….on Wednesday, under questioning from skeptical Republicans, the director of the nonpartisan (and widely respected) Congressional Budget Office was emphatic about the value of the 2009 stimulus. And, he said, the vast majority of economists agree.
In a survey conducted by the University of Chicago Booth School of Business, 80 percent of economic experts agreed that, because of the stimulus, the U.S. unemployment rate was lower at the end of 2010 than it would have been otherwise.
“Only 4 percent disagreed or strongly disagreed,” CBO Director Douglas Elmendorf told the House Budget Committee. “That,” he added, “is a distinct minority.”
Elmendorf’s testimony came in response to questions from Rep. Tim Huelskamp (R-Kan.), a member of the tea party caucus. Huelskamp asserted that the stimulus was a failure because it did not keep the jobless rate below 8 percent, as the Obama administration predicted.
“Where did Washington mess up?” Huelskamp demanded. “Because you’re saying most economists think it should’ve worked. It didn’t.”
Most economists not only think it should have worked; they think it did work, Elmendorf replied. CBO’s own analysis found that the package added as many as 3.3 million jobs to the economy during the second quarter of 2010, and may have prevented the nation from lapsing back into recession….
Yesterday, via Twitter:
Rep. Vicky Hartzler @RepHartzler
2010 was deemed the Recovery Summer, yet two years later we are still dealing with the realities of failed policy. [….] 1:31 PM – 6 Jun 12
Yes, we had the republicans opposing the American Recovery and Reinvestment Act (ARRA), some hand wringing from “centrists” who prevailed in scaling it back as “a compromise” even though no republicans were going to support it anyway, and of, course, the republicans gleefully spinning that the stimulus “failed”. Who could have predicted this turn of events?:
….You’d think that it would eventually sink in that Lucy always pulls the football away. Always….
And yet, “….the director of the nonpartisan (and widely respected) Congressional Budget Office was emphatic about the value of the 2009 stimulus. And, he said, the vast majority of economists agree….” As if that makes any difference to reality challenged right wingnut republicans.