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  • Oh No You Didn't!

    Last week the Obama administration began rolling out new campaign titled, we kid you not, “Yes, we did.” Did what exactly? Waste nearly a trillion dollars on an economic stimulus that by every objective measure has completely failed to perform as advertised? Then yes you did. A new CBS poll out today shows that 74 percent of Americans believe the Obama stimulus either damaged the economy or had no effect. Clearly the White House is on a different planet than the rest of the country.

    In another dispatch from Planet Obama, the White House Council of Economic Advisers released a report today purporting to prove that President Obama’s stimulus has saved or created 3 million jobs and is on track to meet its goal of 3.5 million jobs by the end of this year. Where do they come up this slop? This White House has lost all credibility on economic issues. That is why a new Washington Post poll released Tuesday again showed that a majority of Americans disapprove of President Obama’s handling of the economy.

    But forget the polls and the hype emanating from the CEA. Here are the cold hard facts:

    The President’s original target for jobs creation set during the campaign in the fall of 2008 was 2.5 million jobs. But as employment fell at the end of 2008, he increased the employment target by 1 million to 3.5 million jobs. At the time, employment stood at about 135.1 million, according to the DOL’s most commonly used measure. This establishes the Obama jobs target for December 2010 at 138.6 million. It also establishes a basic trajectory for employment the economy would need to approximate to hit that target.

    According to the latest jobs report, total U.S. employment stood at almost 130.5 million in June, which means the cumulative Obama jobs deficit—the difference between the end target and the current employment level—stands at almost 7.4 million

    The reason why unemployment is a full two points higher than the administration claimed it would be right now, and the reason they are 7.4 million jobs short of what they promised the American people, is because Government Spending Does Not Stimulate Economic Growth. All it does is move resources away from one sector of the economy away to another. And governments have a horrible track record at efficiently allocating resources. All that really happens is that, on net, jobs got destroyed in the transfer process.

    The CEA is even trying to claim that private sector has responded to Obama’s spending spree with a spending spree of their own. The facts don’t support this either. Heritage fellow James Sherk reports:

    Low hiring is primarily a symptom of America’s economic weakness, not its cause. Businesses did not suddenly decide to stop hiring. Rather, economic and political conditions changed in ways that discourage investment and entrepreneurship. Annual private fixed nonresidential investment has fallen by $327 billion since the recession started— a 19 percent drop. Less private investment means less hiring.

    The Obama administration’s massive spending and regulatory expansion is not helping economic recovery, it is thwarting it.

    Posted in Economics [slideshow_deploy]

    9 Responses to Oh No You Didn't!

    1. Bruce Haughey, Sunny says:

      Why is it that the Democrat Leadership cannot work with facts. They seem to take the path that they think should work in the face of facts that say it will not work.

    2. Pat Finch Coden Al says:

      What a joke, do these people think we believe all this BS they are peddling. The majority of the people in the US are smart enough to know this is crap, the rest voted for these idiots.

    3. Pingback: » Financial News Update – 07/14/2010 NoisyRoom.net: The Progressive Hunter

    4. Carl T in WPhx, AZ says:

      Fast & loose with the “facts”. Their program HAS NOT WORKED. Its cost jobs and noow the Country is even more broke because of it.

    5. cashless1 says:

      Bruce, the reason the Democrat Leadership cannot work with the facts is the same reason the Republican Leadership cannot work with the facts: it doesn't fit their agenda's template. The problem is not the data, it's the fact that the data DOES NOT SUPPORT AN EVER INCREASING FEDERAL GOVERNMENT. They know it and it scares the bejeezsus out of them because a shrinking Federal Government is their supposed power being slowly pried from their greedy, bribe taking, constituent ignoring, special interest pandering hands. In my opinion, had the most important provision of the 1994 Contract with America (term limits) been dealt with quickly while the momentum existed, we may well have been able to avoid of all this. At a minimum, those who have done the most damage to this nation since 2006 would have been gone from the scene.

      As far as saving 3 million jobs, the only jobs saved were mainly public sector jobs, mostly all financed by your local, state and Federal taxes and union jobs. There is where they saved jobs.

      Now don't you feel better knowing that some useless bureaucrat who probably has enough power to ruin your life with arcane and inane regulations kept their job, or some teacher or professor who is totally committed to the indoctrination of progressivism to your children or grandchildren will continue to trash capitalism and America, and a union worker who makes more than you do and will retire better off that you do, kept their job. Kinda gets you right here doesn't it.

    6. msbrewmaster, Florid says:

      Amen, Cashless1! If only the people who believe the government is going to help them would wake up and realize what a nightmare they've been having. The, what did you call them, oh yes, greedy, bribe taking, constituent ignoring, special interest pandering, are only diging the hole deeper while the rest of us are drowning.

      Only WE THE PEOPLE can help ourselves.

    7. Pingback: Must Know Headlines 7.15.2010 — ExposeTheMedia.com

    8. Scott, Montana says:

      You want to scare the beegeebee's out of Congress? Let's remind them that their jobs are not life-time appointments. Sooner or later, and the sooner the better, they are going to be out of public office, and will just be private citizens again. Private citizens that will have to deal with all the taxes, regulations, and restrictions that they pass while they are in office.

      They won't be immune to the laws that they pass now. They will be affected just like everyone else. Probably more so, because most of them have no idea what it takes to make it in the private sector because they have either been out of it for too long, or have never participated in it at all. Will they be able to survive in the real world? Or will they become part of the zero-liability recipient class?

      Come November, they will find out.

    9. Billie says:

      21st century change in pronunciation, Conn. "Oh no you di int." public education, eh?

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