Posts tagged economy

“GET A JOB”: Dialogue Between a Conservative Congressman and a Voter on the Minimum Wage

VOTER TO REP. C.W. BILL YOUNG (R-FLA.): Jesse Jackson Jr. is passing around a bill to increase the minimum wage to $10 an hour. Would you support that?

REP. YOUNG: “Probably not.”

VOTER: “It’s $10 bucks an hour. It would give us a living wage.”

YOUNG: “How about getting a job. Why do you want that benefit? Get a job.”

VOTER: “I have a job, but it’s not enough to get by on.”

[YOUNG WALKS AWAY]

Conservatives would have you believe that our disappointing economic performance has somehow been caused by excessive government spending, which crowds out private job creation. But the reality is that private-sector job growth has more or less matched the recoveries from the last two recessions; the big difference this time is an unprecedented fall in public employment, which is now about 1.4 million jobs less than it would be if it had grown as fast as it did under President George W. Bush. And, if we had those extra jobs, the unemployment rate would be much lower than it is — something like 7.3 percent instead of 8.2 percent. It sure looks as if cutting government when the economy is deeply depressed hurts rather than helps the American people.
Congressional Budget Office: The Stimulus Worked
The director of the nonpartisan (and widely respected) Congressional Budget Office, Douglas Elmendorf gave testimony 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. 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% disagree. The 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.

Congressional Budget Office: The Stimulus Worked

The director of the nonpartisan (and widely respected) Congressional Budget Office, Douglas Elmendorf gave testimony 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. 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% disagree. The 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.

One Chart That Shows How the Great Recession Totally Whacked the Young

The economy is missing between 5 million and 6 million workers. That’s how much bigger our labor force would be if there had been no Great Recession, per the Congressional Budget Office. 
So, who are the missing five million? That’s the question Greg Ip of The Economist recently asked. The above chart from the Economic Policy Institute (EPI) gives us a hint of at least part of the answer: the young.
Read more. [Image: Economic Policy Institute]

One Chart That Shows How the Great Recession Totally Whacked the Young

The economy is missing between 5 million and 6 million workers. That’s how much bigger our labor force would be if there had been no Great Recession, per the Congressional Budget Office. 

So, who are the missing five million? That’s the question Greg Ip of The Economist recently asked. The above chart from the Economic Policy Institute (EPI) gives us a hint of at least part of the answer: the young.

Read more. [Image: Economic Policy Institute]

If Republicans had not blocked further aid to state and local governments and insisted on deep spending cuts, it’s almost certain that hundreds of thousands of public workers would still be gainfully employed and helping to fuel a strong recovery thanks to their own personal consumption. Instead, the 647,000 public sector jobs lost since August 2008 continue to provide a drag on the overall economy, in addition of course to creating untold hardship for those who lost their jobs.
(In case you’re wondering, that spike in public sector employment was due to the hiring of temporary census workers in 2010.)

If Republicans had not blocked further aid to state and local governments and insisted on deep spending cuts, it’s almost certain that hundreds of thousands of public workers would still be gainfully employed and helping to fuel a strong recovery thanks to their own personal consumption. Instead, the 647,000 public sector jobs lost since August 2008 continue to provide a drag on the overall economy, in addition of course to creating untold hardship for those who lost their jobs.

(In case you’re wondering, that spike in public sector employment was due to the hiring of temporary census workers in 2010.)

From the other 98%

On the February 28 edition of Comedy Central’s The Daily Show, Jon Stewart discussed signs the economy is improving, saying, “[I]t’s good news — unless you work for a media organization whose job it is to make sure Obama doesn’t get re-elected.” He then mocked Fox News figures for appearing to use a Republican National Committee “pundit prep document” with talking points on the economy. At one point, Stewart noted that Fox & Friends co-host Steve Doocy admitted he was reading from the “pundit prep document” before going on to use one of its talking points.

think-progress:

Everything here’s looking up.

think-progress:

Everything here’s looking up.