Friday, November 13, 2009

So, how is all that stimulus spending working out?

With an unemployment rate of 10.2% and rising, taxpayers have nothing to show for the billions spent on stimulus projects that created no jobs.

The administration's "job creation" programs will not only leave us with a massive debt, they will continue to increase unemployment and leave us much poorer as a country.
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This wasn't supposed to happen. At the end of February, after the $787 billion stimulus was approved, the Obama administration predicted that unemployment would average only 8.1 percent this year. Indeed, in February the unemployment rate stood at 8.1 percent. Yet, unemployment now stands at 10.2 percent and keeps rising.
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There is also another, wider unemployment measure seldom mentioned. When you count the unemployed who have become so discouraged that they have given up looking for work or have only accepted a part-time job, our country now has an unemployment rate that stands at a staggering 17.5 percent. Confirming these other numbers, the Bureau of Labor Statistics Household Survey finds that 3.5 million jobs have been lost since February. And it is also worth noting that the nation's unemployment rate has also been rising much faster than in other countries.
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On October 30, President Obama claimed that massive government spending programs had already created or saved 640,239 jobs. The spin the administration is putting on this is that the 3.5 million jobs lost would have been 4.1 million without any government intervention.
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Not too surprisingly, Democrats have already started calling for another round of government spending to reduce unemployment. While the media has questioned how many jobs were actually created by the government spending, it has unquestioningly accepted the notion that government spending creates jobs in the first place.



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16 comments:

Anonymous said...

Somewhere along the line expect Congress (possibly Obama, with the main street newsmedia totally onboard) to talk about massive tax hikes as well as a Value Added Tax to start covering this boondoggle. It will be used primarily as an excuse to blow up government (again) like a balloon as every special interest group you can think of will suddenly be at the doorstep asking for a piece of the pie.

Even if this scenario doesn't happen and given that Republicans may well take Congress in 2010 and perhaps even the WH in 2012 I would expect (given the track record) of the media spin machine to immediately begin attacking the new administration by suddenly reminding us of the incredible national deficit that we now have (ignoring what tripled it) as well as resuming the daily military body count (assuming we are still engaged in the Middle East at that time) that miraculously stopped once Bush left office. It's really uphill all the way for the Republicans.

Just thinking.

Anonymous said...
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McClatchy Watch said...

6:34 comment deleted on general principle -- anytime a left-wing
sockpuppet does such a poor job posing as a racist Republican, it's the least I could do.

Anonymous said...

The point that's missed here is what the unemployment rate would be if nothing was done. Yes it's worse, but Obama administration warned it had not bottomed out yet. There's no doubt that under a Republican administration with trickle down economics, we would be in a full blown depression.

Anonymous said...

I have a really bad feeling about all of this. I mean, if a person with all that experience as a community organizer can't figure out what to do, then who do we turn to?

On the other hand, he does play a great game of golf. That has to stand for something, right?

Anonymous said...
This comment has been removed by a blog administrator.
McClatchy Watch said...

9:17 deleted for being an immature sock puppet.

Anonymous said...

If not for the stimulus, we'd be in much worse shape now than we are. Henry Paulson could tell you that. In fact, he did, about a year ago. (for the many reading this who don't know who Paulson is, google it, kiddies.)

Anonymous said...

He just goes to prove that you should, NEVER, EVER vote for the fool that your nations enemies endorse.

TruthHurts001 said...

"There's no doubt that under a Republican administration with trickle down economics, we would be in a full blown depression."

Since you say there's "no doubt"...

Please offer some proof...not opinion...of your assertion, or be honest enough to admit that you can't.

Thank you. :o)

John Altevogt said...

Thanks for keeping the eye peeled< Greg. I think it's pretty clear that the racist postings on here have all come from lefties masquerading as conservatives. Liberalism is, of course, racism in action.

TruthHurts001 said...

"Obama administration warned it had not bottomed out yet."

Obama assured us that by passing his porkulus, unemployment would not exceed 8%. It is now over 10%.

Clearly, he knows nothing about economics, and is not qualified to manage the US economy.

http://michaelscomments.files.wordpress.com/2009/07/stimulus-vs-unemployment-june-dots.gif

McClatchy Watch said...

John - nothing more annoying -- or obvious -- than a left-wing sock puppet pretending to be a racist Republican.

Anonymous said...
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Anonymous said...
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Anonymous said...

I just wanted to help you out. I have a large mailing list, so I copied the cartoon and sent it out. Now thousands more will see it as it gets mailed over and over. More than one way to beat the nitwits.

Keep up the good work.