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CNN Says That Economists Don't Belieive the Stimulus Helped

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Tuesday, 27 April 2010 02:09

The headline of the CNNMoney.com piece is that: "Economists: The stimulus didn't help." This is striking. The independent economists at the Congressional Budget Office certainly think it helped, adding more than 2 percentage points to GDP growth and lowering the unemployment rate by over a percentage point. Many prominent private economic forecasting firms, including Moodys.com, Global Insights, and Macroeconomic Advisors, also believe that it helped.

So, what's the basis for this story? A survey of 68 members of the National Association of Business Economists (NABE) found that 73 percent thought that the stimulus had no impact on employment. This is not exactly a representative group of economists. NABE tend to be far more conservative than the economics profession as a whole. It is wrong for CNN to present their views as representative.

Comments (2)Add Comment
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written by izzatzo, April 27, 2010 7:17
New theory of crowding out
The stimulus didn't help
For each one hired, another not or fired

Not enough room, when gov crowds priv
Labor is scarce, tradeoffs must occur
Zero Sum Terrorists are everywhere

We're the commerce crowd and we know business
Economists are our guns and growth is our butter
Drop your weapons of deficit destruction before we're in the gutter.
...
written by Queen of Sheba, April 27, 2010 11:44
Since last year CNN has been doing everything it can to attract FoxNews viewers by being just as dishonest as Fox in parroting the talking points of the Republicans who want their constituents to forget whose policies caused the current economic mess. They have decided to blame Obama's attempts to alleviate the pain of the downturn for causing huge deficits and adding to the debt.

In their quest for low-information viewers, look for more of this type of "coverage" from CNN, which for a while was an outstanding news outlet but now resides in the dark, dank ratings cellar.

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.

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