The Real Recovery | October 30, 2009 | 34 comments

Obama's stimulus numbers look promising

source: http://blogs.current.com/news/2009/10/30/obamas-stimulus-numbers-look-promising/

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afitzgerald
FROM THE NEWS BLOG:
The Obama Administration has released its first broad report on jobs created or saved by the stimulus program. Focused on $150 billion in spending of the total $787 billion package, the report estimates that around 640,000 jobs have been created or saved nation-wide. The numbers are controversial, with Republicans already claiming that they're a bit to optimistic. But the actual impact of the stimulus dollars has proven difficult to nail down.

The Obama administration continued to maintain that the actual number of jobs created so far is closer to 1 million. The reports did not reflect measures such as tax cuts, boosted unemployment benefits or jobs created indirectly by stimulus spending. A total of $339 billion has been drawn down so far under the American Recovery and Reinvestment Act.

"Every dollar being spent from Recovery Act is helping put someone back to work," said Vice President Joe Biden, citing 80,000 construction jobs and 325,000 education positions created or saved by stimulus funds. "My message today is that we're on track."

Probably the best reporting on the subject out there comes from our friends at ProPublica who have been tracking the stimulus program all year.

We're keeping an eye on jobs and joblessness during the recession, so these numbers are definitely of interest to us. We've seen a few personal stories from users here on Current:
User diabolical44 writes:
"I graduated college with a Bachelors degree in May of 2008. The economy went to complete shit soon there after. Now , almost a year and a half later, I still have no job. I've worked here and there, waiting tables, delivering pizza, packing boxes in a warehouse, but no real job. No career to speak of. No sign of hope either."

Anyone out there gotten work thanks to the stimulus program? Tell us your story.

News Blog post: http://blogs.current.com/news/2009/10/30/obamas-stimulus-numbers-look-promising/
ProPublica's Stimulus coverage: http://www.propublica.org/ion/stimulus
The White House's stimulus page: http://www.recovery.gov/
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34 comments // Obama's stimulus numbers look promising

  • CarlosIsDown
  • lifestudentno83
    • 0
      lifestudentno83  

    • I'm still out of a job, thanks to the recession cause by the sub-prime housing collapse, the Wall Street Bailout, Government spending, and most importantly because my last job didn't pay me a living wage.

      Current TV, if you're looking for a freelance writer who's studying Communications with a focus on Journalism and Broadcast Journalism, let me know. I need some cash to support my X-Box 360 habit... err, I mean myself.

    • 2 years ago
  • JohnA
  • remanns
  • eskimoe
  • CarlosIsDown
  • asherp
  • TheHumanProject
  • Jeff_Foertsch
  • Jeff_Foertsch
  • RadixLecti
    • 0
      RadixLecti  

    • all hype, the economy rebounded almost 4% but only BECAUSE of the stimulus money, this is a pseudo-recovery meant only for saving face

    • 2 years ago
  • MilchMann
    • 0
      MilchMann  
    • RadixLecti:

      If you truly believe you are right on that, move, because the economy will tank when the money runs out, I mean loose 80% value or more in a matter of months instead of 50% as we saw before.

      In reality you are just a pessimist though.

    • 5 days ago
  • Wegg
    • 0
      Wegg  

    • $787 Billion dollars has created 640,000 jobs.

      And this is good?

      Thats over a million dollars spent per job. Think about that for a minute. Think about how woefully wasteful that is! I feel like I'm living in bizzaro land. :-(

    • 2 years ago
  • MilchMann
    • 0
      MilchMann  
    • Wegg:

      That would be $1.2M per worker if the numbers were that simple.

      Also, so far the government has only managed to spend $111B as of October 10th, that is $173,437.50 per job. If you factor in the fact that roughly 30-45% of that is in materials, the contractor receives $121,406.25 to 95,390.62, of that amount an additional 30-45% goes to the laborer.

      Respectively those numbers look like this.

      $36,421.88 - 54,632.81
      to
      $28,617.19 - 42,925.78

      Considering that these are long term jobs, so it probably represents close to yearly salary, and those are not take home figures... well, they look pretty reasonable to me... especially considering those are averages, and you have to take into account differences in how you pay foreman and grunt workers.

      Take your number crunching skills back to school sir!!!

      Anyone that wants to complain about the 55-70% that the company keeps needs to consider corporate taxes, equipment, administrative, advertising, and legal costs as well.

      Percentage wise, they actually get to keep about the same amount if it is a super lucrative field, but most often significantly less than there laborer, usually a 1/2 to 1/4... They survive only because they get these for each laborer... 20 man crew construction company makes in the ball park of quarter million in profits a year... that is a lot of money, but when you consider the logistics of running it, it is also a well deserved quarter million, it is also why lazy people have 9-5 jobs.

    • 2 years ago
  • Westnewport
    • 0
      Westnewport  

    • We put a new boiler system in at city hall funded by an energy improvement grant from the stimulus money. This provides a drastic improvement in our central plant that will provide a positive return to the city for the life of the new system. It gave work to the pipe fitters, control guys and the manufacturer. The long term benefit is the thousands the city will save (taxpayer dollars) for years to come.

    • 2 years ago
  • MilchMann
    • 0
      MilchMann  

    • Dear god people. Economics... it was an important class.

      There are three tears of employment

      Manufacturing and labor
      Retail (which is both labor and service)
      Services

      Services require retail to enlist their services, and in many cases the manufacturer does too. Retail requires the services and labor fields to come to their stores, and manufacturing requires retail and services to need products which includes construction (a need for a building or road aka product).

      Economic collapse happens. Services are not being hired so they do not buy products, putting a hurt on both retailers and manufacturers. Retail demand goes down, and so does manufacturing, which in turn leads to lay offs in all three sectors.

      So how do you jump start the economy? You pump money into the blue collar sector, which in turn promotes both the service and retail sectors... but it takes time to see results. For the money that is being pumped into the manufacturing and labor fields it takes 6-9 months for the services and retail to see the effects. It is pretty safe to assume that most of the people on this site are/were/wish to be in the services industry. Give it till February or so... it may take to may though, the services industry has taken a big hit, they have a lot to make up for on their books before they can start hiring without risk to the company. They should be leveling out by the end of January or mid February... but then you have April 14th right around the corner, and most companies will not want to push the envelope till after they regain equilibrium from that.

      For a little reassurance, I own a company in the services industry, we are starting to see the effects, but we are not stable enough yet to resume growth... we will be soon though, rest assured.

      Oh, and the sign... if it was not necessary to sell the worthiness to the masses, they would not have to spend money on the sign! You are the problem you speak of Ihatethemall!

    • 2 years ago
  • Ihatethemall
    • 0
      Ihatethemall  
    • MilchMann:

      Im part of the problem huh. I work. I have worked for over 30 years and never once took a penny in aide of any kind from any level of government and that includes unemployment. I am not even close to being part of the problem. I am in the transportation industry and have been for 25 plus years. The economy is NOT rebounding. The railroads are down...WAY down. Shipments on bith trucks and rail are down 20% or more in some cases. There was no seasonal upswing normally expected at this time of the year. You just go on thinking things are getting better, meanwhile the folks that move the frieght that people buy and sell that helps make the economy go around know the real truth. Take the Union Pacific for example. There average weekly car loadings for this time of year should be in the 200,000 range.

      Carloadings for:7-day totals 159,140
      Friday, 10/30 27,557
      Thursday, 10/29 26,614
      Wednesday, 10/28 24,176
      Tuesday, 10/27 27,036
      Monday, 10/26 24,711
      Sunday, 10/25 13,661
      Saturday, 10/24 15,385

      That isnt even close to what they need. I can get you these numbers every day if you want. THESE are the true numbers that matter. These are the numbers that really tell you what is happening in this country.

    • 2 years ago
  • Ihatethemall
  • Ihatethemall
    • 0
      Ihatethemall  
    • MilchMann:

      The graph isnt showing the numbers at the right side. The top number is 200,000 middle is 160,000 and bottom is 120,000. They are still 25% below and the numbers are going down. They were at the 163,000 for a while in SEPT but the last few weeks they have begun to slip again back to the mid to upper 150,000's

    • 2 years ago
  • MilchMann
    • 0
      MilchMann  
    • MilchMann:

      yeah, I wrote something about the three sectors of the economy somewhere else, I am going to go grab that and copy and past it, it is not completely relevant, but you will get the point... hopefully.

      Oh, wait, it was the comment that you have responded to here... try reading it again!

    • 2 years ago
  • thecoyote23
    • 0
      thecoyote23  
    • MilchMann:

      It's funny how Ihatethemall seems to despise the unemployed, but then show that the economy is not picking up. How can you be so self righteous about your employment yet then go and prove that there isn't enough work to go around? Just goes to show there isn't a lot of logic going into those opinions of his.

    • 2 years ago
  • Ihatethemall
    • 0
      Ihatethemall  
    • MilchMann:

      Theres a differance between unemployeed and not looking or wanting work.
      extend unemployment benifits for those still not able to find work. I dont have a problem with that. never said I did.

    • 2 years ago
  • akamaial
    • 0
      akamaial [removed]  
    • MilchMann:

      ~ Now, as I understand the tiers of an economic engine, there are four core processes along the corridor of the projected "demand/need to consumer" cycle, starting from 1) raw material (initial stage), 2) refining(manufacturing), 3) retail (marketing and sales) to 4) the consumer ( which then may have need for initial installation and or maintenance (service).

      ~ Now, what is the cause that interrupts the flow of the demand/supply cycle? If the need/want is there, and the supply for the need/want is available, what impedes that flow?

      Government taxation, regulation & intervention, IMHO...

    • 2 years ago
  • Henry_Jimenez
    • 0
      Henry_Jimenez  

    • employers know that they had the advantage. in miami you need a 4 year degree to be a office assistant. a friend of mine was laid off her job as a receptionist, in a real estate office, to hire a receptionist with a real estate license. i know that this means the more qualified/educated individuals will get the jobs, and the company could excel. however, does this mean that these people without degrees aren't good at their jobs.

    • 2 years ago
  • hunzedog
  • nobamayomama
    • 0
      nobamayomama  

    • SAVED.........LOL! Gimme a break. More smoke and mirrors. Teachers make up 1/2? Why didn't he just say he saved "ALL" the jobs that are left ? Temporary road jobs are NOT family sustaining permanent jobs.

    • 2 years ago
  • Monkey_Films
  • ScorpioGee
    • 0
      ScorpioGee  

    • I guess it's good news but I don't think it's helping young adults who are entering into the work force with higher education. I know I'm fortunate to have a job, my co workers are awesome, I meet wonderful people and I realize I have a hidden talent of selling/suggesting items at my job and high customer satisfaction and all but I really have to work in the field I got my degree in and pay down my debts. Some days I feel that I'm underemployed and underpaid for my education and what I bring into the job but I just keep going. I bet a lot of people my age are going thru the same thing. :(

      (I work in retail btw.)

    • 2 years ago
  • logicpocket
  • Ihatethemall
  • Ihatethemall
    • 0
      Ihatethemall  

    • How much of our tax dollars went towards making the signs to let us all know this is a project that we, the tax payers are getting fuc....er paying for I mean

    • 2 years ago
  • Ihatethemall
  • JulianCommongold
  • LowShred
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