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View Diary: Obama did not save the economy. Social Security did. Part 2. Idiot version. (111 comments)

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  •  It almost goes without saying (5+ / 0-)

    that without any of that social spending we would be in one hell of a world of hurt.  You could say that about any spending.  Defense spending, research spending, etc.  It all acts as a cushion, and without it we'd be suffering Depression-level unemployment.

    But CBO analyses also state that without the ARRA, we would have been experiencing 15% unemployment or thereabouts.  The ARRA saved the economy from 15% unemployment and turned the tide of GDP collapse into economic growth.  Throw in another percentage point or so for saving the auto industry.  That's another several hundred thousand jobs at minimum, but you tamped down its importance because the nation's top politician dared concern himself with politics, or some such thing.

    The other diary's point was exactly correct:  European countries, with more social spending per capita than the US, are still in recession because of draconian austerity measures.  The US economy is in the black because of stimulus spending and efforts to resuscitate the auto industry, clean energy industry, etc.  Most of the budget cuts we've done in the US are to the rate of growth of spending, and comparatively little was done hacking away at the baseline.

    HR'd for lots and lots of insults, and to offset the ridiculous, inexplicable uprates that are probably still coming.

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