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Add the Keystone Research Center to the massive economic consensus, via the Philadelphia Business Journal:
Unemployment would be above 14 percent in Pennsylvania and approaching 16 percent nationally if not for the American Recovery and Reinvestment Act and other federal action taken in the wake of the recession, according to a new report released by the Keystone Research Center Thursday.
From the report itself:
First, the last 12 months of data on the Pennsylvania and U.S. economies make clear that the extraordinary interventions in the economy by the Federal Reserve, the Bush and Obama administrations, and Congress were effective in forestalling the free fall of the U.S. economy. For Pennsylvania, the simplest indicator of this is the monthly average change in jobs each month. Before the American Recovery and Reinvestment Act (ARRA), Pennsylvania was losing nearly 30,000 jobs per month and this number was growing rapidly. This year, Pennsylvania is gaining jobs each month, on average.
As in the early 1930s, many voices, including within Congress, urged policy makers to do nothing in the face of the collapsing economy. Had this point-of-view prevailed, current unemployment in the United States would be about 15% or 16%.
Remember that the next time one of the Republican dunderheads goes on the TV to tell you that the stimulus did nothing/made things worse/whatever bullshit wins elections. They're either lying or have no idea what they're talking about. Either option should disqualify them from power.
More from the report:
The jobs and wage deficits are far more immediate problems for Pennsylvania families than the accumulated debt or annual federal deficit of the U.S. government. Especially in an election year, voters should ask lawmakers at the federal and state level, âWhat are you going to do about the jobs deficit?â and âWhat are you going to do about the wage deficit?â
â¦
In the immediate future, the federal government needs to:
- Extend the federal program which provides resources to Pennsylvania's state-subsidized work programs, the "Way to Work" program. This recently implemented program will expire September 30 without Congressional action;
- Continue to extend unemployment insurance benefits as long as unemployment remains so high that it is impossible for many jobless workers to find jobs;
- Provide access to capital for small businesses so that they do not become victims of the recession and the credit crunch.
By the first part of next year, the federal government should allow the Bush tax breaks for the rich to expire and repurpose those funds to activities that have a bigger "bang for the buck" when it comes to creating jobs. Near the top of the list of alternative uses of money saved by not extending the Bush tax cuts for the rich should be:
- Additional revenue sharing with states and localities in the next 12-24 months; and
- A jobs bill that includes investment in infrastructure, renewable energy and energy efficiency, and clean manufacturing.
Longer term, policies also need to more directly address the "wage deficit" by lifting the wages and incomes of middle-class families.
Of course, none of this will have if the Republicans retake Congress this November. Food for thought.
[...] Yes, the stimulus worked. No, really, it did. :: The Clog :: Blog ... Near the top of the list of alternative uses of money saved by not extending the Bush tax cuts for the rich should be: Additional revenue sharing with states and localities in the next months; and; A jobs bill that includes investment in Music, Classical, Folk/World, Jazz/Blues, Rock/Pop, Open Mic, Karaoke, Performance, Performing Arts, Cabaret, Dance, Opera, Theater, Readings/Book Signings, Repertory Film, Shopping/Style, Think Tank Volunteer, Walks/Tours . [...]
[...] New York Times || The Philadelphia City Paper || USA Today || Wall Street Journal / Allan Greenspan || Firedog Lake || [...]
[...] Yes, the stimulus worked. No, really, it did. :: The Clog :: Blog … [...]
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