Wednesday, April 28, 2010

Economists: The Stimulus Didn't Help

Although the economy appears to be recovering, a new survey was released yesterday asserting that a majority of the economists in the country believe the economic recovery had little to do with President Obama’s stimulus efforts. According to this CNN Money article, the latest quarterly survey by the National Association for Business Economics showed job growth for the first time in nearly two years.

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.

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