One example: a highway interchange project "funded" by the "stimulus" was quoted as costing $775,000 with 2.33 jobs "created/saved" in 2009 as per recovery . gov.
Today, very same project claims 0.00 jobs "created/saved." What a load of crap!
I've got a liberal friend who is 100% convinced that the stimulus worked and that it created jobs and that things would have been so much worse without it. He believes things are still bad because it didn't go far enough (we didn't spend enough on it). I'm going to share this video with him ... hopefully he'll wake up and come back to reality.
Crowding Out - An increase in INTEREST rates caused by government borrowing. I.E. Private enterprise borrows money when it thinks it can get a return on the borrowed money greater than the interest rate.
It's hard to make a case that any government deficit spending would result in crowding out private investment right now... interest rates are at an all time low.
The problem with multipliers is this: velocity means NOTHING in the long run. Keynesians never seem to understand that if you put 3 million people in a giant pool to slosh water around, nothing new is created, and some water is lost by throwing it out of the pool.
EXACTLY! The CBO's purpose is to score legislation, not provide economic insight. This is the same reason why the CBO's Obamacare numbers have been proven to be so far off the mark--they had to score it based upon the assumptions within the legislation (i.e. lower health care premiums, increased employer coverage, etc.). People who cite the CBO do it for purely political purposes. They may be non-partisan, but they by nature have to assume the mindset of whichever party's legislation they read.
so its ok if fox constantly pumps out all this biased media but the second that an error occurs in the media that isn't leaning in favor of the right, we all gotta go apeshit as if fox was never being biased in the first place
He doesn't say anything about positive about fox news in this video. Its not like you HAVE to believe all of the lies and propaganda from one of the two political parties. All of the major news networks misinterpret data on a regular basis. If you think fox news is in any way exceptional its simply because the erroneous interpretations of the other networks are consistent with your worldview so you don't subject their claims to the same level of scrutiny. .
wow this guy twists all the words. hes assuming a multiplier means that no jobs were created? So there probably is a bit of crowding out of private sector jobs with public sector spending. But rick perry said the 800 billion dollar stimulus created 0 jobs. Even if some private sector jobs were crowded out and assuming that some of the stimulus is wasted, jobs were still created.
Created as opposed to what? No stimulus? we don't know how many people would have been working without a stimulus. This is the entire point. Government acted, influencing every outcome in the future. We will never know how well the economy would have fared on its own without this influence. We will never know if the government actions yielded better results than the market would have.
@6024691380 If we don't have any idea how many people would have jobs now, how well the economy would be, or whether the government actions yielded better results, then how do we know the stimulus wasn't actually amazingly successful and saved us from a full-on depression?
@Bleuski3 the stimulus was amazingly successful, just like the others eh? cash for old cars, energy star, $600 checks to everyone, shit like that? really, the government manages finances and allocates capital so well. Where would we be without their spending. The depression is coming my friend, you haven't been "saved" from anything.
@6024691380 Your quote: "We will never know how well the economy would have fared on its own without [the stimulus'] influence. We will never know if the government actions yielded better results than the market would have."
So what? That's not the point here.
The point of this video is to support the claim that the stimulus created zero jobs (untenable), AND that the CBO is dodging the issue (they aren't), AND that market multipliers are used by the evil guvmint to obfuscate data (yawn).
BUSHO: G.W. Bush did the same thing on a much smaller level late in his disastrous presidency. They both love stimulus (borrowed from China). In addition, I remember what Bernstein & Romer were saying about what unemployment would do if the ARRA was signed. It didn't happen. I am not convinced when the govt's best thinkers say "X will cost Y" (e.g. the 1965 projection of Medicare's costs in 1990 were way off). Usually they are wrong. The ARRA saved a slew of govt jobs, how does that help?
@6024691380 yes but creating a stimulus generates confidence. It shows business leaders and the people that government isn't just sitting on their ass twiddling their thumbs. it shows that they are doing something at least. In a recession there should be more government spending. In a boom there should be less government spending. All countries should have a surplus that they can use when a recession comes. Recessions are inevitable, its part of the free market.
@TheAce1082 confidence? i think stability would cause the most confidence. a surplus (savings) is great, but better the citizens have the surplus, not the governmment. The citizens allocate savings more efficiently. Recessions are necessary, but they signal the need to conserve, contract and even deflate. So, we disagree on that. The USA has been MAD spending for a decade now, on all the wrong things. try reading a few daily articles on recessions at mises dot org
if we ignore all the job that was lost during Bush era. Then Bush was a great job creator too! Obama like to use create/saved which makes it comparing apples and oranges on employment numbers
Fifty percent of the population doesn't give a rats ass about any of this, cause they're fat and happy recieving free money every month from Obamas stash!
@ThePatcam Hey, if I was too stupid to make any proper counterpoints, I'd make moronic comments like yourself. And everyone is a product of propaganda to some degree, in some way. To deny it is to point to yourself and say, "I'm a smug asshole."
But then again, I'm not surprised to see a dumb comment from a Noam Chomsky fan. "Intellectuals and Society" - read it.
I had to pause during the CBO report multiple times because you scrolled through it so quickly. What I got out of this videos isn't "CNN Fact Checkers Get It Wrong on the Stimulus", rather "CNN Fact Checkers *Might have* Gotten It Wrong on the Stimulus, Because I Believe Differently". If you're gonna refute something, at least provide evidence other than severely edited clips and quick scroll throughs of papers.
the whole system is a complete fucking fraud. you have a banking system where one fed note backs another or in other words is effectively backed by GDP. one wonders if its backed by the GDP of the USA only or of the whole world as the USD is the world reserve currency and everyone must use it for world commerce and trade. oh wait the us citizens must pay off debts incurred by treasury bill investments taken out by foreign and domestic players so its the GDP of the US alone that backs the USD!
so to make a long story short they created a mathematical model (a function) and determined the number of jobs saved or created based upon what f(x1,x2,...,xN) yielded when the variables were plugged in. they didn't use actual fucking data did they?
if that is the case then the usa is rather fucked!!! i mean the basic tennants of economics are not being followed, investment bankers are raping the fucking world due to the blessings of governments who reformed the banking system in 1999 to allow this and to allow for investment banks to throw aside responsibility as they know the public will foot the bill for losses. corporations (legal fictions of the state) can now get away with rape and murder and incur the profiles while we hold the bag
Funny, because both fact checking websites politifact and factche dot org say cnn is right. Face it, you even claimed that each job that was created/saved cost $270,000, which by your own admittance claimed the stimulus created jobs! O by the way, both sites also said that that figure was bogus. Wrong on two counts. Also quit blocking me! I haven't said anything repulsive or done anything that deserves blocking except tell the truth you won't. Seems you don't want your followers to hear it.
Funny, because both fact checking websites politifact and factche dot org say cnn is right. Face it, you even claimed that each job that was created/saved cost $270,000, which by your own admittance claimed the stimulus created jobs! O by the way, both sites also said that that figure was bogus. Wrong on two counts. Also quit blocking me! I haven't said anything repulsive or done anything that deserves blocking except tell the truth you won't. Seems you don't want your followers to hear it.
How many jobs were blocked from being created or filled by anti Obama GOPTeaPartiers just to try and make themselves look better than the Dems.? All they'd have to do is get and hold stimulus funds.
I know that this isn't related but Ed Sullivan just stated that a business sold their hotel to China (a 48 million dollar building according to ed) for 3 million, and this is republicans' faults... what? What? What? This doesn't make sense to me. And since when are Chinese businesses inherently evil, isn't that profiling? Please someone explain ed Sullivan to me.
Thanks for taking the time to be a REAL fact checker, not a left wing 'fact checker' like CNN. I don't trust CNN, but then again, I haven't for a while. MSNBC is worse. Fox pisses me off the least, of those three. Most of the time Fox actually does check on these things.
To measure the impact of the stimulus, we'd have to know what would've happened without it, which we don't. Regardless of whether jobs were gained or lost after the stimulus was passed, the difference between the two alternatives is what is important, not anything else.
The stimulus has also added that much more to the debt, which too many people decide to ignore as if even a handful of jobs would justify hundreds of billions of dollars in debt.
Well, it did create temporary government jobs, and save a bunch of other government jobs. The problem is that we couldn't afford those damn jobs in the first place... but of course, that distinction is lost on liberals.
@dinguspingus1 No, public sector jobs leech off the private sector. In the private sector, you have to provide a service or a product to people if you want to stay in business. In the public sector you could provide a service very few to none want because the funding for your job comes from taxes (which are largely confiscatory). If what you say were true then government could just employ everyone and we'd have 100% employment (along with a centrally managed economy).
@dinguspingus1 that is where you are quite wrong. A job isn't just a job in the public sector... but it is just a job in the private sector. In the private sector, the employee must produce nearly double what he costs in order to keep his job. As long as he does this, his job remains safe. In the public sector, no matter what kind of production comes from an employee, if he or she can embed themselves into the system, the system will take their compensation from the private sector by force.
@dinguspingus1 To continue my last post. Jobs in the public sector are so much more than what you see. The bureaucrat who you see requires pay, benefits and eventually a pension. All of that must be taken from the private sector by force. All jobs in the private sector exist because of voluntary transactions. No force is required to create or keep private sector jobs... they exist because they provide services or products that people are willing to voluntarily pay for.
I wonder how the economy might have been stimulated had they just given back $800billion back to the tax payers that had paid it in in the first place. I predict significantly more jobs would have been created. That would be the equivalent to lowering taxes though and that just would never have flown under this administration.
@MisterT64 ... That would make too much sense. In fact, had stimulus#1 alone been used to pay off eveyones home, car, and student debt, and then give the surplus (and there WOULD be a surplus) to the US military, we'd have the unprecendented strength as a nation, and NO debt to pass on to our families.
Instead, we get this lying thieving fool to change us forever as a nation of the likes that no-one living today will ever see a full recovery from.
a) I don't think redistribution of wealth is a good idea but besides that point,
b) You think the collective debt of American people would be below $800 billion in this country? I haven't looked anything up but I find that really hard to believe. Prove me wrong... prove me wrong.
@electronsauce ... a) Agreed 100%... b) I DID say 'home, car, and student debt' (< legitimate neccessities) and NOT personal loans and credit cards.
Out of the total population, minus the bottom feeders with no life minus the homes and cars already paid for and the small percentage of the people with student loans outstanding, yes... I think 800B would be more than enough to pay for it all. Could never happen in reality though. Too many people would be cryin' "WHERE'S MINE!"
@MisterT64 By my logic, the tax payers did not pay for the stimulus with their tax dollars, and have yet to do so as I consider it to be deficit spending in its entirety (regardless of what point it occurred in during the fiscal year). If we only used tax dollars to pay for things, the budget would be balanced.
@siclos You are correct. It is all deficit spending. When was the last time this government did pay as you go? I don't mind paying my taxes if they are being good stewards of the money we pay. There are things that we need, ie the Military, but even that needs to be examined.
You said it's the news media's job to "tell people what's true and what's false, to report the facts". That could not be farther from the truth.
The news media's job is to promote the agenda's of their sponsors. Period. That's why you see bullshit lies and deceptions fed to the American people time and again by ALL of the major networks.
Hey, no one is buying Obama's claim. Everyone knows that we have lost jobs since the stimulus was passed. No one cares about Obama's fictious claims.
Love Your work keep it up. As for fact checking in the news, only time you will see most news agencies check facts is when the material dose not conform to the news editors views or the news organizations views. Sadly this has long been a fact of US news going as far back as the revolutionary war. So when trusting news organizations for facts take it all with a bit of doubt till you have heard more then 100 different versions of the same event then make up your own mind on the facts.
The problem would be larger than even looking at just unemployment numbers, because government stimulus jobs are merely temporary jobs. So it doesn't really raise employment even if we get a net higher result, all we get is fake employment and fake growth. That's the problem though, there's little way to differentiate between the two and leftist economists don't even understand that.
@HowTheWorldWorks Being that you're an atheist and on the right-wing, how do you reconcile the fact that a large portion of the republican party is heavily religious and how their religious views interfere with their policies on things like gay marriage and abortion (as well as other 'hot button' issues) ?
@Samsonite999 Abortion actually has little to do with religion. It has everything to do with whether or not you believe that an unborn child is a person. If you understand the spectrum and the brain waves you will be for the protection of life. If you believe in a woman's right to forgo concequences you will protect that. Also some atheists are pro-life because they think this is the only life you get. Gay marriage is really irrelevant and minor compared to other instances statism.
@fizzingwhizbeee "Abortion [...] has everything to do with whether or not you believe that an unborn child is a person. If you understand the spectrum and the brain waves you will be for the protection of life."
@hitssquad "Spectrum" meaning the shades of gray. Most people agree a child gains personhood somewhere between conception and birth. Brain-waves being what a nine-month old has in the womb. People cannot reasonably argue personhood is gained at birth because there is no evidence to support this and there is strong evidence of people-like activity before birth. Personally I see conception is the only defining moment between clearly not a person and clearly is. It has nothing to do with (2)
@hitssquad religion; I am an atheist (aswell?). I understand that a 3-week old fetus has less brain than a frog, but our laws are made for humans not animals, and until frogs start paying taxes we shouldn't have to protect them like humans. The IQ or capacity of a victim doesn't currently determine the severity of the crime, so this is not an excuse for allowing the killing of these children. The point is there should be a whole lot more to the abortion debate than what your pastor said.
@hitssquad Cracked disagrees with you. Search 5 people who changed the world from inside prison. You are also saying that people can't change from inside prison.
If ya hafta disect results of the stimulus with a fancy formula, chances are pretty good it didn't work.......in other words, the results, if positive, should be apparent.
Lee, do a video on Obama's recent jobs proposal. Its the same stimulus essentially, but half the size. If the first one didnt work, how does he figure the second one half the size will work?
@31guitar This will be his third swing at stimulus-ball, and after this next one fails will be the biggest strikeout heard round the word.
His first 800 billion failed, second 150 billion failed, cash for cluckers failed, housing bubble and bust stimulus failed, international "stimulus' " spent round the world--who cares, money wasted, AGO Initiative--money wasted on stealing our own land, ObysmalCare--money wasted on stealing and dividing OUR OWN HEALTHCARE.
Hey Lee just got done with your ebook it was fantastic. Thanks for taking the time out of you day to make videos. It is amazing how many time I've won an argument and got people looking to the tea party just because of your videos. Thanks buddy and keep up the good work.
CNN carries on daily fact omitting, but wasn't good enough. Thus the creation of their Professional Fact Omitters. Taking 'Fact-checking' to the next level.
Anyone with a modicum of knowledge about economics (and I am learning), knows that this stimulus was a sham, and a way to create instability in the economy, not cure it. These people running our government right now have no allegiance to the Constitution they swore to uphold. It's a travesty.
The idea that federal spending improves employment, or even stimulates job growth at all, has been debunked at Harvard of all places since it's impossible to truly run an experiment nothing is perfect though.
Look up "Stimulus Surprise: Companies Retrench When Government Spends" or "Do Powerful Politicians Cause Corporate Downsizing?"
i find it ironic that in a video about fact checking lee said he could look up the guy he is talking but he doesnt need to lee is ment for fox knews lol
Lee I disagree the media was never intended to be the 100% truth. Think about at the turn of the century, you had 16 different papers and a cultured person would read the liberal, communist, fascist, libertarian, and conservative papers and then triangulate what the real truth was.
@Aggiesgigem And you're a fake Aggie. Only t.u. would both educate someone so poorly that he can't spell a simple word like "wing" or "crook", as well as brainwash someone so completely that he'd be so politically misguided.
Get off of Lee's channel if you can't contribute intelligent political discourse, T-Sip prick.
@Supermassively Hey, I went to t.u. and I can spell. More importantly, when did A&M put the communist manifesto on the required reading list? This "Aggiesgigem" guy has definitely soaked it all up.
The stimulus created jobs. Did it create growth in the economy? hell no! Any politician can create jobs, just hand shovels to the people to dig ditches.
@dinguspingus1 I don't give a DAMN if it created jobs or not it DID NOT HELP the economy if it did then Obama would not be proposing a NEW half a trillion dollar stimulus of tax payer money any politician can create jobs by using OUR TAX DOLLARS and giving it to any idiot who digs a ditch but does he have any LONG term solutions and throwing billions on top of billions of dollars at it is not the long term solution
Really? You don't care if the stimulus created jobs or not, but you are absolutely certain it didn't help the economy?
Pick a side, for goodness' sake - just go ahead and say that the stimulus not ONLY didn't create jobs, but ALSO hurt the economy. It's a more coherent, non-self-contradictory statement, if factually incorrect.
There's nothing self-contradictory in what he's saying. It's actually very coherent to argue that job creation per se isn't necessarily good for the economy. Labor can be misallocated just like other factors of production.
I agree with you to the extent that labor can be misallocated. However, that fact, in and of itself, doesn't mean that the jobs retained/created by the stimulus were ALL misallocated.
Furthermore, the types of jobs the stimulus focused on are exactly the kinds of jobs that have the greatest stimulative effect (similar to unemployment benefits). That also makes it harder to argue that misallocation of labor is a significant factor.
The theory of political entrepreneurship, public choice and a number of other things would argue that government will almost always create the wrong kinds of jobs. Of course even in the neoclassical framework it would be kinda odd to try to measure whether the jobs created were the right ones or not(since we can't know the opportunity costs).
@bushonomics How would you even begin to determine which were not misallocated? Are you presumptuous enough to think you have greater knowledge than the sum total of market agents? I mean what possible connection do these "jobs" have to demand derived from production of real wealth? I'm not even sure what you mean by unempolyment benefits having a stimulative effect or how this "job creation" is similar to it.
We are already making progress, in the sense that we are both working on the correct assumption that the stimulus created jobs :) HTWW and others like to claim that it had zero effect, which is wishful thinking at best and deliberate misrepresentation at worst.
Unemployment benefits result in some of the greatest $ for $ economic stimulative effects, because unemployed people spend every single dollar they get.
@bushonomics I used to take this argument for granted but now I really don't understand it. Nobody stashes their money in a vault at home anymore. If you want to "save" money instead of spending it, what that really means is that you're investing the money. So what you're claiming is that poor people have a tendency to spend their money instead of investing it, and it is not at all clear that that is a postive thing for the economy. It even seems to me it would be negative.
@bushonomics Spending borrowed money does not equal stimulus. If government jobs are what you're looking for-and the government is broke-unemployment might create stimulus. Halting unemployment would create jobs, almost immediately. Real jobs with real money.
But...but....they had "fact" in their name! They can't be wrong! Just look at the name!
And obviously Perry is wrong because he is from Texas and everybody knows Texans are dumb right?
If I expanded the above with a few hundred more words of similar drivel then I'd get a regular column at the New York Times and a Pulitzer! Seriously, all these "factcheck" websites and people are the biggest propagandists out there.
CNN is a biased news organization, as is ABC, NBS and CBS - liberal and part of the status quo. The stimulus did not do anything positive, as the majority of economists have calculated.
Lee you the man, I said some of the samethings last night based on "jobs saved or created" that extra info about the model used being a guess at best . Your video proves it and this is why when I watch CNN I treat it like a sitcom but with dumber actors. I really hate news that tries to inject things that are not only off base but totally incorrect.
This comment has received too many negative votesshow
While I completely agree with you on the CNN "fact checkers" the stimulus's effects aren't just seen by the CBO.
Two different polls of economists and an independent study confirmed that the stimulus not only saved millions of jobs but that the states that got the most stimulus per capita had the best job growth.
@dinguspingus1 LOL...do you realize the video about the CBO in this video was from me debunking the study you refer to. I guess I should have included the whole thing.
I saw most of that other video as well and it only showed one poll and the CBO study. I'm talking about two polls of economists and a study done by Feyrer and Sacerdote without even mentioning the CBO study.
As you'll find both nationally and by state, job creation happened and the states that got the most stimulus had the best job growth. I don't think a correlation of 50 states (and the average) as well as two polls of economists is just a coincidence.
I strongly recommend searching for "Did the stimulus work? A review of the nine best studies on the subject" and reading that whole presentation. It is extremely well-balanced and thoughtful, and again it addresses what you are talking about.
It would also have been more fair to show the CBO director's *entire* response to those questions. What you do borders on quote mining, and you're better than that.
@bushonomics What you just did was falsely accuse me of quote mining. I played his entire response to the relevant section that DIRECTLY ANSWERED the relevant question. I also provided context. Providing a 1 hour and 30 plus minute video on unrelated crap is worthless. If you want to remain on my channel, I suggest you debate honestly. In fact, I watched the whole damn video as a courtesy to you so you didn't have to.
My reply will be in two parts. Just so we're clear, I said you "bordered" on quote mining. I said this because I, too, have watched that conference footage. The CBO Director clearly stated (although he takes awhile to do so) that their initial assessment in early 2009 has been vindicated, and that although the range of numbers is rather large, the effects of the stimulus have definitely been positive, and it is only the *degree* of positive that *might* be under debate.
Again, remember that I said that you *border* on quote mining. The incredibly brief clip you show makes it sound like that's the ONLY thing the CBO Director had to say, and that's simply not the case.
He takes a few minutes to make his point, but clearly says the initial assessment from early 2009 has largely held true, looking back on it from 2 years later:
@HowTheWorldWorks Every time I feel I'm about to pull my hair out from all the insanity and stupidity in our public debate I watch this channel and remember that there are a few voices of reason. Thank you for How The World Works.
C'mon, Lee - you can't reasonably argue that the stimulus had no impact in either direction... as such, you can't argue that it had a negative impact on either creation or retention of jobs... that is, not unless you want to argue with both model-driven and econometric studies that take into account the metrics you complain about. Also, I'd suggest reading the very text you show in your inset video - CBO explains both sides of the coin quite well.
C'mon, Lee - you can't reasonably argue that the stimulus had no impact in either direction... as such, you can't argue that it had a negative impact on either creation or retention of jobs... that is, not unless you want to argue with both model-driven and econometric studies that take into account the metrics you complain about. Also, I'd suggest reading the very text you show in your inset video - CBO explains both sides of the coin quite well.
One example: a highway interchange project "funded" by the "stimulus" was quoted as costing $775,000 with 2.33 jobs "created/saved" in 2009 as per recovery . gov.
Today, very same project claims 0.00 jobs "created/saved." What a load of crap!
CapPicard 1 month ago
Stimulus noun, plural -li
1. the lie that by stealing money from person A, and simply spending it in the market, it is possible to create a new job for person B.
TWSceptic 1 month ago 4
CNN fact checkers? I'd see pigs fly before I see a CNN fact checker. CNN = Communist News Network.
ConservativesVideo 1 month ago
I've got a liberal friend who is 100% convinced that the stimulus worked and that it created jobs and that things would have been so much worse without it. He believes things are still bad because it didn't go far enough (we didn't spend enough on it). I'm going to share this video with him ... hopefully he'll wake up and come back to reality.
HumbleWillis 5 months ago
@HumbleWillis Dumbocrat Math never fails to amuse...
-Gov stimulus spending = more jobs
-more Education spending = better testing results & less dropout rates
-Gov set price controls = more affordable & attainable
-More Gov spending = less deficit
On some other planet their fantasy economics may work well. But their weak link is this is earth.
bsharker 4 months ago
How do you do those ripple effects when you click the mouse?
Great video.
Are you on Google+? If so, add me.
YatharthROCK 5 months ago in playlist Videos from HowTheWorldWorks
Crowding Out - An increase in INTEREST rates caused by government borrowing. I.E. Private enterprise borrows money when it thinks it can get a return on the borrowed money greater than the interest rate.
It's hard to make a case that any government deficit spending would result in crowding out private investment right now... interest rates are at an all time low.
cnelson711 5 months ago
@cnelson711 "government deficit spending would result"
It's trivial, even at 0% interest ( with one caveat ).
If A borrows money, that money is not available to B.
The caveat: Money can be printed.
However this also fails:
C ( the entity doing the loaning ) has $1 (the entire money supply).
A ( gov't/Fed ) prints $1. C now has only half the money supply, the REAL value has decreased. C now has less REAL money to lend out.
jeffiek 3 weeks ago
The problem with multipliers is this: velocity means NOTHING in the long run. Keynesians never seem to understand that if you put 3 million people in a giant pool to slosh water around, nothing new is created, and some water is lost by throwing it out of the pool.
Ooftyman 5 months ago
Lee this isn't anything new buddy. This is classic CNN.
Groudie101 5 months ago
EXACTLY! The CBO's purpose is to score legislation, not provide economic insight. This is the same reason why the CBO's Obamacare numbers have been proven to be so far off the mark--they had to score it based upon the assumptions within the legislation (i.e. lower health care premiums, increased employer coverage, etc.). People who cite the CBO do it for purely political purposes. They may be non-partisan, but they by nature have to assume the mindset of whichever party's legislation they read.
tjagolf33 5 months ago
i imagine you smell something like fish and olives
Huzzawful 5 months ago
so its ok if fox constantly pumps out all this biased media but the second that an error occurs in the media that isn't leaning in favor of the right, we all gotta go apeshit as if fox was never being biased in the first place
jakatak1134 5 months ago
Thank you for doing the media's job.
InternetDisciple 5 months ago
So if you don't like it when news networks change/misconstrue data then you must hate fox news, right?
kekene719 5 months ago
@kekene719
He doesn't say anything about positive about fox news in this video. Its not like you HAVE to believe all of the lies and propaganda from one of the two political parties. All of the major news networks misinterpret data on a regular basis. If you think fox news is in any way exceptional its simply because the erroneous interpretations of the other networks are consistent with your worldview so you don't subject their claims to the same level of scrutiny. .
limited1defined 5 months ago
wow this guy twists all the words. hes assuming a multiplier means that no jobs were created? So there probably is a bit of crowding out of private sector jobs with public sector spending. But rick perry said the 800 billion dollar stimulus created 0 jobs. Even if some private sector jobs were crowded out and assuming that some of the stimulus is wasted, jobs were still created.
TheAce1082 5 months ago
@TheAce1082
Created as opposed to what? No stimulus? we don't know how many people would have been working without a stimulus. This is the entire point. Government acted, influencing every outcome in the future. We will never know how well the economy would have fared on its own without this influence. We will never know if the government actions yielded better results than the market would have.
6024691380 5 months ago
@6024691380 If we don't have any idea how many people would have jobs now, how well the economy would be, or whether the government actions yielded better results, then how do we know the stimulus wasn't actually amazingly successful and saved us from a full-on depression?
You argument is completely useless.
Bleuski3 5 months ago
@Bleuski3 the stimulus was amazingly successful, just like the others eh? cash for old cars, energy star, $600 checks to everyone, shit like that? really, the government manages finances and allocates capital so well. Where would we be without their spending. The depression is coming my friend, you haven't been "saved" from anything.
6024691380 5 months ago
@6024691380 I didn't say the stimulus was successful, did I? Reading comprehension is a valuable skill.
Bleuski3 5 months ago
@6024691380 Your quote: "We will never know how well the economy would have fared on its own without [the stimulus'] influence. We will never know if the government actions yielded better results than the market would have."
So what? That's not the point here.
The point of this video is to support the claim that the stimulus created zero jobs (untenable), AND that the CBO is dodging the issue (they aren't), AND that market multipliers are used by the evil guvmint to obfuscate data (yawn).
bushonomics 5 months ago
BUSHO: G.W. Bush did the same thing on a much smaller level late in his disastrous presidency. They both love stimulus (borrowed from China). In addition, I remember what Bernstein & Romer were saying about what unemployment would do if the ARRA was signed. It didn't happen. I am not convinced when the govt's best thinkers say "X will cost Y" (e.g. the 1965 projection of Medicare's costs in 1990 were way off). Usually they are wrong. The ARRA saved a slew of govt jobs, how does that help?
UTubekookdetector 5 months ago
@6024691380 yes but creating a stimulus generates confidence. It shows business leaders and the people that government isn't just sitting on their ass twiddling their thumbs. it shows that they are doing something at least. In a recession there should be more government spending. In a boom there should be less government spending. All countries should have a surplus that they can use when a recession comes. Recessions are inevitable, its part of the free market.
TheAce1082 5 months ago
@TheAce1082 confidence? i think stability would cause the most confidence. a surplus (savings) is great, but better the citizens have the surplus, not the governmment. The citizens allocate savings more efficiently. Recessions are necessary, but they signal the need to conserve, contract and even deflate. So, we disagree on that. The USA has been MAD spending for a decade now, on all the wrong things. try reading a few daily articles on recessions at mises dot org
6024691380 5 months ago
if we ignore all the job that was lost during Bush era. Then Bush was a great job creator too! Obama like to use create/saved which makes it comparing apples and oranges on employment numbers
outforsushi 5 months ago in playlist More videos from HowTheWorldWorks
Fifty percent of the population doesn't give a rats ass about any of this, cause they're fat and happy recieving free money every month from Obamas stash!
ricadrew 5 months ago
***** - five stars. brilliant.
and this is why western civilization is doomed.
jordan567890 5 months ago
@jordan567890 we need a star system on youtube, not just like and dislike
outforsushi 5 months ago in playlist More videos from HowTheWorldWorks
lee doren: the spectacular achievement of propaganda
ThePatcam 5 months ago
@ThePatcam Hey, if I was too stupid to make any proper counterpoints, I'd make moronic comments like yourself. And everyone is a product of propaganda to some degree, in some way. To deny it is to point to yourself and say, "I'm a smug asshole."
But then again, I'm not surprised to see a dumb comment from a Noam Chomsky fan. "Intellectuals and Society" - read it.
beigelycheenut 3 months ago in playlist More videos from HowTheWorldWorks
I had to pause during the CBO report multiple times because you scrolled through it so quickly. What I got out of this videos isn't "CNN Fact Checkers Get It Wrong on the Stimulus", rather "CNN Fact Checkers *Might have* Gotten It Wrong on the Stimulus, Because I Believe Differently". If you're gonna refute something, at least provide evidence other than severely edited clips and quick scroll throughs of papers.
Formosus111 5 months ago
the whole system is a complete fucking fraud. you have a banking system where one fed note backs another or in other words is effectively backed by GDP. one wonders if its backed by the GDP of the USA only or of the whole world as the USD is the world reserve currency and everyone must use it for world commerce and trade. oh wait the us citizens must pay off debts incurred by treasury bill investments taken out by foreign and domestic players so its the GDP of the US alone that backs the USD!
uhaegde2wiceover 5 months ago
oh fuck! fuck indeed!
uhaegde2wiceover 5 months ago
so to make a long story short they created a mathematical model (a function) and determined the number of jobs saved or created based upon what f(x1,x2,...,xN) yielded when the variables were plugged in. they didn't use actual fucking data did they?
uhaegde2wiceover 5 months ago
if that is the case then the usa is rather fucked!!! i mean the basic tennants of economics are not being followed, investment bankers are raping the fucking world due to the blessings of governments who reformed the banking system in 1999 to allow this and to allow for investment banks to throw aside responsibility as they know the public will foot the bill for losses. corporations (legal fictions of the state) can now get away with rape and murder and incur the profiles while we hold the bag
uhaegde2wiceover 5 months ago
*profits
uhaegde2wiceover 5 months ago
by the way you endorsed factcheck org in one of your videos on alan grayson, in which I sided with you. you are a hypocrite
jessebthelib 5 months ago
This has been flagged as spam show
Funny, because both fact checking websites politifact and factche dot org say cnn is right. Face it, you even claimed that each job that was created/saved cost $270,000, which by your own admittance claimed the stimulus created jobs! O by the way, both sites also said that that figure was bogus. Wrong on two counts. Also quit blocking me! I haven't said anything repulsive or done anything that deserves blocking except tell the truth you won't. Seems you don't want your followers to hear it.
jessebthelib 5 months ago
@jessebthelib "stop blocking"? You're stalking this guy with fake accounts?
john42t 5 months ago
@john42t of course you wouldn't debate what was said you would rather insult me.... very typical...
jessebthelib 5 months ago
Funny, because both fact checking websites politifact and factche dot org say cnn is right. Face it, you even claimed that each job that was created/saved cost $270,000, which by your own admittance claimed the stimulus created jobs! O by the way, both sites also said that that figure was bogus. Wrong on two counts. Also quit blocking me! I haven't said anything repulsive or done anything that deserves blocking except tell the truth you won't. Seems you don't want your followers to hear it.
jessebthelib 5 months ago
fuckin nerdy douchebag!
bojanks15 5 months ago
@bojanks15 Brilliant political commentary from a typical Leftist.
Supermassively 5 months ago
How many jobs were blocked from being created or filled by anti Obama GOPTeaPartiers just to try and make themselves look better than the Dems.? All they'd have to do is get and hold stimulus funds.
freddyeddyr 5 months ago
@freddyeddyr None.
Supermassively 5 months ago
Dude, the news today arent't news, its entertainment.
DudeNumberOnePlus 5 months ago
Are you telling me that printing more money and handing it out is bad? That's crazyyyy! =P
Itrytotestify 5 months ago
I know that this isn't related but Ed Sullivan just stated that a business sold their hotel to China (a 48 million dollar building according to ed) for 3 million, and this is republicans' faults... what? What? What? This doesn't make sense to me. And since when are Chinese businesses inherently evil, isn't that profiling? Please someone explain ed Sullivan to me.
Smullet90 5 months ago
YOUR AWESOME! I LOVE THE VIDEO'S AND APPRECIATE THEM. lets get our freedom back.
jajajaja2006 5 months ago
Thanks for taking the time to be a REAL fact checker, not a left wing 'fact checker' like CNN. I don't trust CNN, but then again, I haven't for a while. MSNBC is worse. Fox pisses me off the least, of those three. Most of the time Fox actually does check on these things.
weseyedwalk 5 months ago
★★★★★
MadBadVoodo 5 months ago
How do you create jobs when unemployment increases?
Pvic 5 months ago
Nothing new with CNN. Same old same old
iamaliberal 5 months ago 26
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datzfast 5 months ago
@datzfast wow, there are some very homophobic undertones to your comment. maybe you should see someone about that.
hollium 5 months ago
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@datzfast good news is if you lost your job it means uncle sam the tax man pulled his dick out of your ass.
datzfast 5 months ago
thanks for this info!!!! once again i have learned something from you.
betty4gators 5 months ago
To measure the impact of the stimulus, we'd have to know what would've happened without it, which we don't. Regardless of whether jobs were gained or lost after the stimulus was passed, the difference between the two alternatives is what is important, not anything else.
The stimulus has also added that much more to the debt, which too many people decide to ignore as if even a handful of jobs would justify hundreds of billions of dollars in debt.
siclos 5 months ago
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TylerNull 5 months ago
When will you "FACT CHECK" right wingers?
Dusco25 5 months ago
Sooooooo if the "fact checker" agress with your stant then it is OK... I never see you "fact checking" right wingers
Dusco25 5 months ago
Well, it did create temporary government jobs, and save a bunch of other government jobs. The problem is that we couldn't afford those damn jobs in the first place... but of course, that distinction is lost on liberals.
PatriotsRepublic 5 months ago
@PatriotsRepublic
A job is a job, whether it's from the private or public sector.
dinguspingus1 5 months ago
@dinguspingus1 No, public sector jobs leech off the private sector. In the private sector, you have to provide a service or a product to people if you want to stay in business. In the public sector you could provide a service very few to none want because the funding for your job comes from taxes (which are largely confiscatory). If what you say were true then government could just employ everyone and we'd have 100% employment (along with a centrally managed economy).
MerlinYoda 5 months ago
@dinguspingus1 that is where you are quite wrong. A job isn't just a job in the public sector... but it is just a job in the private sector. In the private sector, the employee must produce nearly double what he costs in order to keep his job. As long as he does this, his job remains safe. In the public sector, no matter what kind of production comes from an employee, if he or she can embed themselves into the system, the system will take their compensation from the private sector by force.
PatriotsRepublic 5 months ago
@dinguspingus1 To continue my last post. Jobs in the public sector are so much more than what you see. The bureaucrat who you see requires pay, benefits and eventually a pension. All of that must be taken from the private sector by force. All jobs in the private sector exist because of voluntary transactions. No force is required to create or keep private sector jobs... they exist because they provide services or products that people are willing to voluntarily pay for.
PatriotsRepublic 5 months ago
I wonder how the economy might have been stimulated had they just given back $800billion back to the tax payers that had paid it in in the first place. I predict significantly more jobs would have been created. That would be the equivalent to lowering taxes though and that just would never have flown under this administration.
MisterT64 5 months ago
@MisterT64 ... That would make too much sense. In fact, had stimulus#1 alone been used to pay off eveyones home, car, and student debt, and then give the surplus (and there WOULD be a surplus) to the US military, we'd have the unprecendented strength as a nation, and NO debt to pass on to our families.
Instead, we get this lying thieving fool to change us forever as a nation of the likes that no-one living today will ever see a full recovery from.
Thanks O'numbnuts. You are SOOO outta here.
tazztt1 5 months ago
@tazztt1
a) I don't think redistribution of wealth is a good idea but besides that point,
b) You think the collective debt of American people would be below $800 billion in this country? I haven't looked anything up but I find that really hard to believe. Prove me wrong... prove me wrong.
electronsauce 5 months ago
@electronsauce ... a) Agreed 100%... b) I DID say 'home, car, and student debt' (< legitimate neccessities) and NOT personal loans and credit cards.
Out of the total population, minus the bottom feeders with no life minus the homes and cars already paid for and the small percentage of the people with student loans outstanding, yes... I think 800B would be more than enough to pay for it all. Could never happen in reality though. Too many people would be cryin' "WHERE'S MINE!"
tazztt1 5 months ago
@MisterT64 By my logic, the tax payers did not pay for the stimulus with their tax dollars, and have yet to do so as I consider it to be deficit spending in its entirety (regardless of what point it occurred in during the fiscal year). If we only used tax dollars to pay for things, the budget would be balanced.
siclos 5 months ago
@siclos You are correct. It is all deficit spending. When was the last time this government did pay as you go? I don't mind paying my taxes if they are being good stewards of the money we pay. There are things that we need, ie the Military, but even that needs to be examined.
MisterT64 5 months ago
You said it's the news media's job to "tell people what's true and what's false, to report the facts". That could not be farther from the truth.
The news media's job is to promote the agenda's of their sponsors. Period. That's why you see bullshit lies and deceptions fed to the American people time and again by ALL of the major networks.
yeebuddeh1 5 months ago
This has been flagged as spam show
Hey, no one is buying Obama's claim. Everyone knows that we have lost jobs since the stimulus was passed. No one cares about Obama's fictious claims.
666sigma 5 months ago
Love Your work keep it up. As for fact checking in the news, only time you will see most news agencies check facts is when the material dose not conform to the news editors views or the news organizations views. Sadly this has long been a fact of US news going as far back as the revolutionary war. So when trusting news organizations for facts take it all with a bit of doubt till you have heard more then 100 different versions of the same event then make up your own mind on the facts.
1ordequis 5 months ago
Rick Perry still sucks.
I want that ebook, dammit.
theyeti101101 5 months ago
dam spell check
thestevenJL 5 months ago
loe your vids man totaly agree
thestevenJL 5 months ago
with a name like how the world works i would expect to see more videos about THE WORLD.
America is not the be all and end all
10phoenix01 5 months ago
The problem would be larger than even looking at just unemployment numbers, because government stimulus jobs are merely temporary jobs. So it doesn't really raise employment even if we get a net higher result, all we get is fake employment and fake growth. That's the problem though, there's little way to differentiate between the two and leftist economists don't even understand that.
Visfen 5 months ago
You support Dr. Ron Paul. I can feel it.
GMGvanS 5 months ago
Takes 2 seconds to check the fact. Unemployment in February 2009: 8.1%
Unemployment now: 9.1%
falchard 5 months ago
Where would the money used for the extra porkulus spending have gone otherwise?
That money borrowed would have gone somewhere else.
There are the seen & the unseen. See Frederick Bastiat.
Scottit 5 months ago in playlist 9.13
@Scottit Amen
Daniel44125 5 months ago
@HowTheWorldWorks Being that you're an atheist and on the right-wing, how do you reconcile the fact that a large portion of the republican party is heavily religious and how their religious views interfere with their policies on things like gay marriage and abortion (as well as other 'hot button' issues) ?
Samsonite999 5 months ago
@Samsonite999 Abortion actually has little to do with religion. It has everything to do with whether or not you believe that an unborn child is a person. If you understand the spectrum and the brain waves you will be for the protection of life. If you believe in a woman's right to forgo concequences you will protect that. Also some atheists are pro-life because they think this is the only life you get. Gay marriage is really irrelevant and minor compared to other instances statism.
fizzingwhizbeee 5 months ago
@fizzingwhizbeee "Abortion [...] has everything to do with whether or not you believe that an unborn child is a person. If you understand the spectrum and the brain waves you will be for the protection of life."
What if that weren't true?
hitssquad 5 months ago
@hitssquad "Spectrum" meaning the shades of gray. Most people agree a child gains personhood somewhere between conception and birth. Brain-waves being what a nine-month old has in the womb. People cannot reasonably argue personhood is gained at birth because there is no evidence to support this and there is strong evidence of people-like activity before birth. Personally I see conception is the only defining moment between clearly not a person and clearly is. It has nothing to do with (2)
fizzingwhizbeee 5 months ago
@hitssquad religion; I am an atheist (aswell?). I understand that a 3-week old fetus has less brain than a frog, but our laws are made for humans not animals, and until frogs start paying taxes we shouldn't have to protect them like humans. The IQ or capacity of a victim doesn't currently determine the severity of the crime, so this is not an excuse for allowing the killing of these children. The point is there should be a whole lot more to the abortion debate than what your pastor said.
fizzingwhizbeee 5 months ago
@Samsonite999 You lose workers when you abort a baby. As for gay marriage, yeah, it's a loser for republicans, but democrats don't support it either.
acmna 5 months ago
@acmna "You lose workers when you abort a baby."
Are any criminals and/or welfare recipients lost?
hitssquad 5 months ago
@hitssquad Depends on who's getting the abortion. Is it also possible that criminals and/or welfare recipients could never be productive in society?
acmna 5 months ago
This has been flagged as spam show
@acmna " Is it also possible that criminals and/or welfare recipients could never be productive in society?"
It isn't possible for any given individual to be simultaneously a net drain and a net boon.
hitssquad 5 months ago
@hitssquad Cracked disagrees with you. Search 5 people who changed the world from inside prison. You are also saying that people can't change from inside prison.
acmna 5 months ago
This has been flagged as spam show
@acmna "5 people who changed the world from inside prison."
Were they simultaneously net drains and net boons? Do you understand what the word "net" means?
hitssquad 5 months ago
If ya hafta disect results of the stimulus with a fancy formula, chances are pretty good it didn't work.......in other words, the results, if positive, should be apparent.
rubbersole79 5 months ago
Rick Santorum is a prick; fortunately for America, he's been put on the backburner.
ThePyro3825 5 months ago
Lee, do a video on Obama's recent jobs proposal. Its the same stimulus essentially, but half the size. If the first one didnt work, how does he figure the second one half the size will work?
31guitar 5 months ago
@31guitar Because Obama's insane.
fu699 5 months ago
@31guitar This will be his third swing at stimulus-ball, and after this next one fails will be the biggest strikeout heard round the word.
His first 800 billion failed, second 150 billion failed, cash for cluckers failed, housing bubble and bust stimulus failed, international "stimulus' " spent round the world--who cares, money wasted, AGO Initiative--money wasted on stealing our own land, ObysmalCare--money wasted on stealing and dividing OUR OWN HEALTHCARE.
Cheers.
bsharker 5 months ago
Hey Lee just got done with your ebook it was fantastic. Thanks for taking the time out of you day to make videos. It is amazing how many time I've won an argument and got people looking to the tea party just because of your videos. Thanks buddy and keep up the good work.
idontneedaname85 5 months ago
When unemployment goes up 2%, you do not have a net gain in jobs. Simple math
31guitar 5 months ago
CNN carries on daily fact omitting, but wasn't good enough. Thus the creation of their Professional Fact Omitters. Taking 'Fact-checking' to the next level.
bsharker 5 months ago
Anyone with a modicum of knowledge about economics (and I am learning), knows that this stimulus was a sham, and a way to create instability in the economy, not cure it. These people running our government right now have no allegiance to the Constitution they swore to uphold. It's a travesty.
tak178 5 months ago
It's gonna be interesting when Lee starts endorsing someone. Who do you think it will be?
anandamide199 5 months ago
Poor CBO guy, he has to do voodoo economics for his political bosses.
thecommentermaker 5 months ago
Terrific video blog Lee
brdavey 5 months ago
I should say private job growth.
Miasmark 5 months ago
The idea that federal spending improves employment, or even stimulates job growth at all, has been debunked at Harvard of all places since it's impossible to truly run an experiment nothing is perfect though.
Look up "Stimulus Surprise: Companies Retrench When Government Spends" or "Do Powerful Politicians Cause Corporate Downsizing?"
Miasmark 5 months ago
I don't get paid $266,000 dollars for even working a full year at my job.
1uphydro 5 months ago
i find it ironic that in a video about fact checking lee said he could look up the guy he is talking but he doesnt need to lee is ment for fox knews lol
kainniak1 5 months ago
Lee I disagree the media was never intended to be the 100% truth. Think about at the turn of the century, you had 16 different papers and a cultured person would read the liberal, communist, fascist, libertarian, and conservative papers and then triangulate what the real truth was.
rockinandout 5 months ago
what program did you use to record your screen so clearly like that?
BlueTeamTV 5 months ago
This guy is a right wind cook
Aggiesgigem 5 months ago
@Aggiesgigem
Terrific rebuttal.
elsquibbs 5 months ago
@elsquibbs Likewise....
Aggiesgigem 5 months ago
@Aggiesgigem And you're a fake Aggie. Only t.u. would both educate someone so poorly that he can't spell a simple word like "wing" or "crook", as well as brainwash someone so completely that he'd be so politically misguided.
Get off of Lee's channel if you can't contribute intelligent political discourse, T-Sip prick.
Supermassively 5 months ago 4
@Supermassively Hey, I went to t.u. and I can spell. More importantly, when did A&M put the communist manifesto on the required reading list? This "Aggiesgigem" guy has definitely soaked it all up.
andharvey8 5 months ago
@andharvey8 Yeah, he's an anomaly. Maybe there was a tragic reversal of fortunes, and he should've gone to t.u., while you should've gone to A&M.
Supermassively 5 months ago
@Aggiesgigem What did he say that was wrong?
TravisTCleveland 5 months ago
The stimulus created jobs. Did it create growth in the economy? hell no! Any politician can create jobs, just hand shovels to the people to dig ditches.
mana2432 5 months ago
@howtheworldworks What do you think of Ron Paul?
thatNESfan 5 months ago
Great job, thanks for sharing.
hazeywolf 5 months ago
I'm hoping Lee ends up liking Herman Cain.
U2XM202 5 months ago
Outstanding analysis Lee.
KingDingaLing090 5 months ago
If you guys want proof the stimulus created jobs without the CBO here you go (remove parentheses):
Survey of economists: is(.)gd/92F2MZ
Another survey of economists: is(.)gd/MAyxIl
Feyrer and Sacerdote study debunking "crowding out" claim (PDF file):
is(.)gd/XRWoxg
None of this is the CBO study.
dinguspingus1 5 months ago 2
@dinguspingus1 I don't give a DAMN if it created jobs or not it DID NOT HELP the economy if it did then Obama would not be proposing a NEW half a trillion dollar stimulus of tax payer money any politician can create jobs by using OUR TAX DOLLARS and giving it to any idiot who digs a ditch but does he have any LONG term solutions and throwing billions on top of billions of dollars at it is not the long term solution
Rugratsbaybayyy 5 months ago
@Rugratsbaybayyy
Really? You don't care if the stimulus created jobs or not, but you are absolutely certain it didn't help the economy?
Pick a side, for goodness' sake - just go ahead and say that the stimulus not ONLY didn't create jobs, but ALSO hurt the economy. It's a more coherent, non-self-contradictory statement, if factually incorrect.
bushonomics 5 months ago
@bushonomics
There's nothing self-contradictory in what he's saying. It's actually very coherent to argue that job creation per se isn't necessarily good for the economy. Labor can be misallocated just like other factors of production.
Xasew 5 months ago
@Xasew
I agree with you to the extent that labor can be misallocated. However, that fact, in and of itself, doesn't mean that the jobs retained/created by the stimulus were ALL misallocated.
Furthermore, the types of jobs the stimulus focused on are exactly the kinds of jobs that have the greatest stimulative effect (similar to unemployment benefits). That also makes it harder to argue that misallocation of labor is a significant factor.
bushonomics 5 months ago
@bushonomics
The theory of political entrepreneurship, public choice and a number of other things would argue that government will almost always create the wrong kinds of jobs. Of course even in the neoclassical framework it would be kinda odd to try to measure whether the jobs created were the right ones or not(since we can't know the opportunity costs).
Xasew 5 months ago
@bushonomics How would you even begin to determine which were not misallocated? Are you presumptuous enough to think you have greater knowledge than the sum total of market agents? I mean what possible connection do these "jobs" have to demand derived from production of real wealth? I'm not even sure what you mean by unempolyment benefits having a stimulative effect or how this "job creation" is similar to it.
Moragauth 5 months ago
@Moragauth
We are already making progress, in the sense that we are both working on the correct assumption that the stimulus created jobs :) HTWW and others like to claim that it had zero effect, which is wishful thinking at best and deliberate misrepresentation at worst.
Unemployment benefits result in some of the greatest $ for $ economic stimulative effects, because unemployed people spend every single dollar they get.
If you would like citations, let me know.
bushonomics 5 months ago
@bushonomics I used to take this argument for granted but now I really don't understand it. Nobody stashes their money in a vault at home anymore. If you want to "save" money instead of spending it, what that really means is that you're investing the money. So what you're claiming is that poor people have a tendency to spend their money instead of investing it, and it is not at all clear that that is a postive thing for the economy. It even seems to me it would be negative.
eggory 5 months ago
@bushonomics Spending borrowed money does not equal stimulus. If government jobs are what you're looking for-and the government is broke-unemployment might create stimulus. Halting unemployment would create jobs, almost immediately. Real jobs with real money.
Brewmiker 5 months ago
@Rugratsbaybayyy
Pretty sure if it created millions of jobs then it helped the economy.
dinguspingus1 5 months ago
@dinguspingus1: "...if it created millions of jobs then it helped the economy."
Yeah, like a teaspoon of tap water in the Pacific, raised ocean levels.
PoliticallyBlazed 5 months ago
@PoliticallyBlazed
You're right we could loose a few million jobs no big deal.
dinguspingus1 5 months ago
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@dinguspingus1: "...we could loose a few million jobs no big deal."
Ahem, we HAVE lost a few million jobs and if you think that's "no big deal" Obama's falling numbers wholly support you're sadly mistaken.
PoliticallyBlazed 5 months ago
But...but....they had "fact" in their name! They can't be wrong! Just look at the name!
And obviously Perry is wrong because he is from Texas and everybody knows Texans are dumb right?
If I expanded the above with a few hundred more words of similar drivel then I'd get a regular column at the New York Times and a Pulitzer! Seriously, all these "factcheck" websites and people are the biggest propagandists out there.
thegoodlocust 5 months ago
Cover Ron Paul!!
Rshen11 5 months ago
This has been flagged as spam show
RON PAUL is my hero!
SuperSneakySteve 5 months ago
CNN is a biased news organization, as is ABC, NBS and CBS - liberal and part of the status quo. The stimulus did not do anything positive, as the majority of economists have calculated.
stephenabm 5 months ago
Cover Ron Paul!
j03y2fly 5 months ago
Isn't it "saved or preserved" not "saved or created?" Both are obviously Orwellian.
aagwfan 5 months ago
Thanks for doing such a good job tracking down facts and showing how fact checking actually works. More people should do this!
duhg599 5 months ago
Lee you the man, I said some of the samethings last night based on "jobs saved or created" that extra info about the model used being a guess at best . Your video proves it and this is why when I watch CNN I treat it like a sitcom but with dumber actors. I really hate news that tries to inject things that are not only off base but totally incorrect.
tubaboy71 5 months ago
"CNN Fact Checkers"
HHAHAHAHAHAHAHAHAHAHAHAHA!
chocomalk 5 months ago
Great work Lee.
EasyEs 5 months ago
This comment has received too many negative votes show
While I completely agree with you on the CNN "fact checkers" the stimulus's effects aren't just seen by the CBO.
Two different polls of economists and an independent study confirmed that the stimulus not only saved millions of jobs but that the states that got the most stimulus per capita had the best job growth.
That's almost like 50 different surveys.
dinguspingus1 5 months ago
@dinguspingus1 LOL...do you realize the video about the CBO in this video was from me debunking the study you refer to. I guess I should have included the whole thing.
HowTheWorldWorks 5 months ago 36
@HowTheWorldWorks
Yes, you should have included the whole video, as you should have included all the responses during the CBO director's press conference.
bushonomics 5 months ago
@HowTheWorldWorks
I saw most of that other video as well and it only showed one poll and the CBO study. I'm talking about two polls of economists and a study done by Feyrer and Sacerdote without even mentioning the CBO study.
As you'll find both nationally and by state, job creation happened and the states that got the most stimulus had the best job growth. I don't think a correlation of 50 states (and the average) as well as two polls of economists is just a coincidence.
dinguspingus1 5 months ago
@HowTheWorldWorks
But seriously, I'd like your reply to the Feyrer and Sacerdote stimulus study as well as the two different surveys of economists.
dinguspingus1 5 months ago
Tell you what, let's all lobby Congress to give me 100 billion dollars, and I'll be sure to stimulate the economy big time.
aivanther 5 months ago
@aivanther The sad part is, you'd probably do a better job than the government..
PivotB3stZ 5 months ago
@PivotB3stZ Exactly! E-mail/call your Congressmen. senatedotgov and housedotgov to send me $100 billion so I can save our economy!
aivanther 5 months ago
@aivanther Bahaha, ooohhh, political jokes, they never fail me on youtube. (:
PivotB3stZ 5 months ago
...cont'd
I strongly recommend searching for "Did the stimulus work? A review of the nine best studies on the subject" and reading that whole presentation. It is extremely well-balanced and thoughtful, and again it addresses what you are talking about.
It would also have been more fair to show the CBO director's *entire* response to those questions. What you do borders on quote mining, and you're better than that.
bushonomics 5 months ago
@bushonomics What you just did was falsely accuse me of quote mining. I played his entire response to the relevant section that DIRECTLY ANSWERED the relevant question. I also provided context. Providing a 1 hour and 30 plus minute video on unrelated crap is worthless. If you want to remain on my channel, I suggest you debate honestly. In fact, I watched the whole damn video as a courtesy to you so you didn't have to.
HowTheWorldWorks 5 months ago 28
@HowTheWorldWorks
My reply will be in two parts. Just so we're clear, I said you "bordered" on quote mining. I said this because I, too, have watched that conference footage. The CBO Director clearly stated (although he takes awhile to do so) that their initial assessment in early 2009 has been vindicated, and that although the range of numbers is rather large, the effects of the stimulus have definitely been positive, and it is only the *degree* of positive that *might* be under debate.
bushonomics 5 months ago
@HowTheWorldWorks Part 2:
Again, remember that I said that you *border* on quote mining. The incredibly brief clip you show makes it sound like that's the ONLY thing the CBO Director had to say, and that's simply not the case.
He takes a few minutes to make his point, but clearly says the initial assessment from early 2009 has largely held true, looking back on it from 2 years later:
CSPAN-3 link:
.c-spanvideo(.) org / program / 298359-2
The pertinent time range:
26:30 - 31:00
bushonomics 5 months ago
@HowTheWorldWorks Every time I feel I'm about to pull my hair out from all the insanity and stupidity in our public debate I watch this channel and remember that there are a few voices of reason. Thank you for How The World Works.
mikebgood 5 months ago 17
This has been flagged as spam show
C'mon, Lee - you can't reasonably argue that the stimulus had no impact in either direction... as such, you can't argue that it had a negative impact on either creation or retention of jobs... that is, not unless you want to argue with both model-driven and econometric studies that take into account the metrics you complain about. Also, I'd suggest reading the very text you show in your inset video - CBO explains both sides of the coin quite well.
Sorry, but CNN factchecker wins this round.
bushonomics 5 months ago
C'mon, Lee - you can't reasonably argue that the stimulus had no impact in either direction... as such, you can't argue that it had a negative impact on either creation or retention of jobs... that is, not unless you want to argue with both model-driven and econometric studies that take into account the metrics you complain about. Also, I'd suggest reading the very text you show in your inset video - CBO explains both sides of the coin quite well.
Sorry, but CNN factchecker wins this round.
bushonomics 5 months ago