So that means everyone's predictions were wrong. Not evidence that the stimulus has made things worse (which it can't)
I think you'll find a lot of evidence, though, that the stimulus has been a major positive impact. (besides - why is your stimulus so special that it is hte
only stimulus that doesn't work?)
Ward Nye, president and COO of Martin Marietta Materials, testified before the U.S. House of Representatives Committee on Transportation and Infrastructure regarding the status of the American Recovery and Reinvestment Act (ARRA). His testimony, on behalf of the National Stone, Sand & Gravel Association, was to present the aggregate industry's perspective on ARRA and to discuss its impact on the industry.
Nye testified that, despite a 27-percent decrease in aggregate production in the first six months of 2009, there was evidence to suggest that ARRA funds helped maintain the market and prevented significant erosion of the workforce in the transportation construction market of the aggregates industry. The stimulus funds' positive impact may be muted by state and local government budget difficulties.
State officials around the U.S. had an ambitious deadline to meet on Saturday-the first comprehensive report on how stimulus money is affecting the nation. Early estimates are showing that federal stimulus money has created or preserved 11,800 jobs in Minnesota. When you add in jobs that were indirectly created by stimulus funds, over 20,000 total jobs were created or saved.
For Minnesota, the stimulus money could not have come at a better time. Management and Budget Commissioner Tom Hanson said that the biggest impact for Minnesota has come from money that offset state budget cuts from the summer, according toMPR. The cuts and unallotment have meant that cities in Minnesota must examine their budgets with a fine-tooth comb, often at the expense of teachers and public safety officials. Of the 11,800 created or saved, the report estimates that 5,900 were education jobs and 1,200 public safety jobs. These are nurses, counselors, teachers, firefighters, and policemen who, without the stimulus funds, would have found themselves needing to apply for unemployment benefits thanks to reckless budget cuts.
In any case.
Australia's economy would return to trend growth in 2011-12, Dr Henry said, with the IMF forecast of seven per cent unemployment a reasonable figure.
The government's May budget forecast unemployment to hit a peak of 8.5 per cent in 2010-11, and a real contraction in gross domestic product growth of 0.5 per cent for 2009-10.
Dr Henry warned a further 100,000 jobs could be lost if the government's planned stimulus spending is scrapped, saying that withdrawing the stimulus more quickly than scheduled could "risk stalling the economy and causing a steeper rise in the unemployment rate".
"If all the stimulus scheduled to impact in 2010/11 was cancelled, that would mean a further detraction of 1.5 per cent from GDP (gross domestic product) growth and the loss of up to an additional 100,000 (jobs)," he said.
The way the stimulus was planned meant that its winding back was already likely to detract 1.5 per cent from GDP.
This in an economy which was already relatively stable and secure. What impact do you think cutting the stimulus will have on an economy without that luxury?
