Error-Filled Republican Analysis Misleads On Recovery Act

[quiet.american]

This is what I'm talking about -- lightning-fast pushback from the WH on GOP NONSENSE --



Error-Filled Republican Analysis Misleads On Recovery Act
http://www.whitehouse.gov/blog/2010/06/30/error-filled-republican-analysis-misleads-recovery-act

Today Rep. Boehner released an error-filled paper on the Recovery Act that is full of half-truths and mistakes. (Color me shocked!)

Among the biggest errors in Representative Boehner’s report are:

Boehner: “The ‘stimulus’ isn’t working as promised.”

WH SMACKDOWN: the nonpartisan Congressional Budget Office says the Recovery Act is already responsible for as many as 2.8 million jobs and on track for about 3.5 million by the end of the year – exactly the projected target at the time the Recovery Act was signed.

Boehner: “Despite massive amounts of deficit-fueled ‘stimulus’ spending, the construction sector…has continued to reel from the recession.”


WH SMACKDOWN: In the last month of the previous Administration, the construction industry lost 153,000 jobs . President Obama signed the Recovery Act into law a month later and the construction industry has now gained jobs two of the last three months. And Recovery Act infrastructure projects are still ramping up – this summer will be the most active season for them yet.

Boehner:“Washington Democrats have spent the last 18 months racking up record deficits and debt, spending money with reckless abandon while claiming that their programs will create jobs for the millions of Americans who are unemployed or underemployed.”

WH SMACKDOWN: The previous Administration left behind a legacy of a projected $1.3 trillion dollar deficit which today is more than 90 percent of the federal deficit. Because of its targeted, temporary nature, the Recovery Act will add less than half a percent to the deficit-to-GDP ratio by 2012 and nothing to the growth of the debt-to-GDP ratio over the rest of the decade.

Both public and private economists say that the Recovery Act is already responsible for more than 2.5 million jobs. According to IHS Global Insight chief economist Nariman Behravesh, “Without the stimulus, 3 million more Americans would be out of work and the national unemployment rate, just below 10 percent, would be 12 percent - or higher and Stuart Hoffman, chief economist at PNC Bank agrees, saying, "The stimulus worked. Without it, the unemployment rate would probably be closer to 11 percent and the economy might not have grown at all last year.

Jared Bernstein is Chief Economic Advisor to the Vice President

[Cha]

1. There's republicon "news" and there's the real news..

thanks QA for relaying this via the BOG~

And, thanks to Jared Bernstein.

[treestar]

2. Republicans lying again

Very surprising. :sarcasm: