Will the American Jobs Act Work?

According to Mark Zandi, the answer to that question is "Yes."

Mark Zandi, chief economist at Moody's Analytics, estimated that the president's plan would boost economic growth by 2 percentage points, add 2 million jobs and reduce unemployment by a full percentage point next year compared with existing law.

Here's Lawrence Mishel at the Economics Policy Institute:

Earlier today and in our recent paper we laid out some criteria for assessing a jobs plan. So, how did President Obama do by our criteria? Very well, as the package provides a substantial boost to the economy in addition to continuing the important efforts already underway (providing unemployment compensation and the payroll tax holiday). The components of the plan are highly effective for the most part, including spending on various types of infrastructure, support for teachers and first responders, and a new jobs tax credit. So, it will be effective and at a scale that can really move the dial.

Macroeconomic Advisors predicts the creation of 1.3 million jobs.

Even Paul Krugman was half-heartedly impressed.

I was favorably surprised by the new Obama jobs plan, which is significantly bolder and better than I expected. It’s not nearly as bold as the plan I’d want in an ideal world. But if it actually became law, it would probably make a significant dent in unemployment.

And if one focus group of swing voters is any indication, it was a political success as well.

Last night I convened a group of 32 swing voters in suburban Richmond (Eric Cantor’s district) to watch President Obama’s speech to Congress. We measured respondents’ reactions to the speech using interactive dials. In addition to gauging respondents’ moment-to-moment impressions during the speech, we measured the impact of the speech by comparing ratings of President Obama on key attributes before and after his address to Congress.

Simply put, the speech was a home run, and succeeded on several important levels...

This session, which was conducted on behalf of Priorities USA Action, focused on the types of swing voters who Obama must win if he is to be reelected in 2012. Many respondents came into the room feeling discouraged, dispirited, and disappointed, but in last night’s speech they saw the Barack Obama they had hoped they were electing in 2008. Their simple message to President Obama is: Keep it up.