The Stimulus Seems to have failed

BAC attacks phantom argument -- check. :newlol

And as BAC knows, unsourced op-eds from ultra-conservatives are the very pinnacle of truth and honesty. :)
 
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http://www.investors.com/NewsAndAna...-Hiring-Start-With-Obamas-10-Job-Killers.aspx

President Obama claims that he's concerned about "jobs, jobs, jobs," but he has signed laws, issued executive orders and approved regulations that create incentives for private-sector employers to lay off people or delay hiring people. It's no wonder high unemployment persists.

Obama's top 10 job killers include:

- Executive orders and regulations promoting compulsory unionism.

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- Obama's forced restructuring of GM.

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- Patient Protection and Affordable Health Care Act of 2010 (ObamaCare).

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- Extension of unemployment benefits to 99 weeks — almost two years!

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- American Recovery & Reinvestment Act of 2009.

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- Minimum wage laws.

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- Restoring American Financial Stability Act of 2010.

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- Moratorium on offshore oil drilling.

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- Expiration of the Bush tax cuts.

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- Obama's runaway spending.

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By increasing the cost of hiring people, increasing the cost of doing business, reducing after-tax returns from investment, and subsidizing unemployment, Obama is repeating FDR's misguided policies that prolonged high unemployment during the Great Depression.
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:mad:
 
Things must be pretty bad when MSM outlets like Newsweek report:

http://www.newsweek.com/2010/08/09/has-obama-run-out-of-economic-options.html

Has Obama Run Out of Economic Options?

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It now appears that the spurt of new jobs seen earlier in year—most notably, the 241,000 jobs created in April—was not the start of a new trend of higher growth but a misleading aberration. The loss of 131,000 jobs and the anemic addition of just 71,000 private sector jobs in July, both far worse than the forecasts, amounted to a devastating blow to recovery. Last week Goldman Sachs forecast less than 2 percent growth for 2011, and the unemployment rate seems stuck at 9.5 percent or higher, with the possibility that it could tip back over 10 percent. With interest rates still close to zero, monetary policy can do little more (though the Fed will debate new measures at its meeting Aug. 10, when it is expected to downgrade its economic outlook as well). And political discontent over government spending is such that a much larger fiscal stimulus—urged on Obama at the start of his presidency by such economists as Paul Krugman and Joseph Stiglitz—has now become out of the question. “This town has given up on that completely,” says Heidi Shierholz of the left-leaninig Economic Policy Institute. “He doesn’t have anything big to hang his hat on.”
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http://biggovernment.com/publius/2010/08/09/freddie-mac-posts-6-billion-quarterly-loss/

Freddie Mac Posts $6 Billion Quarterly Loss
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Yeah … that stimulus sure worked. And by the way, just remember that democrats haven't wanted to do anything about Freddie and Fannie. In fact …

http://bigthink.com/ideas/18065

Obama Administration Gives Fannie Mae And Freddie Mac Blank Check - Part I
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Doesn't that make you a little mad?

http://www.newsweek.com/2010/07/23/...-obama-slay-the-fannie-and-freddie-beast.html

Wall Street Whispers: Will Obama Slay the Fannie and Freddie Beast?
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All I can say is don't count on it … not with the sort of money that Fannie and Freddie have been pouring into democrat coffers. :D

http://blogs.reuters.com/james-pethokoukis/2010/08/05/an-august-surprise-from-obama/

Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth.
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Ahhhh … wealth redistribution. Your wealth … their distribution. :rolleyes:
 
Anyone notice that the defenders of the stimulus have fled?

http://www.msnbc.msn.com/id/38692233/ns/business-eye_on_the_economy/

The outlook for the U.S. economy just went from half-full to half-empty.

The latest economic data out this week confirmed a gloomier forecast issued by the Federal Reserve Tuesday after its regular rate-setting meeting. That has renewed fears of a so-called “double-dip” recession that are weighing on investors, spooking consumers and slowing businesses from hiring.
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The economy is recovering slowly. It could be better or could've been worse. All we know it's Obama's fault. :rolleyes:
 
thaiboxerken said:
The economy is recovering slowly.
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http://www.americanthinker.com/2010/08/summer_of_no_recovery.html

If this is the Recovery Summer, then:

- Why hasn't the National Bureau of Economic Research set a date for the end of the recession that began in December 2007 even though GDP growth had turned positive during the second quarter of 2009?

- Why are U.S. light vehicle sales in June, at 11 million cars at an annual rate, the lowest rate for auto sales since February?

- Why are housing sales weakening? Sales of existing homes in June fell by 2.6% from May. The National Association of Realtors Existing Home sales index was down 18.6% in June compared to June of 2009. Home sales in May fell 30% from April. April marked the end of a government incentive of providing up to $8,000 per home purchase. In many cases, the government subsidy served as the down payment.

- Why is consumer confidence at 50.4 in July, which is down from 54.3 in June? During the recession of 2001, and immediately after 9/11, the index was above 80.

- Why did the Wells Fargo/Gallup Small Business Index fall 17 points in July to an all-time low of -28?

- Why do the job statistics for June still show a 9.5% unemployment rate? According to the Bureau of Labor Statistics, the labor force was reduced by 2.5 million workers and 2.7 million people have left the labor force.

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Few believe the economy is getting better and job growth is just around the corner. The table below from Business Insider (hat tip: Tom Sullivan Radio show) shows that the current recession has the deepest loss of jobs. At 31 months since the onset of the recession, there is no uptick in employment.
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thaiboxerken said:
The economy is recovering slowly. It could be better or could've been worse. All we know it's Obama's fault. :rolleyes:
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The point is that almost a trillion dollars has been completely wasted on Keynesian "stimulus", or as I prefer to call it: throwing money in a pile and lighting a match.
 
MikeMangum said:
The point is that almost a trillion dollars has been completely wasted on Keynesian "stimulus"
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We've passed the trillion dollar mark:

http://washingtonindependent.com/94478/tallying-the-total-cost-of-stimulus

8/11/10

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So, 19 months into the Obama administration, the Committee for a Responsible Federal Budget took the time to tally up the various stimulus measures. By their count, they total $1.025 trillion. Dylan Matthews, writing at The Washington Post, counts $1.156 trillion.
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But the final tally will be higher than that ...

http://blog.heritage.org/2009/02/12/true-cost-of-stimulus-327-trillion/

February 12th, 2009


All of the major news outlets are reporting that the stimulus bill voted out of conference committee last night has a meager $789 billion price tag. This number is pure fantasy. No one believes that the increased funding for programs the left loves like Head Start, Medicaid, COBRA, and the Earned Income Tax Credit is in anyway temporary. No Congress under control of the left will ever cut funding for these programs. So what is the true cost of the stimulus if these spending increases are made permanent?

… snip … Total bill for the Generational Theft Act: $3.27 trillion.
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In fact, it may be much higher …

http://www.fool.com/investing/international/2009/02/19/86-trillion-was-a-drop-in-the-bucket.aspx

February 19, 2009

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Drawn from independent research and diverse published sources, the following table provides as precise an accounting of the crisis as the public record presently permits. By my calculations, the combined total of existing and announced potential outlays from the Federal Reserve and from U.S. government agencies that are directly attributable to the financial crisis has climbed to more than $10 trillion!

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To be clear, this is not a tally of monies already committed, which remains a much smaller sum. Nonetheless, I consider this tally of pending and potential outlays very informative in quantifying the scale of the government's total response. If, as we're often told, we are facing essentially a crisis of confidence, is it not noteworthy that more than $10 trillion in potential responses and a zero-bound interest rate have failed to restore that confidence?
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