The Stimulus Is A Failure

[Drake Tungsten]

At least the pace of job losses has been slowing. Hopefully we'll reach the peak sooner rather than later...

[Drake Tungsten]

Of course, who knows if official unemployment is an accurate measure of the job situation out there right now? U-6 is at 17%...

[Jon Miller]

If we include prisoners/etc what percent is it?

JM

[Drake Tungsten]

I don't know where to find that statistic.

[Seeker]

U 6?

[MRT144]

At least the pace of job losses has been slowing. Hopefully we'll reach the peak sooner rather than later...

The mother of all headfakes.

[KrazyHorse]

U 6?

It includes people not included in the headline unemployment numbers (IIRC, that number is U3)

U6 includes, IIRC "discouraged jobseekers" and "underemployed for economic reasons".

[Drake Tungsten]

IIRC, that number is U3

Yes. U4 adds discouraged workers. U5 adds marginally attached workers. U6 adds underemployed workers.

[Dinner]

Comparing things to an estimate from back in January is pretty dumb. Obviously the financial crisis resulted in a much deeper recession then most people thought but that doesn't change the fact that the stimulus has had a positive effect despite all the Republican efforts back at the beginning of the year to make it as ineffective as possible. Sure, it should have been a larger stimulus in order to have a larger effect on the wider economy but again... Who was opposing that? Who was pushing for their not to be a stimulus and doing so for mainly partisan political reasons?

[Drake Tungsten]

that doesn't change the fact that the stimulus has had a positive effect

I'd ask you for evidence on this point, but who am I kidding? We all know you don't have any.

[MRT144]

that doesn't change the fact that the stimulus has had a positive effect

I'd ask you for evidence on this point, but who am I kidding? We all know you don't have any.

[Solomwi]

that doesn't change the fact that the stimulus has had a positive effect

I'd ask you for evidence on this point, but who am I kidding? We all know you don't have any.

Duh. The stimulus was designed to stimulate. Stimulation is a positive effect. QED.

[RoboCon]

the stimulus has had a positive effect despite all the Republican efforts back at the beginning of the year to make it as ineffective as possible.

Great post would recommend to a friend.

[Darius871]

that doesn't change the fact that the stimulus has had a positive effect

I'd ask you for evidence on this point, but who am I kidding? We all know you don't have any.

I don't think you can seriously deny that spending billions of dollars has "a" positive effect on domestic economic activity; the real question is whether there is a net positive benefit in light of the burden imposed by the eventual additional borrowing and taxation needed to pay for that spending. Surely Oerdin's not dumb enough to argue the latter this early.

[KrazyHorse]

I don't think you can seriously deny that spending billions of dollars has "a" positive effect on domestic economic activity

There are actually serious macro models which do precisely that.