Obama's Stimulus..DEFINITELY A FAILURE (July 1, 2011 Report)

[Runner]

http://www.weeklystandard.com/blogs/oba ... 76014.html

Obama’s Economists: ‘Stimulus’ Has Cost $278,000 per Job
The stimulus is now causing the economy to shed jobs.
12:07 PM, Jul 3, 2011 • By JEFFREY H. ANDERSON


When the Obama administration releases a report on the Friday before a long weekend, it’s clearly not trying to draw attention to the report’s contents. Sure enough, the “Seventh Quarterly Report” (See http://www.whitehouse.gov/sites/default ... report.pdf on the economic impact of the “stimulus,” released on Friday, July 1, provides further evidence that President Obama’s economic “stimulus” did very little, if anything, to stimulate the economy, and a whole lot to stimulate the debt.

The report was written by the White House’s Council of Economic Advisors, a group of three economists who were all handpicked by President Obama, and it chronicles the alleged success of the “stimulus” in adding or saving jobs. The council reports that, using “mainstream estimates of economic multipliers for the effects of fiscal stimulus” (which it describes as a “natural way to estimate the effects of” the legislation), the “stimulus” has added or saved just under 2.4 million jobs — whether private or public — at a cost (to date) of $666 billion. That’s a cost to taxpayers of $278,000 per job.

In other words, the government could simply have cut a $100,000 check to everyone whose employment was allegedly made possible by the “stimulus,” and taxpayers would have come out $427 billion ahead.

Furthermore, the council reports that, as of two quarters ago, the “stimulus” had added or saved just under 2.7 million jobs — or 288,000 more than it has now. In other words, over the past six months, the economy would have added or saved more jobs without the “stimulus” than it has with it. In comparison to how things would otherwise have been, the “stimulus” has been working in reverse over the past six months, causing the economy to shed jobs.

Again, this is the verdict of Mr. Obama’s own Council of Economic Advisors, which is about as much of a home-field ruling as anyone could ever ask for. In truth, it’s quite possible that by borrowing an amount greater than the regular defense budget or the annual cost of Medicare, and then spending it mostly on Democratic constituencies rather than in a manner genuinely designed to stimulate the economy, Mr. Obama’s “stimulus” has actually undermined the economy’s recovery — while leaving us (thus far) $666 billion deeper in debt.

The actual employment numbers (See http://data.bls.gov/timeseries/LNS14000000 from the administration’s own Bureau of Labor Statistics show that the unemployment rate was 7.3 percent when the “stimulus” was being debated. It has since risen to 9.1 percent. Meanwhile, the national debt at the end of 2008, when Mr. Obama was poised to take office, was $9.986 trillion (See Table S-9 @ http://www.gpoaccess.gov/usbudget/fy10/ ... newera.pdf). It’s now $14.467 trillion (See Debt Clock @ http://www.usdebtclock.org/ — and counting.

All sides agree on these incriminating numbers — and now they also appear to agree on this important point: The economy would now be generating job growth at a faster rate if the Democrats hadn’t passed the “stimulus.”

I don't think anyone can argue that Obama has NOT helped this country while putting us even further in debt (5 Trillion in less than 2 1/2 years) with the so called stimulus. We knew in advance that it WAS NOT going to work!

[kantuckyII]

I'm afraid though, he's a shoe in to be reelected. Something I can't figure out is why the Bush haters are perfectly willing to overlook many of the things that Bush done when Obama does them?

[toast]

Economics is a theory. I was just reading the day the majority of economists agree the stimulus helped avert a deeper recession.

Several also believe focusing on the debt during a deep recession is counterproductive. Believe what you will. Overall I'm pleased with President Obama and do indeed hope he is a two term president.

On to vacation I go. See you in a week or so.

[noreply66]

wrong forum

[Malcontent]

The Weekly Standard is a neoconservative publication. Although the publication had, as of 2006, never been profitable and reputedly "lost more than a million dollars a year", News Corporation head Rupert Murdoch had previously dismissed the idea of selling it. Of course this publication is going to say that. Just like a liberal publication is going to say it was a success.

[kantuckyII]

Hold on, the President has admitted that he's a failure. Remember the 'Bump In The Road' statements? Then, the constant never ending deflections he gives: gas prices, the earthquake in Japan etc etc.(where's the 'buck stops here' out of this guy?). Finally, showing how much empathy he actually has for Americans who are hurting, Obama, laughing as he said it, uttered, "Shovel ready was not as shovel-ready as we expected."

I could sum it up but I think that the Good Senator out of Kentucky, Mitch McConnell, said it best when he reflected on Obama's mockery; “I don’t think the 14 million Americans who are looking for jobs right now and can’t find them find any of this very funny. I don’t think that the 23 percent of Americans who now owe more on their mortgages than their homes are worth are laughing about their predicament. I don’t think recent college graduates out there who are burdened with tens of thousands of dollars in student loan debt and who can’t find a job are amused that the Stimulus bill turned out to be a failure.”

[LucasJackson]

I'm afraid though, he's a shoe in to be reelected. Something I can't figure out is why the Bush haters are perfectly willing to overlook many of the things that Bush done when Obama does them?

You are correct. He is a shoe in because the Republicans will run an inferior candidate. Much the same as John Kerry was the democratic pick vs. Bush 2.

Also, if people are Bush 2 haters, they are never going to give credit to anything he ever did or does. That is the definition of hate. What we really need is for everyone to take off their respective "R's" and "D's" and elect the best person for the job.

[kantuckyII]

How could any Christian NOT hate what Obama does? his treatment of Israel... his churches' statements about Israel and their RACIST doctrine that they hold... his proclamation that he would reverse DOMA and his statement "The first thing I'd do as President is sign the Freedom of Choice Act." which would wipe out virtually every restriction on abortion this country has, including tax payer funded ones.

[ItownHosscat]

How could any Christian NOT hate what Obama does? his treatment of Israel... his churches' statements about Israel and their RACIST doctrine that they hold... his proclamation that he would reverse DOMA and his statement "The first thing I'd do as President is sign the Freedom of Choice Act." which would wipe out virtually every restriction on abortion this country has, including tax payer funded ones.

How can any christian HATE period.

[kantuckyII]

How could any Christian NOT hate what Obama does? his treatment of Israel... his churches' statements about Israel and their RACIST doctrine that they hold... his proclamation that he would reverse DOMA and his statement "The first thing I'd do as President is sign the Freedom of Choice Act." which would wipe out virtually every restriction on abortion this country has, including tax payer funded ones.

How can any christian HATE period.

Easy..we are commanded to abhor (hate) these things. The Word Of God, the Bible tells us to do so. Obama is trying to bring America to sin in the most vile manner. Right now, given Obama's goals, if he were to obtain them all, America wouldn't be a bit better than Sodom & Gomorrah.

[NYBuckeye96]

Why do you call it "Obama's Stimulus"???? The stimulus was passed into law in the Fall of 2008 BEFORE Obama was elected. George W Bush signed the stimulus into law after Congress passed it and Bush said the ship was going down if it wasn't passed.

[kantuckyII]

Obama even spent the majority of that. Bush refused to do so before he left office and left it up to Obama whether he wanted to spend it or not. Obama elected to do so and then created another stimulus which he created and signed into existence

[NYBuckeye96]

I'm afraid though, he's a shoe in to be reelected.

You don't think Michelle Bachmann can beat him?

I think Bachmann and Palin should run on a ticket together. Palin thinks Paul Revere warned the British. Bachmann thinks John Quincy Adams was a Founding Father. Together, they would be an unstoppable force as they rewrite American History one page at a time!

[Runner]

wrong forum

No its not. They opened it up to politics for the summer.
Just because its something you don't want to hear....its the wrong forum as usual

Of course this publication is going to say that. Just like a liberal publication is going to say it was a success.

The links provided are NOT being biased. They stated the true facts.

[kantuckyII]

I'm afraid though, he's a shoe in to be reelected.

You don't think Michelle Bachmann can beat him?

I think Bachmann and Palin should run on a ticket together. Palin thinks Paul Revere warned the British. Bachmann thinks John Quincy Adams was a Founding Father. Together, they would be an unstoppable force as they rewrite American History one page at a time!

What's the matter with Mrs. Bachmann? While I wouldn't commit completely at this time, from what I know about her already, I do believe I'd yield my support if she's on the ticket with enthusiasm. I think she's far better of a person than Mr. Obama is from everything I know about both of them.

As far as Palin, I'd not support her in getting on the ticket. She's far too hated by the left and many moderates as well. She's a no-hope. Anyway, as far as Bachmann goes, I know many wouldn't support a woman but I would in a heart beat if she's right for the job!

[KVDW]

I think Bachmann and Palin should run on a ticket together. Palin thinks Paul Revere warned the British. Bachmann thinks John Quincy Adams was a Founding Father. Together, they would be an unstoppable force as they rewrite American History one page at a time! [/color]

and osama thinks there are 57 states and it's still 2008.

[KVDW]

if it developed the same as the last election (2008) Bachmann would win in the biggest landslide ever recorded.

[noreply66]

this stuff would happen to anyone after following the Hedge

[kantuckyII]

Why do you continue to call him The Hedge? Obama has done everything you hate about Bush but even worse