
No thanks. I'd rather have a streamlined government with WAY less business-sapping regulations and a far more business-friendly income tax system to generate tens of millions of jobs as companies return jobs, factories and corporate headquarters back to the USA under better regulatory and tax circumstances.
17 posted on 09/09/2011 8:07:19 PM PDT by RayChuang88 (FairTax: America's economic cure)
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To: MinorityRepublican
"Given the elevated risk of recession the U.S. faces today,

Beyond effin words. Did you hear that folks? We're at a RISK of RECESSION! Better PASS IT NOW so we can see what is in it.

Wish someone would do what needs to be done already. It is long past time.

18 posted on 09/09/2011 8:07:22 PM PDT by Soothesayer9
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To: MinorityRepublican

Just pure bs lies...


19 posted on 09/09/2011 8:08:20 PM PDT by shield (Rev 2:9 Woe unto those who say they are Judahites and are not, but are of the syna GOG ue of Satan.)
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To: MinorityRepublican

By the end of that speech, most folks were believing they would grow 6 inches (at each end for males), lose 50 lbs, grow hair (except facial and armpits for women), men would be cured of ED, baldness, everybody would have union paying jobs and the gov’t would pay their mortgages.

No wonder they think his plan will add a million jobs. The man is a miracle worker.


20 posted on 09/09/2011 8:09:11 PM PDT by umgud
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To: Blood of Tyrants

Give one million people $40,000 per year for ten years.

...but that would mean less control.


21 posted on 09/09/2011 8:10:50 PM PDT by ctdonath2 ($1 meals: http://abuckaplate.blogspot.com/)
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To: MinorityRepublican
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.

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.

22 posted on 09/09/2011 8:12:57 PM PDT by ilgipper (Everything you get from the government was taken from someone else)
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To: MinorityRepublican
Are these the same economists who said 'cash for clunkers' would work?

Or that QE1 would work?

Or QE2?

Hard to tell - sooooooooo many programs, so many failures, so many lying economists....

23 posted on 09/09/2011 8:15:11 PM PDT by GOPJ (126 people were indicted for being terrorists in the last two years. Every one of them was Muslim.)
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To: MinorityRepublican
Did any of these morons pretending to be Economists do the math?

$450,000,000,000 to create 1 million jobs? I cannot believe anybody is stupid enough to invest money with these idiots.

24 posted on 09/09/2011 8:17:29 PM PDT by MNJohnnie (Giving more money to DC to fix the Debt is like giving free drugs to addicts think it will cure them)
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To: MinorityRepublican
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 the workers use spoons instead of shovels.
25 posted on 09/09/2011 8:17:37 PM PDT by Navy Patriot (Holy flippin' crap, Sarah rocks the world!)
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To: Drango

It is bullshit they are shoveling.


26 posted on 09/09/2011 8:18:46 PM PDT by Blood of Tyrants (Islam is the religion of Satan and Mohammed was his minion.)
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To: MinorityRepublican
My economist agrees


27 posted on 09/09/2011 8:20:08 PM PDT by Raycpa
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To: Pearls Before Swine

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.


28 posted on 09/09/2011 8:21:19 PM PDT by Blood of Tyrants (Islam is the religion of Satan and Mohammed was his minion.)
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To: MinorityRepublican

we need to start saying

HELL NO!


29 posted on 09/09/2011 8:23:36 PM PDT by sten (fighting tyranny never goes out of style)
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To: MinorityRepublican

Bull Shiite Muslims.


30 posted on 09/09/2011 8:23:39 PM PDT by Recovering_Democrat
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To: garjog

Dems, Libs, Socialists do. :)

(Note tagline since 2004)


31 posted on 09/09/2011 8:23:46 PM PDT by rockinqsranch (Dems, Libs, Socialists, call 'em what you will, they ALL have fairies livin' in their trees.)
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To: MinorityRepublican

Would one of these “economists” happen to be Paul Krugman?


32 posted on 09/09/2011 8:25:06 PM PDT by Rocky (REPEAL IT!)
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To: MinorityRepublican
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.

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.

33 posted on 09/09/2011 8:27:39 PM PDT by 17th Miss Regt
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To: garjog

34 posted on 09/09/2011 8:29:28 PM PDT by Enterprise ("Those who can make you believe absurdities can make you commit atrocities." Voltaire)
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To: MinorityRepublican

“It didn’t work last time but it’ll work this time. Trust us!” - Obama’s “economists”. LOL!


35 posted on 09/09/2011 8:29:28 PM PDT by FlingWingFlyer (Only two things come out of the DemocRAT Party. Fears and Smears.)
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To: MinorityRepublican
hehehe...yeah really...a million jobs... hehehe.
36 posted on 09/09/2011 8:32:59 PM PDT by hinckley buzzard
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To: MinorityRepublican

37 posted on 09/09/2011 8:41:13 PM PDT by Snickering Hound
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To: MinorityRepublican

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.


38 posted on 09/09/2011 8:51:12 PM PDT by PGR88 (I'm so open-minded my brains fell out)
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To: MinorityRepublican

Even if this crapola were true, 1,000,000 is still not enough just to cover the population growth. Sheesh.


39 posted on 09/09/2011 8:51:16 PM PDT by sybilll
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To: MinorityRepublican

I hear that 750,000 of them are going to be created by continuing the payroll tax cut that already exists.


40 posted on 09/09/2011 8:51:46 PM PDT by Brilliant
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To: MinorityRepublican
The $787 billion stimulus bill passed by Congress will not quickly solve the historic problems besetting the economy, but it could reduce the damage, while providing relief for the unemployed and the uninsured.

Nariman Behravesh, chief economist at IHS Global Insight, predicts the biggest effects will occur in 2010 from the bill's spending for aid to state and local governments and on infrastructure such as roads, bridges, transit and other areas.

Moody's Economy.com chief economist Mark Zandi says the bill could help end the economic slide. He warns, however, that the stimulus spending will likely be too small, given the size of the economic decline, and suggests Congress may have to revisit the issue.

The non-partisan Congressional Budget Office says the bill could increase employment in a range of 800,000 to 2.3 million jobs by the fourth quarter of 2009 and 1.2 million to 3.6 million by the fourth quarter of 2010....

From USA Today. The Internet is our friend.

41 posted on 09/09/2011 8:58:18 PM PDT by danielmryan
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To: All; MinorityRepublican
A payroll tax holiday didn't do much this year except steal from Social Security. It was a gimmick. People didn't spend it, they paid down debt. Nice for them but not the desired behavior.

I don't recall who claimed it Thursday ahead of the speech but this proposal was described as a fourth attempt of a similar policy. The pundit said when W tried tax rebates twice, people paid down debt. When Obama tried a payroll tax holiday people paid down debt. Temporary relief hadn't spurred spending so we'll do more of it expecting different results.

I'd like to take a moment to point out Democrats, in particular the current sanctimonious occupier of the office, attacked Pres. Bush for telling people to SPEND MONEY after 9/11, calling it a wasted opportunity...blah, blah community service...blah, blah. Now these same asses are desperate for people to SPEND MONEY.

It sounds like they might be wanting to try on the employer side this time which is what should've happened this year if they were going to try it at all.

Might it work now? I'm dubious. He and his policies have so frightened the business sector and consumers, a few extra bucks on a temporary basis hardly sound likely to overcome those fears particularly with more talk aloud of a double-dip recession.

42 posted on 09/09/2011 8:58:28 PM PDT by newzjunkey (Will racist demagogue Andre Carson be censured by the House?)
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To: MinorityRepublican

I have a half dozen employees that I would have just given them my share of money and let them start each their own small business. No payback to me at all.

Then I would hire some more employees as the first set now have enough capitol for starting a business each and hopefully their own workforce.

But what Obama wants is a nation of unionized labor, like what they have in the SOVIET Union.


43 posted on 09/09/2011 9:02:17 PM PDT by Eye of Unk
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To: danielmryan

Chief economist Mark Zandi is quoted in the latest article as well.


44 posted on 09/09/2011 9:03:23 PM PDT by Perdogg (0bama got 0sama?? Really, was 0sama on the golf course?)
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To: MinorityRepublican
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.

1) I don't trust the source (CNNMoney)

2) I don't trust the so-called "economists" who I doubt have ever created a single job or run a payroll in their entire pampered, pathetic, miserable socialist lives.

3) What happened with the 3 million estimated jobs and 8% or less unemployment that the $887 billion from Porkulus I that it was supposed to have given us?

4) To the elitist and dumber-than-dirt economists who support 0dumb0's non-plan, tell me a single city, state, country or even a single program anywhere, where socialism has ever worked? Just one...... that's right, there is none.

Kill the bill!!!

45 posted on 09/09/2011 9:07:34 PM PDT by rcrngroup
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To: MinorityRepublican

Name all those progressive libtard, Keynesian economists CNN! =.=


46 posted on 09/09/2011 9:11:41 PM PDT by cranked
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To: MinorityRepublican

Sure... public sector jobs.. and temporary at best... in essence, what we’re talking ‘bout is walkin-round money... money for supporters of Obamy.


47 posted on 09/09/2011 9:14:08 PM PDT by dps.inspect (the system is rigged...)
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To: MinorityRepublican

I call BS on those numbers of jobs “created,” as well.

Probably the same idiot-ridden “economists” who claimed the Stimulus would create 3 million plus jobs and drop the unemployment rate to 8% or below, huh!? =.=


48 posted on 09/09/2011 9:14:16 PM PDT by cranked
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To: MinorityRepublican

Bovine squeeze.


49 posted on 09/09/2011 9:15:01 PM PDT by swamprebel ( proud SOB?Barbarian/ Hobbit!)
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I am told I should not equate dollars with jobs in a FReepmail. The argument goes to the multiplier effect on ‘infrastructure.’

These are the words from that FReepmail: “What’s not clever... your math. You’re trying to equate dollars and jobs. I guess you think those workers would not pay taxes? I guess you think those jobs would not add value to our infrastructure, our small businesses, and our education system via hiring more teachers? In other words... a dollar does not equate to a job. Does that make sense?”

The current buzzwords of employment routinely use ‘lean, belting, agile’ and ‘added value.’ People who work for corporations have to justify their existence by what they produce. There is no way that future value of borrowed moneys spent today will guarantee results. We are witness to the human resources version of options trading and derivatives.

It does not take $400,000 to ‘create’ 1 job. That was my point, which is actually 2 points: a) added work implies finding a need and filling it, based on demand. b) value of work is not measured by anything remotely resembling command economics. This is exhibited almost perfectly by increasing teachers’ salaries based on years + degree + longevity bonus, especially considering that teachers’ salaries are paid by the largesse of taxpayers or the will of parents. The artifice in public salaries is an absurdity, as is the concept of unionized public employees.


50 posted on 09/09/2011 9:28:01 PM PDT by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spiritui Sancto.)
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