Chart of the Day: The Stimulus

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In the New York Times today, David Leonhardt writes what should be obvious: last year’s stimulus bill, though not perfect, has been a smashing success:

Just look at the outside evaluations of the stimulus. Perhaps the best-known economic research firms are IHS Global Insight, Macroeconomic Advisers and Moody’s Economy.com. They all estimate that the bill has added 1.6 million to 1.8 million jobs so far and that its ultimate impact will be roughly 2.5 million jobs. The Congressional Budget Office, an independent agency, considers these estimates to be conservative.

….Around the world over the last century, the typical financial crisis caused the jobless rate to rise for almost five years, according to work by the economists Carmen Reinhart and Kenneth Rogoff. On that timeline, our rate would still be rising in early 2012. Even that may be optimistic, given that the recent crisis was so bad. As Ben Bernanke, Henry Paulson (Republicans both) and many others warned in 2008, this recession had the potential to become a depression.

For partisan political reasons, Republicans find it in their interest to insist that the stimulus was just a boondoggle that hasn’t created a single job. The fact that this frequently gets reported with a straight face is a black mark for the press, which ought to insist on its sources being a wee bit more reality-based if they want to be quoted without being immediately debunked in the following paragraph.

The chart below from Organizing For America tells the real story. We still have a long way to go before job growth is back to normal, but the stimulus is getting us there a lot faster than we would have gotten there otherwise.

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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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