View Single Post
Old 11-14-2012, 11:22 PM   #43
Lord High Executioner
DonDadda59's Avatar
Join Date: Jan 2009
Location: The Killing Fields
Posts: 18,992
Default Re: The Fiscal Cliff

Originally Posted by rufuspaul
Bullshit. I'm sorry but that act was so full of pork I could hear the oinking from here. Thank God it didn't pass.

Don't take my word for it.

An Analysis of the Obama Jobs Plan

By Mark Zandi in West Chester
September 9, 2011

President Obama's jobs proposal would help stabilize confidence and keep the U.S. from sliding back into recession.

The plan would add 2 percentage points to GDP growth next year, add 1.9 million jobs, and cut the unemployment rate by a percentage point.

The plan would cost about $450 billion, about $250 billion in tax cuts and $200 billion in spending increases.

Many of the president's proposals are unlikely to pass Congress, but the most important have a chance of winning bipartisan support.

A quick look at the job impact of the president’s proposals
Posted September 8, 2011 at 9:45 pm by JOHN IRONS

Overall the package would increase employment by about 4.3 million jobs over the next couple of years. The new initiatives would boost employment by about 2.6 million jobs, while the continuation of the two temporary provisions (EUI and the payroll tax holiday) would prevent a backslide of over 1.6 million jobs.

American Jobs Act: A Significant Boost to GDP and Employment

We estimate that the American Jobs Act (AJA), if enacted, would give a significant boost to GDP and employment over the near-term.
The various tax cuts aimed at raising workers’ after-tax income and encouraging hiring and investing, combined with the spending increases aimed at maintaining state & local employment and funding infrastructure modernization, would:

Boost the level of GDP by 1.3% by the end of 2012, and by 0.2% by the end of 2013.

Raise nonfarm establishment employment by 1.3 million by the end of 2012 and 0.8 million by the end of 2013, relative to the baseline.

The program works directly to raise employment through tax incentives and support to state & local governments for increasing hiring; it works indirectly through the positive boost to aggregate demand (and hence hiring) stimulated by the direct spending and the increase in household income resulting from lower employee payroll taxes and increased employment.

–Based on our preliminary estimates, using the various multipliers, the fiscal lift to 2012 growth might be around 1.8 percentage-points, all else equal, from the “Jobs Act”. All in all, this program could potentially offset the expiring provisions coupled with the fiscal drag from the debt ceiling deal of roughly 1.5 percentage-points in total in 2012. –Thomas Lam, OSK-DMG

–President Obama’s jobs plan, if implemented, would boost employment by around 4.3 million jobs (yes, 1.6 million of those jobs would come from continuing temporary policies that are already in place and supporting the economy today, but the new initiatives alone would generate 2.6 million jobs). –Heidi Shierholz, Economic Policy Institute

The only reason it didn't pass is the same reason we might be dragged into another recession.
DonDadda59 is offline   Reply With Quote