Democrats and Republicans in Congress champion such profoundly opposed economic policies, so you might imagine that experts would also be deeply divided on how to manage things. But "nothing could be further from the truth," write Betsey Stevenson and Justin Wolfers of Pennsylvania's Wharton School.
They cite economists surveyed by the University of Chicago's Booth School of Business, who mostly agree that bank bailouts lowered unemployment. That's in stark contrast to politicians on both sides of the aisle who've taken a populist stance against the bank bailouts. Obama's stimulus, too, is viewed as a success at reducing unemployment by 92% of economists surveyed, in contrast to Republican congressmen who claim that it failed.
Stevenson and Wolfers allege that the fault lies not with politicians, but with Republican voters, who "have pushed their representatives to adopt positions that are at odds with the best of modern economic thinking." This, they claim, means that congressional Republicans are blocking textbook solutions to problems like high unemployment, and their motives are "raw politics."
The bailouts worked? The only thing the bailouts achieved is proping up failing businesses and preventing the market from reallocating capital. The market is trying to correct malinvestment, this has to happen. Austrian economists understand this.
well were no longer @ 11 percent unemployent... which did not start to drop until after the stimulus and strategic bail outs.(which I did not agree with at the time. the banks should've been held accountable, but as long as they pay us back its a great idea.)
My bad i saw it on the news, I must've been watching fox as they said unemp. was at 10.5-10.6 percent i remember, but according to this site unemployment's highest peak was @ 10.1 percent at it's peak around nov-dec 2009
Doesn't matter because NONE of those figures count all of those that are unemployed. If they did, the current number would be so high that the Dems wouldn't let BHO run for a second term on their ticket.
Success ?? That's laughable.. We will soon find out.. Romney will have his chance as President.. The "proof will be in the pudden".. Heck..we can't even have the real unemployment rate w/ out the Govt. messing w/ the numbers.. This election is about one person. President Obama.. Can't spin that..
You can find economists who will tell you that the bailout and stimulus worked, but you won't find one that will quantify how much those measures reduced unemployment by. Because they can't. Because they didn't.
They both worked. The US economy has turned the corner and we can now see the light at the end of the tunnel. Thank God we still have an auto industry. Thank God Mitt Romney wasn't president the last 4 years.