CBO Report Shows Obama on track to create more jobs than Bush

[Tab]

A report by the nonpartisan Congressional Budget Office shows the Recovery Act has increased the number of workers by between 1.2 million and 2.8 million. The CBO also projects that 3.7 million jobs could be attributed to the stimulus by the end of September.

The $787 billion measure included several tax cuts, including one for $400 ($800 per working couple) that showed up in workers' paychecks. It also created Build America Bonds, expanded unemployment insurance and funded several domestic spending programs.

Several of these provisions are now being expanded in legislation extending expiring measures that the House could vote on later Wednesday.

A rough estimate supplied by House Republicans shows the extender bill increases the cost of the stimulus by approximately $88 billion.

A Senate Democratic aide contends the extender bill does not increase the cost of the stimulus.

"According to Congress's nonpartisan scorekeeper, the Congressional Budget Office, this bill does not change the cost of the Recovery Act or any other legislation, and to say it does is purely political propaganda," the aide told The Hill.

The CBO told The Hill there was no calculation on how the extender bill will affect the cost of the stimulus.

Republicans say the extender bill boosts stimulus spending by increasing unemployment insurance by $47 billion; expanding the COBRA subsidy by $7.8 billion; increasing Medicaid payments to states by $24.1 billion; extending the welfare emergency fund by $2.5 billion; modifying Build America Bonds, which costs $4 billion; and by providing $1 billion for summer jobs.

That's right, in about a year Obama is going to create more jobs than Bush did during his whole term or eight years. Plus, it looks like that stimulus is working just as intended.

 

[Hayabusa Rider]

Why don't you get back to us after the fact? Bush started a war to eliminate terrorism and create a Democracy in the ME to cause a Domino Effect of freedom.

Somehow that didn't work quite as intended.

Google "I'm from Missouri".

 

[dammitgibs]

Jobs didn't need to be created, there already were plenty of jobs, this is a stupid my presidents dick is bigger than your presidents dick argument.

 

[RedCOMET]

this 6 month deepwater drilling moratorium is also not going to help job /economic growth for the gulf shore area. there are many people who support the offshore drilling activities.

Yes, i know the spill is bad. yes it sucks.

 

[waggy]

lol yeah but you going to take into account ALL the jobs lost over the last 2 years? no? didn't think so

 

[kranky]

Isn't using non-existent government money (i.e. increasing debt) to give more people jobs exactly what Greece did?

 

[boomerang]

CBO - garbage in = garbage out.

 

[OrByte]

"We the People" appreciate more jobs created in our country!!

God Bless America!!

 

[Double Trouble]

Wait... so if the government prints more money and spends like crazy it creates jobs? In the short term, sure.... but who's paying for that debt? And will those jobs disappear as soon as stimulus cash runs out?

 

[Tab]

Jobs didn't need to be created, there already were plenty of jobs, this is a stupid my presidents dick is bigger than your presidents dick argument.

Have you ever heard of unemployment? Or recession?

 

[Tab]

lol yeah but you going to take into account ALL the jobs lost over the last 2 years? no? didn't think so

Bush sucks, Obama doesn't.

 

[Double Trouble]

Do you think Bush could have created jobs as well if he just started running the printing presses and printing a trillion dollars as stimulus? Of course. Would it have been the right thing to do at the time? Probably not.

 

[irishScott]

Yes, and our national debt is still more/taxpayer than most of those jobs make in a year. What we need at this point is an economic boom to counteract the debt, and then if we're lucky and keep it going we can pay it off over the next decade or two. Baby steps alone don't cut it, and that's all Obama can say he's done so far.

 

[herm0016]

there has been a net loss... so no jobs have been created.

obummer: woo! we created 50 jobs in ohio

meanwhile..... gm lays off 1000 2 miles away....

still a negative number!

edit: link to reveal your source?

as for the last paragraph: how can more spending not increase the cost? can that aid just not do any math?

 

[Jiggz]

Isn't this the same CBO who said the UHC was deficit neutral and also save billions in 10 years! Yet after the UHC passing came back to say it'll now create deficit in 10 years? On the otherhand, if the CBO is accurate on its report about BO's job creation numbers, then what's holding us up to do a 2nd stimulus or better yet come up with a 3rd one, so all 300M Americans ( young and old regardless of gender)will be employed and own their own houses without ACORN and SEUI having to harass bankers.

 

[Sclamoz]

Do you think Bush could have created jobs as well if he just started running the printing presses and printing a trillion dollars as stimulus? Of course. Would it have been the right thing to do at the time? Probably not.

The stimulus was started under Bush, though not until very late in his second term. He had a plan to stimulate the economy before:

http://www.juancole.com/2010/05/kirchner-bush-angrily-said-war-would-grow-us-economy.html

 

[OrByte]

there has been a net loss... so no jobs have been created.

obummer: woo! we created 50 jobs in ohio

meanwhile..... gm lays off 1000 2 miles away....

still a negative number!

edit: link to reveal your source?

as for the last paragraph: how can more spending not increase the cost? can that aid just not do any math?

a net loss was never in doubt. Unless you want a super massive maybe 100X the size of the Stimulus program

I think you had the wrong expectations.

 

[sandorski]

Democrat(s) fixing Republican fuck ups? ...again.

 

[irishScott]

Democrat(s) fixing Republican fuck ups? ...again.

He hasn't fixed anything. He's given the economy a morphine shot, nothing more. We'll see if it can last long enough for the actual surgery to be performed.

 

[ProfJohn]

When unemployment is below the level it was on inauguration day let me know.

 

[Danube]

The last GDP report a few weeks ago showed the gov. contribution to GDP was 0 (zero). If Obama is "creating" jobs they are gov jobs, ACORN shizz etc - which are worse than no jobs at all tbh. The stim was a joke.

 

[Slew Foot]

What do you call someone who cant do math?

A Democrat.



I could create a billion jobs too if I spent someone elses money that never really existed in the fist place.

 

[Throckmorton]

What do you call someone who cant do math?

A Democrat.



I could create a billion jobs too if I spent someone elses money that never really existed in the fist place.

So if I take out a loan to start a small business and hire 10 people, those aren't real jobs because they are paid for by debt borrowed from the future which you call "money that never really existed in the fist place"?

And I thought the rightwingers were supposed to be the capitalists who understood this stuff

 

[theeedude]

Obama really is a blessing for this country in these difficult times.

 

[soccerballtux]

So if I take out a loan to start a small business and hire 10 people, those aren't real jobs because they are paid for by debt borrowed from the future which you call "money that never really existed in the fist place"?

And I thought the rightwingers were supposed to be the capitalists who understood this stuff

that's not what Obama/the government is doing. They're saying "here we've got this idea, lets throw money at it." In the real world the market determines if you can get the capital to design your project. So, one of these kinds of debt is healthy, the other is bad. Can you guess which is which?