EPI: "One year since the passage of the Recovery Act, its efficacy has been unmistakable."

[ProSense]

The Recovery Act one year later

Lawrence Mishel

One year since the passage of the Recovery Act, its efficacy has been unmistakable.

From the start of the recession in 2007 through the end of February 2009, the economy shed 5.9 million jobs; it shed 753,000 jobs in February 2009 alone. Then the Recovery Act took effect and the pace of job losses immediately began to slow, until job losses were relatively modest by the fourth quarter of 2009.

Of course, zero job growth is unacceptable; we need the economy to start producing jobs in large numbers, and that means we’ll need even more aggressive action to create jobs. But it is entirely wrong to suggest that the Recovery Act didn’t work. The fact is that it did work – precisely as it was designed to work – and it has helped to produce roughly 2 million jobs that wouldn’t exist if the Recovery Act had not become law.

The fact that we’re in such a deep jobs hole despite such large spending on job creation is simply a testament to the massive economic wreckage that the previous administration bequeathed on the current one. It should also be clear by now that deficit concerns should not be a barrier to doing more to create jobs. We have large deficits because we have a severe recession. Creating jobs – and thus increasing the number of people paying taxes – is the first important step to reducing the deficit.”

[liberal N proud]

1. ..

[Dappleganger]

2. K&R for good news. nt

[flyarm]

3. are you kidding me? Come on down to Fla ..we survive on tourism..and we have no tourists!! or ask Ca

out of a job?? tough crap is what our government is telling people!
Just ask JP Morgan..or Goldamn..they are doing just fine!!


Food Stamps Create Jobs… in India
Several States With High Unemployment Are Outsourcing Food Stamp Services
By SCOTT MAYEROWITZ

http://abcnews.go.com/Business/Economy/story?id=7452561

Michele Brown has seen Americans' struggles with jobs first hand. She lives in hard-hit Florida, spent 20 years in the real estate business and recently had her days as a nanny cut back after her boss had his own hours reduced.

Several states with high unemployment rates are outsourcing their food stamp services to call centers in India, angering many residents. Michele Brown learned about Florida's outsourcing when she called regarding a problem with her benefits.
(ABC News Photo Illustration)
But nothing prepared her for what happened one day when she called a toll-free line to inquire about her food stamps.

"The woman who answered the phone -- it's not like she wasn't nice or anything -- but it was kind of evident that she wasn't in the States," Brown said.

It turns out the woman was at a JP Morgan Chase call center in India.

"That really put me over the edge," said Brown, 52, of Jupiter, Fla. "It's not right because we need the work here. People are in a bad way here." Americans have never liked the idea of jobs going overseas. But for many, it's more offensive when taxpayer dollars -- including those in the federal stimulus plan -- go to create those jobs. And when those jobs deal with food stamps, unemployment insurance and other public benefits, well forgot irony, to many it's just downright plain insulting.

Unemployment in Florida is now 9.7 percent.

"Why is the state of Florida sending these jobs away?" Brown asked. "The thing that really iced it for me, I knew that JP Morgan had gotten bailout funds."

So she called her local politicians and then she reached out to her local newspaper, the Palm Beach Post. The paper did a story two weeks ago about the $50 million Florida paid JP Morgan in the last three years to administer the food stamps distribution.



edit to add;


It has been a very good year for JP MORGAN and Goldman and the Banks..but for the people?? The very people the Democratic party is supposed to work for?? not so much!!