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tazzygirl -> RE: Little-known fact: Obama's failed stimulus program cost more than the Iraq war (8/24/2010 5:32:31 PM)
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First... about the author.
Editorial Page Editor Mark Tapscott was voted Conservative Journalist of the Year for 2008 by the Conservative Political Action Conference (CPAC), and he was inducted into the Freedom of Information Act Hall of Fame in 2006. Before joining the Examiner in 2006, he was director of The Heritage Foundation's Center for Media and Public Policy and founded its Database 101 Computer-Assisted Research and Reporting Boot Camps at the National Press Club. He's a former assistant managing editor and managing editor for two other Washington region daily newspapers. He is also proprietor of Tapscott's Copy Desk blog.
Read more at the Washington Examiner: http://www.washingtonexaminer.com/bios/mark-tapscott.html#ixzz0xZWx7g5t
According to the CBO, per factcheck.org...
The CBO Lowdown
The truth, according to a report issued by the nonpartisan Congressional Budget Office later in the day, is that the stimulus spending has had a positive effect on the economy, though probably not as large as Biden claimed.
It said of the stimulus bill, formally known as the American Recovery and Reinvestment Act (ARRA):
CBO, Aug. 24: CBO estimates that ARRA’s policies had the following effects in the second quarter of calendar year 2010:
■They raised real (inflation-adjusted) gross domestic product (GDP) by between 1.7 percent and 4.5 percent,
■Lowered the unemployment rate by between 0.7 percentage points and 1.8 percentage points,(and)
■Increased the number of people employed by between 1.4 million and 3.3 million.
As with its earlier reports, the wide range of CBO’s estimates reflects the inherent uncertainty of comparing current economic conditions to what might have happened had there been no government intervention. Biden’s claim of 3 million jobs "created" might be right, but it could almost as easily be half that number according to CBO’s assessment.
But either way, CBO’s report contradicts Boehner’s claim that the stimulus spending has hurt the economy.
Nevertheless, the total number of jobs in July was still 3.3 million below the total when Obama took office, and 7.7 million below the total in December 2007, the best month during the Bush administration. And for the record, CBO now estimates that the stimulus spending will total $814 billion by 2019, somewhat more than the price tag of $787 billion that was estimated at the time of passage.
-Brooks Jackson and Eugene Kiely
http://www.factcheck.org/2010/08/spinning-the-stimulus/
Note the date. The day after your OP article was written the CBO came out with these numbers.
As far as the figures given, the report, starting on page 32, seems to not agree with Hoven. Perhaps i am not reading it properly. It seems, by the chart, that 999 billion was spent on Iraqi and Afghani defense activities.
http://cbo.gov/ftpdocs/117xx/doc11705/08-18-Update.pdf
Hmmm... not far from the cost that was spoken about in 2007 of 1.3 trillion. Add to that the other figures in that chart and the total does add up.
So, im curious as to your point here.
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