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Title: Jobs plan may create 1 million jobs - economists
Source: CNN Money
URL Source: http://money.cnn.com/2011/09/09/new ... ama_jobs_plan_impact/index.htm
Published: Sep 9, 2011
Author: CNN Money
Post Date: 2011-09-09 20:56:59 by go65
Keywords: None
Views: 12008
Comments: 30

NEW YORK (CNNMoney) -- Economists gave generally positive reviews to President Obama's jobs plan Friday, with some estimating that at least 1 million jobs could be added in the next year if Congress passes the package.

The payroll tax holiday for workers and small businesses was cited specifically for having a relatively good "bang for the buck." And that part of the plan may have the most bipartisan support.

"This additional spending capacity in the hands of consumers should continue to foster improvements in aggregate domestic demand. And ultimately, it is demand and demand alone that will lead to more business hiring," said Russell Price, senior economist for Ameriprise Financial Services.

Price estimates the increased payroll tax holiday for workers by itself is likely to add between 750,000 to 1 million jobs, and that the new break on payroll taxes for employers could add an additional 100,000 to 200,000 jobs.

He added that gross domestic product, the broadest measure of the nation's economic activity, could get a 1.5 percentage point boost as well.

Macroeconomic Advisors, a St. Louis research firm, estimates that payrolls would grow by 1.3 million by the end of 2012 and another 800,000 by the end of 2013, if the package passed as proposed. It is looking for a 1.3% rise in GDP.

Joel Prakken, chairman of Macroeconomic Advisors, said even if the impact to the economy is short lived, the jobs plan should be passed.

"Given the elevated risk of recession the U.S. faces today, additional near-term stimulus reduces that risk," said Prakken. "Given the deleterious effects of long-term unemployment on an individual's skills and long-term employment prospects, speeding a return to employment is both individually and socially beneficial."

Mark Zandi, chief economist for Moody's Analytics, is even more bullish, forecasting a 1.9 million job boost and a 2% lift for GDP if the package is passed as proposed.

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Begin Trace Mode for Comment # 4.

#1. To: go65 (#0)

Economists gave generally positive reviews to President Obama's jobs plan Friday

What plan? Where is it? What economists? Who wrote this article?

A K A Stone  posted on  2011-09-09   20:59:53 ET  Reply   Untrace   Trace   Private Reply  


#2. To: A K A Stone (#1)

What plan? Where is it? What economists? Who wrote this article?

click on the blue text next to URL:

go65  posted on  2011-09-09   21:04:42 ET  Reply   Untrace   Trace   Private Reply  


#3. To: go65 (#2)

I'm looking for the text to Obamas bill. Where is this money? Do you have it? Is it in the Shed behind the White House? Where is it? Do my kids kids have to pay it back plus interest?

A K A Stone  posted on  2011-09-09   21:11:02 ET  Reply   Untrace   Trace   Private Reply  


#4. To: A K A Stone (#3)

I'm looking for the text to Obamas bill. Where is this money? Do you have it? Is it in the Shed behind the White House? Where is it? Do my kids kids have to pay it back plus interest?

Even you kids Grandchildren will be on the hook for part of this nonsense!!!!

CZ82  posted on  2011-09-09   21:32:55 ET  Reply   Untrace   Trace   Private Reply  


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