Economists: The stimulus didn't help By Hibah Yousuf, staff reporterApril 26, 2010: 3:56 AM ET NEW YORK (CNNMoney.com) -- The recovery is picking up steam as employers boost payrolls, but economists think the government's stimulus package and jobs bill had little to do with the rebound, according to a survey released Monday. In latest quarterly survey by the National Association for Business Economics, the index that measures employment showed job growth for the first time in two years -- but a majority of respondents felt the fiscal stimulus had no impact. NABE conducted the study by polling 68 of its members who work in economic roles at private-sector firms. About 73% of those surveyed said employment at their company is neither higher nor lower as a result of the $787 billion Recovery Act, which the White House's Council of Economic Advisers says is on track to create or save 3.5 million jobs by the end of the year. That sentiment is shared for the recently passed $17.7 billion jobs bill that calls for tax breaks for businesses that hire and additional infrastructure spending. More than two-thirds of those polled believe the measure won't affect payrolls, while 30% expect it to boost hiring "moderately." But the economists see conditions improving. More than half of respondents -- 57% -- say industrial demand is rising, while just 6% see it declining. A growing number also said their firms are increasing spending and profit margins are widening. Nearly a quarter of those surveyed forecast that gross domestic product, the broadest measure of economic activity, will grow more than 3% in 2010, and 70% of NABE's respondents expect it to grow more than 2%. Still, the survey suggested that tight lending conditions remain a concern. Almost half of those polled said the credit crunch hurts their business. http://money.cnn.com/2010/04/26/news/economy/NABE_survey/
for every negative biased report like this, there are more than two or three positive reports resenting the achievements of the TARP funds, including a recent NY Times or WSJ article (whether radio, online print or printed page copy) showing how the net used TARP funds on the corporate portion were roughly $89 billion and mostly repaid with interest already. so, just like statistics and economic reports, they are subject to political persuasion and misrepresentation. one thing is certain, is those whom remain employed keep throwing stones, and those no longer working (salaried degreed professional work) are all wishing positive thoughts.
Bah, the thing about the bailouts is while we know what companies got bailed out, we have absolutely no idea where the money is going! One of the obvious signs have poked up like the bankers myseriously getting huge bonuses all of a sudden when they were reporting losses.
As usual, I'm the guy in the back of the room wondering how the tax credit worked out on wooden arrows. The "relief' (wooden arrow excise tax exemption) was an intrical part of the TARP funds and a necessary part of "stimulus".