Steele Keeps Pushing GOP's Debunked Stimulus Math
Michael Steele has a new op-ed posted at USA Today, promoting the GOP's continuing assertion that their stimulus plan has numbers to back up its superiority over the Dem bill:
Republicans have a better solution: an economic recovery plan that lets families and small businesses keep more of what they earn. By our analysis, the Republican plan would create 6.2 million jobs, twice the number created under the Democrats' plan, at half the cost.
Again, it needs to be asked where they got this from. As we've previously reported, this came from altering the base numbers in an economic analysis that Christina Romer, who is now serving as chair of the Council of Economic Advisers, wrote a year ago -- well before the current crisis of a deflationary economy had come into play.
There are two problems here. First, that paper didn't actually examine tax cuts, but instead looked at the negative effects of tax increases under normal circumstances. The Republicans' predictions about tax cuts come from flipping the numbers around and assuming the mirror-image effects.
And furthermore, they've totally ignored the fact that we are in an abnormal scenario right now, with different fundamental underlying assumptions.
But hey, never let that stop you from some good political spin.
Late Update: Hmm, Eric Cantor is doing it, too.


















One person who shouldn't shut up- Steele. One person who should- Reid.
February 12, 2009 12:05 PM | Reply | Permalink
What part of debunked don't you understand? Please read slowly:
"As we've previously reported, this came from altering the base numbers in an economic analysis that Christina Romer, who is now serving as chair of the Council of Economic Advisers, wrote a year ago -- well before the current crisis of a deflationary economy had come into play."
Oh those silly facts, they always get in the way when reciting GOP talking points.
February 12, 2009 2:03 PM | Reply | Permalink
I think you are right. Every time Steele speaks he hurts the GOP. He should keep doing it. The opposite is true for Reid.
February 12, 2009 2:57 PM | Reply | Permalink
I didn't want to Overreach, but actually I have a stimulus plan that by my reckoning would create two gazillion new jobs in a few weeks at no cost. Anyhow, I back Steele's reasoning, it all makes good sense to Joe the Plumber and me.
And I also love to hear the man explain things, it's all music to my ears!
February 12, 2009 12:37 PM | Reply | Permalink
Why is it that Repugnants rail against affirmative action and then end up practicing it by promoting this nimrod to the head of the class?
February 12, 2009 2:26 PM | Reply | Permalink
It's called metooism. When's the last time you can recall the GOP coming up with an original thought?
February 12, 2009 4:22 PM | Reply | Permalink
"By our estimates" tells it all. Why didn't Steele use CBO estimates like everybody else? Because those numbers would not show a doubling of the number of jobs created. They would show far fewer jobs created.
Also, Steele didn't address why the current Republican plan that is a lot like the 2008 rebates would have a better track record than the 2008 rebates. After all, we lost jobs every single month in 2008. There is a good chance that the plan Steele is pushing would not even stop the loss of jobs, let alone add 6.2 million more. Steele has a huge credibility problem and statements like this only add to that problem.
February 12, 2009 2:36 PM | Reply | Permalink
It doesn't matter if Steele's numbers are real, they don't need to be. He's setting it up so that Republicans can pour cold piss on Obama's results, no matter how good they are. "Four million jobs? Well, that's fine, but we had a plan that would've produced 6.2 million!"
February 12, 2009 2:47 PM | Reply | Permalink
And by the way, Mr. Steele, where was all this Republican fiscal genius back when youse were running the show? This crisis didn't just start three weeks ago, pal.
February 12, 2009 2:51 PM | Reply | Permalink
What I would like to ask Mr. Steele and Mr. Boehner is how will tax cuts help the millions who have lost their jobs? Trickle down, as usual, I guess.
February 12, 2009 4:20 PM | Reply | Permalink
More like tinkle down.
February 12, 2009 4:25 PM | Reply | Permalink