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TUESDAY, FEBRUARY 9, 2010
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21

Obama's Stimulus Finally Gets Some Respect

Warring economists agree that it has helped—if not enough

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(Newser) – Economists are still fighting about whether the economic stimulus was too small, or too big and wasteful, but a consensus is emerging, at least, that the $787 billion package, flawed as it is, is working. With a quarter of the money now spent, the New York Times says a broad range of economists agree that the combination of tax cuts and spending—rather than one or the other, which would have pleased either liberals or conservatives more—has been effective in creating and saving jobs.

President Obama is still vulnerable to the criticism that he underestimated the recession and overestimated the impact of the stimulus. But there is broad consensus that it boosted the economic recovery, says the Times. “Without the stimulus, GDP would still be negative and unemployment would be firmly over 11%," says one. "And there are a little over 1.1 million more jobs out there as of October than would have been out there without the stimulus.”

In this photo taken Oct. 27, 2009, Joey Blevins, an unemployed iron worker from Sheridan, Ark., center, checks his resume while standing in line at a Little Rock, Ark., job fair.
In this photo taken Oct. 27, 2009, Joey Blevins, an unemployed iron worker from Sheridan, Ark., center, checks his resume while standing in line at a Little Rock, Ark., job fair.   (AP Photo/Danny Johnston)
In this Oct. 13, 2009 photo, S.J. Murray of Chicago, who was recently laid off from an IT job, talks to Frances Dobbins, right, of Advocate Health Care at a career fair in Chicago.
In this Oct. 13, 2009 photo, S.J. Murray of Chicago, who was recently laid off from an IT job, talks to Frances Dobbins, right, of Advocate Health Care at a career fair in Chicago.   (AP Photo/Kiichiro Sato)
Michigan state Department of Human Services caseworker Sandy Satchel, foreground, works at the Family Independence Agency in Detroit, Nov. 13, 2009.
Michigan state Department of Human Services caseworker Sandy Satchel, foreground, works at the Family Independence Agency in Detroit, Nov. 13, 2009.   (AP Photo/Carlos Osorio)
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21 comments
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Hip
Nov 21, 09 6:33 AM CST
Criticized that he underestimated the recession? Where were these critics when Obama called it (over and over) the worst financial situation since the Great Depression? Reply
Vote up! Vote down!
+17
IN RESPONSE:
geneparmesan
Nov 21, 09 7:32 AM CST
They were saying 'Oh, he's just try to scare us all so the government can spend more of our money'
Vote up! Vote down!
+8
IN RESPONSE:
ronimaca
Nov 21, 09 8:21 AM CST
For most on the right he thinks to much. They don't understand that, Bush was not a thinker he just open his mouth and word salad would spew out. Kinda like Palin. With Bush if it wasn't a fart joke, it never made any sense at all. The Frat boys are out of the White House and the intelligent thoughtful gang are there to clean up the mess Bush and company made.
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+13
IN RESPONSE:
schmidtkoff
Nov 21, 09 10:44 AM CST
@roni - and the frat boys are not liking it at all. yet they have nothing to add to help clean up the mess except to continually disparage anything that might advance the current problems facing america.
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+9
Count-Spatula
Nov 21, 09 6:44 AM CST
"And there are a little over 1.1 million more jobs out there as of October than would have been out there without the stimulus.” - - - - - Newser, this sentence makes no sense. Reply
Vote up! Vote down!
+1

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