Romer: Impact of stimulus will level off


Level off? I thought they said that only 14% of the money has been spent so far. Oh Christina, I wish you the best in your job search, although failure seems to be a resume enhancement for Democrats. I have an idea. The original stimulus was $787 Billion. Let’s subtract the $194 Billion already used and take the $593 Billion which is left, divide it the 250 million or so working people and give each of us $2,372. Now that will stimulate the economy.

 

I only lied thiiiis much

I only lied thiiiis much

 

WASHINGTON — A top White House economist says spending from the $787 billion economic stimulus has already had its biggest impact on economic growth and will likely not contribute to significant expansion next year.

Christina Romer, the chair of President Barack Obama’s Council of Economic Advisers, said Thursday that the $194 billion already spent gave a jolt to the economy that contributed to growth in the second and third quarters of the year. She told a congressional panel that by the middle of next year, the impact of the stimulus will level off. Romer said spending so far has saved or created 600,000 to 1.5 million jobs but warned that unemployment will remain high, above 9.5 percent, through the end of 2010.

Read the article here:

http://www.google.com/hostednews/ap/article/ALeqM5i-95E_TCyqYX0CBZ5xQAV_V3VWyQD9BG76902

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