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American Recovery and Reinvestment Act of 2009: Difference between revisions
American Recovery and Reinvestment Act of 2009 (view source)
Revision as of 23:15, 14 March 2025
, 14 MarchText replacement - "The Guardian" to "The Guardian"
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<blockquote>[T]he revised data ... showed that the economy was plunging even more rapidly than we had previously recognised in the two quarters following the collapse of [[Lehman Brothers|Lehman]]. Yet, the plunge stopped in the second quarter of 2009 – just as the stimulus came on line. This was followed by respectable growth over the next four quarters. Growth then weakened again as the impact of the stimulus began to fade at the end of 2010 and the start of this year. | <blockquote>[T]he revised data ... showed that the economy was plunging even more rapidly than we had previously recognised in the two quarters following the collapse of [[Lehman Brothers|Lehman]]. Yet, the plunge stopped in the second quarter of 2009 – just as the stimulus came on line. This was followed by respectable growth over the next four quarters. Growth then weakened again as the impact of the stimulus began to fade at the end of 2010 and the start of this year. | ||
In other words, the growth pattern shown by the revised data sure makes it appear that the stimulus worked. The main problem would seem to be that the stimulus was not big enough and it wasn't left in place long enough to lift the economy to anywhere near potential output.<ref>{{Citation| last = Baker| first = Dean| author-link = Dean Baker| title = US debt deal: how Washington lost the plot| newspaper = | In other words, the growth pattern shown by the revised data sure makes it appear that the stimulus worked. The main problem would seem to be that the stimulus was not big enough and it wasn't left in place long enough to lift the economy to anywhere near potential output.<ref>{{Citation| last = Baker| first = Dean| author-link = Dean Baker| title = US debt deal: how Washington lost the plot| newspaper = The Guardian | date = August 1, 2011| url = https://www.theguardian.com/commentisfree/cifamerica/2011/aug/01/us-debt-deal-washington-unemployment | access-date =August 3, 2011 | location=London}}</ref></blockquote> | ||
The [[Democratic Congressional Campaign Committee]] (DCCC) established a "Hypocrisy Hall of Fame" to list Republican Representatives who had voted against ARRA but who then sought or took credit for ARRA programs in their districts. As of September 2011, the DCCC was listing 128 House Republicans in this category.<ref>{{cite web| title = Hypocrisy Alert: 128 House Republicans Take Credit for the Economic Bills They Opposed| publisher = [[Democratic Congressional Campaign Committee]]| url = http://www.dccc.org/page/content/hhof| access-date = September 10, 2011| archive-url = https://web.archive.org/web/20110909000218/http://www.dccc.org/page/content/hhof/| archive-date = September 9, 2011| url-status = dead| df = mdy-all}}</ref> ''[[Newsweek]]'' reported that many of the Republican legislators who publicly argued that the stimulus would not create jobs were writing letters seeking stimulus programs for their districts on the grounds that the spending would create jobs.<ref>{{Citation| last = Stone | first = Daniel | title = The Tea Party Pork Binge| newspaper = [[The Daily Beast]] | date = October 30, 2011 | url = http://www.thedailybeast.com/newsweek/2011/10/30/conseratives-brought-nation-to-default-ask-for-govt-handouts.html| access-date =November 10, 2011}}</ref> | The [[Democratic Congressional Campaign Committee]] (DCCC) established a "Hypocrisy Hall of Fame" to list Republican Representatives who had voted against ARRA but who then sought or took credit for ARRA programs in their districts. As of September 2011, the DCCC was listing 128 House Republicans in this category.<ref>{{cite web| title = Hypocrisy Alert: 128 House Republicans Take Credit for the Economic Bills They Opposed| publisher = [[Democratic Congressional Campaign Committee]]| url = http://www.dccc.org/page/content/hhof| access-date = September 10, 2011| archive-url = https://web.archive.org/web/20110909000218/http://www.dccc.org/page/content/hhof/| archive-date = September 9, 2011| url-status = dead| df = mdy-all}}</ref> ''[[Newsweek]]'' reported that many of the Republican legislators who publicly argued that the stimulus would not create jobs were writing letters seeking stimulus programs for their districts on the grounds that the spending would create jobs.<ref>{{Citation| last = Stone | first = Daniel | title = The Tea Party Pork Binge| newspaper = [[The Daily Beast]] | date = October 30, 2011 | url = http://www.thedailybeast.com/newsweek/2011/10/30/conseratives-brought-nation-to-default-ask-for-govt-handouts.html| access-date =November 10, 2011}}</ref> | ||