http://money.cnn.com/2010/04/26/news/economy/NABE_survey/ Economists: The stimulus didn't help 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.
Of course it didn't work, it was the dumbest idea which in turn got the government even bigger, and we became more socialist in the end.
Are you all missing the big picture . . . the economic recovery is picking up steam! Remember all the talk about a possible depression, a long term bottom recession, inflation that will stiffle the US economy, the stock market being at 6500 with talks of dipping below 5,000. This is the best I have personally felt about the economy and wall street in a long time. Did Obama have something to do with it. . . I don't know, but the economic disaster many said would happen during his first term doesn't appear is going to happen.
Of the 73% who said the stimulus didn't help, how many say that because the stimulus wasn't big enough? I actually don't know, so it is an honest question. And yes, it's_GO_time, the economy is in far better condition now than when Barack entered office. But the national debt is a huge problem.
Isn't it a given that a sizable chunk of the population will blame him for the bad and not give credit for the good regardless?
Shocking. As for the sizable chunk of the population blaming him for the bad, but not give him credit for the good.......Didn't the sizable chunk of the American voting population vote for him? Seems to me that most should be giving him credit if he was doing the job they all thought he would do?
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 so 27% of business owners polled say employment has changed as a result of the Recovery Act . . . and the white house says 3.5 million jobs are saved or created. Not bad . . . I would prefer 100% of companies say that employmetn increased because of the bill . . . but given the stae of the economy over the last couple of years, 27% isn't bad.
Does this include the TARP monies approved under the Bush administration? It's interesting that the article didn't expand to speculate on what is driving the growth. It's hard to look anymore into the numbers since the survey is only available to NABE members...
No, it's the $787B stimulus bill and the later jobs bills they're talking about. Why is the economy growing? Because companies have slowly sold their stockpiled inventories and need workers to build new things to replenish that stock. It would have happened without the stimulus spending.
It's hard to know how seriously to take this survey. 68 is not a very large number of respondents. How many members does NABE have? Note CNN misrepresents the survey, CNN says they polled 68 members. From the summary provided by NABE, it sounds more like they polled all their members, and 68 responded. There's a big difference statistically between a scientific sample of 68 and getting 68 responses back out of N members. Are the people who responded actually economists? Are they even employed? We don't know. All we are told is that they are NABE members, and the qualification for NABE membership is basically willingness to pay the dues: "Any person with an interest in business economics is eligible for membership". barfo
Did I miss that in the article . . . I didn't read the part I quoted that way. I still stick with the overall news being great . . . the economy is turning. I don't know if it is Obama who should get the credit, but I do know that if the economy wasn't doing well Obama would get the blame. The economy is now turning and people can no longer dog Obama on the economy so they dog him on the stimulus program not being the reason for the economy turning . . . or at least that is what is going on in this poll of 68 people.
